Malts Market 2024 - By Industry Demand, Sales, Growth Rate, Key Application, Future Trends And Outlook By 2033
Overview and Scope Malt refers to cereal grain that is kiln-dried after having been germinated by soaking in water and then dried in a hot oven. It is used in the brewing and distilling processes. The process of turning cereal grains, such as barley, into malt for use in food, beverages, or distillation is known as malting. Sizing and Forecast The malts market size has grown strongly in recent years. It will grow from $9.25 billion in 2023 to $10.09 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to craft brewing renaissance, beer industry growth, consumer preference for specialty and craft beers, changing dietary habits, globalization of beer market. The malts market size is expected to see strong growth in the next few years. It will grow to $13.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed ...