DUBLIN, Nov 22, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Specialty Malt Market by Type (Roasted, Crystal, and Dark), Application (Brewing, Distilling, Non-alcoholic Malt Beverages, Bakery), Source (Barley, Wheat, and Rye), Form (Dry & Liquid), and Region - Global Forecast to 2022" report to their offering.
The specialty malt market is projected to grow at a CAGR of 5.0%, in terms of value, from 2016 to reach a projected value of USD 3.01 Billion by 2022. The market is driven by the demand from Asia-Pacific countries, particularly India, China, and Japan. Increase in demand for craft beer, advancements in R&D activities for specialty malt, increase in number of independent breweries, and multi-functionality of specialty malt are the factors driving the specialty malt market. The increased focus on malt kilning and resource optimization in various manufacturing processes fuels the demand for specialty malt. The specialty malt market has been segmented by type, into roasted malt, Munich malt, Vienna malt, Belgian malt, dark malt, and crystal malt. Roasted malts have emerged as the most widely used specialty malt due to their wider application areas such in brewing & distilling. The demand for Munich malt is growing, owing to the increase in number of independent breweries across the globe. Based on source, barley accounted for the largest market share in 2016. The global demand for barley based malt is higher when compared to that from other grains such as wheat, rye, oat & corn, owing to their ease of availability and crucial role in the manufacturing of malt for alcohol. Factors such as increasing popularity of malternatives and export of trademark craft beers also drive the demand for specialty malts.