The global demand for malted milk is projected to grow at a steady CAGR of around 5.5% during the forecast period between 2022 and 2032, totaling a valuation of over US$ 12.2 Billion by 2027. Rising adoption of malted milk across various industries such as food and beverages, bakeries, dietary supplements etc. is stimulating the growth of malted milk market.
As malted milk becomes more and more popular in a variety of industries, including baking, food and drink, nutritional supplements, and supplements, the need for it is growing. Although malted milk originated in Western Europe and North America, it has become extremely popular throughout Asia. The primary driver of the malted milk industry’s expansion in these countries is the emphasis on health.
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Though malted milk has long been popular in underdeveloped nations, growing disposable income and heightened health concern among upper-class consumers have created new potential for the product’s market to grow.
Malted milk market is capitalizing on the global snacking trend
Manufacturers are capitalising on diversifying their snack portfolios to meet customer demand as eating habits and snacking habits among people around the world change. Important players in the confections sector are creating bite-sized sweets that invariably contain malted milk powder. In order to compete with the major giants, well-known firms are concentrating on extending their production capabilities in the South East Asian market. Other producers are also developing novel product lines, such as cookies made with malted milk powder and other baking goods.
While the participants are concentrating on malted milk’s “healthy” messaging for millennials, this strategy is primarily targeted at the baby boomers demo graph. The majority of malted milk-based beverages, which are eaten as nutritional drinks, are, however, expected to experience a fall during the projection period. This is because, unlike in the past, when merely effective marketing worked, consumers today are aware of the scientific consensus that backs the health claims made for malted milk. For several of the major brands of malted milk-based drinks over the past few years, fraudulent health claims have proven to be especially lethal.
Malted Milk Market: Key Developments
In 2017, the company Nestlé S.A., which is a manufacturer of confection products, expanded its malted milk product portfolio by introducing a ready-to-drink malted milk beverage in India, through its Indian subsidiary, under its brand Milo. The product is available in cocoa flavor and specially targeted for growing infants.
In the same year, the company also introduced a malted milk powder in a sachet packaging format in Myanmar, under the Bear Brand. The product is aimed at the adults in this country to fight iodine deficiency. Through this move, the company is also focusing on strengthening its footprint in Myanmar.
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Market Competition
Some of the leading manufacturers of malted milk include Briess Malt & Ingredients, Nestlé S.A., Muntons plc, Imperial Malts Ltd., SSP Pvt Limited, Insta Foods, Family Cereal Sdn. Bhd., Food & Biotech Engineers India Private Limited., and King Arthur Flour Company, Inc., among others.
These leading players are increasingly adopting various strategies such as new innovative product launches, partnerships, acquisitions, collaborations, establishment of new facilities across attractive markets, etc. to gain a competitive edge in the global malted milk market.
Companies like Nestle and Imperial Malts have become global leaders in malted milk products. Their brands are being increasingly utilized by people due to better quality.
Global Malted Milk Market: Segmentation:
On the basis of source, the malted milk is segmented into
- Barley
- Wheat
- Others
On the basis of end user, the malted milk market is segmented into
- Retail
- Food Industry
- Dairy
- Bakery
- Confection
- Snacks
- Milkshakes & smoothies
- Dietary supplements
- Others
On the basis of distribution channel, the malted milk market is segmented into
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Discount Stores
- Convenience Stores
- Specialty Stores
- Online Retailers
- Others
On the basis of packaging, the malted milk market is segmented into
- Carton packs
- Jars
- Tins
- Others
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