The global demand for malted milk is projected to grow at a steady CAGR of around 5.5%. This means that the market will continue growing, with an estimated valuation worth over $12.2 billion by 2027
Malted milk is a formulation of malted grain flour, whole milk powder and other ingredients which are used as a Flavoring and fortification ingredients in food and beverages. It is obtained from powdered malt, grain flour such as wheat and whole milk which is evaporated or vacuum dried to obtain a dry powder. Sometimes malted milk is also blended with cocoa powder to complement its flavor. Malted milk is known to impart a creamy mouthfeel and sweetness to the products and hence in food and snack products, it is used as a coating agent.
Malted milk originates in North America and Western Europe, but demand for malted milk has grown considerably in Asian countries as well. In these countries, health positioning is the major driving force for the growth of the malted milk market.
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Malted milk is a product that has been around in developing nation for a long time, but recently rising disposable income and growing health awareness amongst the upper-class consumers have made room for growth for the malted milk market.
Malted milk market is capitalizing on the global snacking trend
Due to changes in the meal consumption and snacking patterns amongst consumers across the globe, manufacturers are capitalizing on expanding snack portfolios to cater to this demand. Key players in the confection industry are developing bite-sized snacks where malted milk powder is invariantly being incorporated. Meanwhile, prominent players are focusing on expanding their reach in the South East Asian market in terms of production capacities to compete with the key giants. Other manufacturers are also coming up with innovative product lines such as malted milk powder cookies and other bakery products.
This strategy is mainly directed at the baby boomers demo graph, whereas for millennial, the players are focusing on health-positioning of malted milk. However, the malted milk-based drinks which are mostly consumed as nutritional drinks are likely to face a decline over the forecast period. This is due to the fact that consumers nowadays aware of the scientific consensus that supports the health claims of the malted milk, as opposed to the historical scenario where mere marketing did the trick. For the past few years, the false health claims have proven to be particularly fatal for some of the top brands amongst the malted milk-based drinks.
Global Malted Milk market: Key Market Participants
Examples of some of the market participants in the global malted milk market identified across the value chain are Imperial Malts Ltd., Briess Malt & Ingredients, Muntons plc, SSP Pvt Limited, Insta Foods, Family Cereal Sdn. Bhd., Food & Biotech Engineers India Private Limited., Nestlé S.A. and King Arthur Flour Company, Inc.
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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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Opportunities for Malted Milk Market Participants:
There are very few organic offerings in the malted milk market, despite its demand. Also, growing health consciousness for the gluten-free diet has opened new doors of opportunity for the malted milk market wherein malted milk made from whole grains can be developed. Also, the rate of inclusion of ancient grains such as teff, quinoa, sorghum, and millet, is also very low in the malted milk food, but the market for these grains is growing at an exorbitant rate, reflecting the demand for consumers and signaling the call to include them in malted milk food.
Global Malted Milk Market: Segmentation:
The malted milk market is segmented on the basis of source, end use, distribution channel and packaging.
On the basis of source, the malted milk is segmented into
On the basis of end user, the malted milk market is segmented into
- Food Industry
- Milkshakes & smoothies
- Dietary supplements
On the basis of distribution channel, the malted milk market is segmented into
- Discount Stores
- Convenience Stores
- Specialty Stores
- Online Retailers
On the basis of packaging, the malted milk market is segmented into
- Carton packs
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- Detailed overview of parent market
- Changing market dynamics in the malted milk industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments in the malted milk market
- Competitive landscape
- Strategies of key players and malted milk products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for malted milk market players to sustain and enhance their market footprint
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