South Korea Malt Ingredients Market Volume Forecast And Value Chain Analysis Till 2032
Malt Ingredients Market Scope:
The malt ingredients market can project healthy growth at 4.95%
rate from 2024 to 2032, confirms Market Research Future (MRFR). MRFR further
adds that the market value by the evaluation period’s end should be USD 10.56
billion, given the strong demand for whiskey, beer, malted milkshake, crafted
beer, and malt vinegar.
The South
Korea Malt Ingredients Market is experiencing steady growth, driven by
increasing demand from the brewing, baking, and food processing industries.
Malt ingredients, such as malted barley and malt extract, play a crucial role
in product formulation, providing flavor, color, and texture to a variety of
beverages, baked goods, and savory snacks. South Korean manufacturers leverage
advanced malting technologies and innovative processing techniques to produce
high-quality malt ingredients that meet the diverse needs and preferences of the
country's consumers and food industry stakeholders.
Growth Boosters and Deterrents:
As living standards continue to improve, the preference for
different processed food, as well as alcoholic and non-alcoholic drinks rises
as well. Consumption of baked items and confectionary products infused with Malt
Ingredients Market is bolstered by the surge in the number of occasions
such as parties, marriages, and social gatherings. Mounting number of cafes,
restaurants and hotels, in line with the surge in global tourism adds to the
market worth as well.
Numerous brands are sensing the lucrative opportunity and
are undertaking several social media marketing steps to gain the interest of
tech-savvy young consumers seeking personalization, value for money, coupled
with rising digital access. The significant growth in the number of netizens
paired with the surging internet usage across the globe should also boost the
sale of malt ingredients in the following years.
Emerging countries are proving to be attractive business
spots for global manufacturers, thanks to the rising acceptance as well as
consumption of alcohol. Another significant opportunity would be the strong
impact of social media on millennials and the Gen Z population, resulting in
higher spending on gin and various types of alcohol.
Regional Insight:
Europe forms the biggest market for malt ingredients, with
France, the U.K, and Germany emerging as the leading performers. Europe
benefits largely from the robust economic conditions, affordability, and the
preference for alcohol in different occasions. Various types of malt
ingredients are extensively used by the food processors, giving a substantial
push to the market. The market demand gets a boost from companies increasingly
forming joint ventures to enhance their market positions. Elite lifestyles, in
line with high disposable incomes of the people in general should further
elevate the demand for malt ingredients in subsequent years.
China and India contribute significantly to the growth of
the APAC market, which is expected to garner the fastest advancement rate in
the ensuing years. Soaring number of small-sized distilleries and the
innovations based on quality, particularly in China would also have a
remarkable impact on the regional market. Singapore, Australia, Hong Kong, and
India are also promising markets in APAC, in view of the surging per capita
income, western culture’s rising influence, and people’s mounting interest in luxury
products.
Top Companies:
Muntons plc (England), Pure Malt Products Ltd (UK), Cargill
Inc. (US), Bairds Malt (UK), Ociété Coopérative Agricole Axereal (France),
Vivescia (France), Simpsons Malt Ltd (UK), COFCO (China), Country Malt Group
(New York), BARMALT MALTING INDIA PVT. LTD.(India), Dalian Xingze Malt
Processing Co. Ltd. (China), EDME (UK), Briess Malt & Ingredients Co (US),
GrainCorp (Australia), Soufflet Group (France), Crisp Malting Group Limited
(UK), are the top producers Malt
Ingredients Market Companies.
Segmental Review:
The malt ingredients market can be dissected in terms of
form, source, as well as application.
The malt ingredients industry, with respect to form, has
been considered for dry extract along with liquid extract.
Source-wise, the malt ingredients market caters to rye,
wheat, barley, and more.
The malt ingredients market, depending on application, has
been segregated into beverages, food, and others. The beverage-based
sub-segments are alcoholic as well as non-alcoholic beverages.
Recent Updates:
January 2022: Wonderland Distilling is about to introduce
for the first time, on-premise distilled product, namely a single malt whiskey
that has been aged in apple brandy barrels. The Single Malt Whiskey contains
100% Maris Otter Malt, utilizes conventional distilling techniques, and has
been aged in apple brandy barrels, which gives it a unique character and
richness.
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