Malted Milk Market Size, Share, and Growth Analysis

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Malted Milk Market By Flavor (Chocolate, Vanilla), By Packaging Type (Powder Form, Liquid Form), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores), By Region - Industry Forecast 2025-2032


Report ID: SQMIG30D2036 | Region: Global | Published Date: March, 2025
Pages: 199 |Tables: 87 |Figures: 70

Format - word format excel data power point presentation

Malted Milk Market Insights

Global Malted Milk Market size was valued at USD 8.5 billion in 2023 and is poised to grow from USD 9.0 billion in 2024 to USD 14.24 billion by 2032, growing at a CAGR of 5.9% during the forecast period (2025-2032). 

Rising adoption of malted milk across diverse industries including food & beverages, confectionery, and bakery is a major factor providing impetus to the growth of malted milk market. Over the years, malted milk has become a highly sought after flavoring ingredient used in the food and beverage industry due to its high nutritional profile. Malted milk is prepared from dried milk and malted cereals. It contains various essential nutrients (especially vitamins and miners) that provide various benefits ranging from boosting energy levels and enhancing bone health, to improving vision and promoting circulation.Rapid expansion of the food and beverage industry coupled with increasing usage of malted milk in preparing various food and beverage products is expected to push the demand for malted milk during the forecast period. Various food manufacturing companies are expanding their snack portfolios to meet the changing meal consumption and snacking patterns of consumers. Similarly, rising awareness about the benefits of malted milk coupled with increasing consumption of snacks will create lucrative opportunities for the manufacturers in the future.

In addition to this, rising demand for high nutritional value bakery products, especially across developed regions like North America is expected to encourage manufacturers to use malted milk in their products, thereby expanding the global malted milk market size.Rising awareness about a healthy lifestyle is the major factor in increasing product demand. In addition, manufacturers are focusing on using natural ingredients, which drives product sales. Increasing awareness about the various benefits of malted foods and drinks and high product consumption as a nutrition supplement will augment the market growth further. Changing food preferences, such as high demand for bite-sized snacks, due to hectic lifestyles, rapid urbanization, and industrialization will also positively impact market growth. Additionally, innovations in bite-sized snacks, such as baked products, including malted milk powder cookies, are expected to increase the demand. One of the primary drivers of the global malted milk industry is the increasing consumer awareness regarding health and wellness. As people become more health-conscious, they seek nutritious alternative to traditional snacks and beverages. Malted milk powder, rich in vitamins and minerals, serves as an excellent source of energy and nutrition, particularly for children and athletes. Additionally, the trend of incorporating malted milk powder in various recipes is on the rise, further propelling its demand in the industry. Another significant driver is the growing trend of convenience foods. As busy lifestyles take precedence, consumers are leaning towards ready-to-make products that require minimal preparation. The convenience of using malted milk powder in smoothies, shakes, and baking mixes aligns perfectly with this demand. Furthermore, the market is witnessing innovation, with manufacturers developing new flavor variants and fortified products, thereby attracting a broader consumer base.

Market Key Attributes

In September 2023, Nestlé reformulated its malted milk powder products to incorporate more natural ingredients. This move not only aligns with the company's sustainability objectives but also caters to consumer demands for cleaner labels and healthier choices. By reducing artificial additives and preservatives, Nestlé aims to enhance the nutritional value of its malted milk powders while maintaining the same rich taste that consumers love. The reformulation is also part of the company's broader commitment to reducing its environmental footprint, as sourcing more natural ingredients often involves more sustainable agricultural practices.

In November 2023, Muntons Plc ramped up its production of malted milk powder, citing heightened demand from both domestic and international markets, especially within the snack and beverage sectors. In tandem with this growth, the company is channeling investments into new technologies to bolster production efficiency. The increased demand spans both domestic and international markets, reflecting a broader trend of consumers gravitating toward malt-based functional foods and beverages. To support this growth, Muntons is investing in cutting-edge production technologies aimed at improving efficiency, reducing waste, and enhancing product quality.

Market snapshot - 2025-2032

Global Market Size

USD 8.5 billion

Largest Segment

Milk Liquid

Fastest Growth

Milk Powder

Growth Rate

5.9% CAGR

Global Malted Milk Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Malted Milk Market Segments Analysis

Global Malted Milk Market is segmented by Flavor, Packaging Type, Distribution Channel and region. Based on Flavor, the market is segmented into Chocolate, Vanilla, Strawberry and Others. Based on Packaging Type, the market is segmented into Powder Form and Liquid Form. Based on Distribution Channel, the market is segmented into Supermarkets/Hypermarkets, Convenience Stores, Online Retailers and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.  

