The global specialty malt market size valued USD 2.45 billion in 2021 and expected to reach USD 3.52 billion by 2028, at a CAGR of 5.2% during the forecast period 2022-2028. Malt is the product that remains after a cereal grain has been dried, sprouted, and then air-dried before being roasted in an oven. Malt can be made from a variety of cereal grains, including rice, wheat, oats, rye, and others. Barley is the most prevalent malt, as it is the primary grain utilized in the manufacturing of beers and the majority of malted whiskeys. Specialty malt is the ingredient that gives a beer its distinct flavor and character. Specialty malt contains particular qualities that add to the flavor of a beer. To create a specific malt profile, specialty malt is frequently used alone or in combination with other specialty malts. Several significant segments of the food and beverage industry use specialty malt on a considerable basis. Specialty malt is a crucial element in the brewing of beer and the production of malt-based beverages. It's commonly employed as a flavoring and coloring component in alcoholic beverages, and it's in great demand.

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The increased demand for beverage and baking products in various industries such as confectionery, chocolate, alcohol, and other sectors is one of the primary drivers of the specialty malt industry. Furthermore, factors such as changing lifestyles, changing taste and choice of customers, among others, are fueling the specialty malt market's rise. The specialty malt market in Asia Pacific and Latin America is primarily driven by the growing number of people aged 16 to 28 in these regions, as well as changing culinary patterns. Manufacturers are being forced to focus on product innovation and stronger marketing operations due to increasing competition across various beverage segments. Due to the growing popularity of craft beer around the world, the specialty malts market is gaining traction. As a result, there is a large increase in demand for specialty malts, which is likely to continue during the forecast timeframe. Furthermore, specialty malt is expanding as a result of variables such as an increase in the number of brewers; specialty malt's multi-functionality is also boosting the malt market.

The global specialty malt market segmentation:

1) Type: Roasted, Crystal, and Dark.

2) Application: Food, Dairy & Frozen products, Beverages, Bakery & Confectionary and others.

3) Source: Barley, Wheat, Rye and Others.

4) Extract: Malt Flours, Dry & Liquid.

Europe and North America were the most important markets, accounting for the majority of the worldwide specialty market share. This is due to the widespread consumption of malt-based products in these areas, such as beer and malted milk. However, due to increased consumption of flavored health drinks such as Horlicks and Milo, as well as increased consumption of malt-based beverages due to cross-cultural interaction, Asia-Pacific is predicted to have the highest CAGR.

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There are some major players working in specialty malt market, which include Cargill, Inc. (U.S.) Malteurop Groupe (France) GrainCorp Ltd. (Australia) Heineken International (Netherlands) Axereal Group (France) Crisp Malting (UK) Muntons PLC (UK) Barrett Burston Malting Company Wa Pty Ltd (Australia) IREKS GmbH (Germany) Soufflet Group (France)

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