Analysis by Source

As per global malted milk market outlook, wheat dominated the market, with the largest revenue share of 63.6% in 2024. This dominance is primarily due to wheat's nutritional benefits and its versatile application in various malted milk products. Wheat-malted milk is rich in vitamins, minerals, and dietary fiber, making it a popular choice among health-conscious consumers. Its mild flavor and easy digestibility make it suitable for various age groups, from children to older people. The extensive use of wheat malted milk in beverages and culinary recipes also contributes to its leading position in the market. The continuous innovation and introduction of new wheat-based malted milk products further bolster its popularity and market share.

As per global malted milk market analysis, barley is expected to grow at a significant CAGR of 5.9% during the forecast period. This growth is attributed to barley's nutritional advantages and increasing popularity among health-conscious consumers. Barley is rich in dietary fiber, vitamins, and minerals, making it a valuable ingredient for nutritious beverages and food products. Additionally, the rise in demand for natural and organic products has led to an increased interest in barley-based malted milk. The versatility of barley in various culinary applications, along with its distinctive flavor, also appeals to a broad consumer base. As manufacturers continue to innovate and introduce new barley-based products, the segment is poised for substantial growth in the coming years.

Analysis by Type

As per global malted milk market forecast, milk liquid dominated the market with the largest revenue share in 2024. Milk liquid malted milk products are rich in essential nutrients such as calcium, vitamins, and proteins, making them a popular choice for consumers of all ages. The convenience and ease of consumption of liquid malted milk also contribute to its popularity, as it can be quickly prepared and enjoyed as a beverage or added to various culinary recipes. Additionally, the availability of a wide range of flavors and fortified options further boosts the appeal and market share of milk liquid malted milk products. Milk powder segment is expected to grow at a significant CAGR during the forecast period. This growth is largely due to milk powder's versatility and convenience. Consumers appreciate the longer shelf life and easy storage of milk powder, which makes it a practical choice for households. It is also popular in various recipes and beverages, providing essential nutrients such as calcium, proteins, and vitamins. Additionally, the rising demand for fortified and instant malted milk drinks has spurred innovation in the milk powder segment, with manufacturers introducing new flavors and enhanced formulations.

Global Malted Milk Market By Type (%)

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Malted Milk Market Regional Insights

Asia Pacific region dominated the industry with the largest revenue share of 34.1% in 2024. This dominance is largely driven by the region's growing population and increasing disposable incomes, which have elevated the demand for nutritious and convenient food and beverage products. The cultural significance of malted milk drinks in countries like India, where they are commonly consumed as both health beverages and tasty treats, also plays a crucial role. Additionally, the expanding retail infrastructure and the rising influence of Western dietary trends have further propelled the popularity of malted milk in the region. Innovative product offerings and extensive marketing efforts by local and international brands have solidified the Asia Pacific region's leading position in the global malted milk industry. The North America region is expected to grow in the malted milk industry in 2024. The region's well-developed retail infrastructure and the increasing availability of malted milk products in supermarkets, convenience stores, and online platforms contribute to market expansion. The influence of Western dietary habits and the growing inclination towards natural and organic products also play a significant role. Moreover, innovative product offerings and new flavors tailored to local tastes are attracting a broader consumer base, driving the market's growth in North America. The U.S. is expected to significantly grow during the forecast period. Consumers' growing health awareness and preference for fortified products rich in vitamins and minerals significantly boost the market. Additionally, the rising trend of on-the-go lifestyles and the need for quick, healthy meal alternatives make malted milk popular. The presence of well-established brands and extensive marketing campaigns further drive the market's growth in the U.S., catering to diverse consumer preferences and enhancing product availability. Europe region in the malted milk industry is expected to grow at a significant CAGR of 6.2% during the forecast period. The increasing health consciousness among European consumers is boosting the demand for nutritious beverages, with malted milk being seen as a rich source of essential nutrients. The trend towards fortified and functional foods is particularly strong in this region. Secondly, the growing popularity of malted milk as an ingredient in various culinary applications, from baking to confectionery, is expanding its market reach. Additionally, well-established retail networks and the rising influence of organic and natural products encourage more consumers to opt for malted milk products.

The United Kingdom (UK) dominates the malted milk market in Europe, primarily due to the strong legacy of brands like Horlicks (Unilever) and Ovaltine (Associated British Foods). The UK has a high consumer preference for malted milk drinks as part of daily nutrition, particularly among children and elderly populations.

In the Middle East and Africa (MEA) region, increasing consumer awareness about fortified beverages, rising urbanization, and higher disposable incomes are key growth drivers.

South Africa is emerging as a key player in the malted milk market. Malted milk drinks are widely consumed as nutritional supplements in South Africa, with brands like Nestlé’s Milo and Ovaltine having a strong foothold. In Latin America, brands like Nestlé’s Nescau (a malted chocolate milk drink) have strong market penetration, and the growing popularity of plant-based and reduced-sugar malted milk powders is expanding the consumer base. Brazil dominates the malted milk market due to its large population and increasing focus on nutritional beverages for children and athletes.

Global Malted Milk Market By Geography
  • Largest
  • Fastest

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Malted Milk Market Dynamics

Drivers

Increasing Popularity of Malt-Based Drinks

  • The increased popularity of malt-based beverages among people of all ages has emerged as a significant driver of the malted milk powder sector. Malt-based drinks, previously considered a healthy beverage for young ones, have evolved into a well-known product that caters to a diverse spectrum of client interests and lifestyles.

Advancements in Spray-Drying and Powder Production Technologies Bolstering the Market

  • Innovations in spray-drying and powder production technology have transformed the milk powder segment by increasing product quality, efficiency, and adaptability. Spray-drying is a key method in the production of milk powder that converts liquid malted milk into a dry, fine powder by quick drying with hot air. Some of the most recent advancements in this technology are greater thermal efficiency, reduced energy usage, and consistent particle size distribution.

Restraints

Challenges Associated with Lactose Intolerance and Dietary Restrictions

  • One of the primary challenges for the malted milk market is the rising awareness and prevalence of lactose intolerance. This shift poses a challenge to the malted milk powder industry, as the product's primary ingredient is milk, limiting its appeal to a significant portion of the population who seek lactose-free or non-dairy options. Lactose, the natural sugar found in milk, can cause digestive discomfort in individuals with lactose sensitivity. As consumer awareness of lactose intolerance grows, more individuals are turning to plant-based and dairy-free alternatives.

Regulatory Factors

  • Strict food safety and quality regulations imposed by government authorities can limit the entry of new players into the market. Regulatory factors also play a significant role in the market dynamics. Compliance with these regulations often requires significant investment, which may deter small and medium-sized enterprises from entering the malted milk powder sector.

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Malted Milk Market Competitive Landscape

The global malted milk market is characterized by strong competition among key global and regional players, driven by rising consumer demand for nutritious and functional beverages. Major players like Nestlé S.A., Unilever PLC (Horlicks), and GlaxoSmithKline PLC (GSK) dominate the market with well-established brands and extensive distribution networks. Companies such as Briess Malt & Ingredients Co. and Imperial Malts Ltd. focus on supplying malted milk powder and ingredients for various food and beverage applications.

Top Player’s Company Profiles

  • Briess Malt & Ingredients (United States) 
  • Unilever (Horlicks) (United Kingdom) 
  • Imperial Malts Ltd. (India) 
  • Muntons plc (United Kingdom) 
  • Nestlé S.A. (Switzerland) 
  • Larissa Veronica (United States) 
  • Hoosier Hill Farm (United States) 
  • Custom Food Group (Malaysia) 
  • Associated British Foods (Ovaltine) (United Kingdom) 
  • The Hain Celestial Group, Inc. (United States) 
  • King Arthur Flour Company, Inc. (United States) 
  • Crisp Malt (Richardson International Limited) (Canada) 
  • Food & Biotech Engineers India Pvt. Ltd. (India)

Recent Developments

  • In February 2025, Nestlé released a low-sugar version of its famous malted milk powder line, aimed at health-conscious consumers and addressing growing worries about sugar consumption. The company has introduced a plant-based malted milk powder to appeal to vegan and lactose-intolerant customers. The product is supplemented with vitamins and minerals to meet the rising demand for functional foods.
  • In January 2024, Ovaltine introduced a high-protein malted milk powder aimed at athletes and fitness enthusiasts.
  • In July 2022, Horlicks introduced the "Horlicks Healthy" range, comprising four wellness-boosting shakes formulated with a blend of vitamins, minerals, and functional ingredients. One of these variants, "Horlicks Healthy Gut," is designed to support digestive health and includes added prebiotics and glutamine to aid digestion.

Malted Milk Key Market Trends

Malted Milk Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to SkyQuest analysis, the rising awareness of healthy eating has been one of the main drivers of growth in the malted milk powder sector. An increase in awareness of health consciousness, growing disposable income and rapid urbanization is a prominent factor for fuelling the growth of the market. The manufacturer also focuses on producing innovative product lines such as cookies, cakes, and other bakery items. There is high nutritional value in bakery items, this product is increasingly performing on the retail abandons. It also helps to improve vision and skin. Bite-sized appetizers have become progressively prevalent as customers develop more time-pressed. Packaged snack manufacturers are concentrating on spreading their mixture of bite-sized snacks, which comprises malted milk powder which is creating lucrative growth for the market.

Report Metric Details
Market size value in 2023 USD 8.5 billion
Market size value in 2032 USD 14.24 billion
Growth Rate 5.9%
Base year 2024
Forecast period 2025-2032
Forecast Unit (Value) USD Billion
Segments covered
  • Flavor
    • Chocolate
    • Vanilla
    • Strawberry
    • Others
  • Packaging Type
    • Powder Form
    • Liquid Form
  • Distribution Channel
    • Supermarkets/Hypermarkets
    • Convenience Stores
    • Online Retailers
    • Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Briess Malt & Ingredients (United States) 
  • Unilever (Horlicks) (United Kingdom) 
  • Imperial Malts Ltd. (India) 
  • Muntons plc (United Kingdom) 
  • Nestlé S.A. (Switzerland) 
  • Larissa Veronica (United States) 
  • Hoosier Hill Farm (United States) 
  • Custom Food Group (Malaysia) 
  • Associated British Foods (Ovaltine) (United Kingdom) 
  • The Hain Celestial Group, Inc. (United States) 
  • King Arthur Flour Company, Inc. (United States) 
  • Crisp Malt (Richardson International Limited) (Canada) 
  • Food & Biotech Engineers India Pvt. Ltd. (India)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Malted Milk Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Malted Milk Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Malted Milk Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Malted Milk Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Malted Milk Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

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FAQs

Global Malted Milk Market size was valued at USD 7.23 Billion in 2023 and is poised to grow from USD 7.67 Billion in 2024 to USD 12.32 Billion by 2032, growing at a CAGR of 6.1% in the forecast period (2025-2032).

The global malted milk market is characterized by strong competition among key global and regional players, driven by rising consumer demand for nutritious and functional beverages. Major players like Nestlé S.A., Unilever PLC (Horlicks), and GlaxoSmithKline PLC (GSK) dominate the market with well-established brands and extensive distribution networks. Companies such as Briess Malt & Ingredients Co. and Imperial Malts Ltd. focus on supplying malted milk powder and ingredients for various food and beverage applications. 'Briess Malt & Ingredients', 'Unilever (Horlicks)', 'Imperial Malts Ltd.', 'Cliff Foods', 'Muntons plc', 'Nestlé S.A.', 'Larissa Veronica', 'Hoosier Hill Farm', 'Custom Food Group', 'Associated British Foods (Ovaltine)', 'The Hain Celestial Group, Inc.', 'King Arthur Flour Company, Inc.', 'Crisp Malt (Richardson International Limited)', 'Food & Biotech Engineers India Pvt. Ltd.'

The increased popularity of malt-based beverages among people of all ages has emerged as a significant driver of the malted milk powder sector. Malt-based drinks, previously considered a healthy beverage for young ones, have evolved into a well-known product that caters to a diverse spectrum of client interests and lifestyles.

Growing Demand for Malted Milk Powder: Malted milk powder is obtained by evaporating or vacuum dried whole milk and also by the mixture of wheat flour and malted barley. Malted milk powder is also blended with other flavoring powders to complement its flavor such as cocoa powder. Malted milk powder has a good mouthfeel along with sweetness, which has increased its demand in food, snaking products as well as in beverages. Moreover, innovations in bite-sized snacks, such as malted milk powder cookies and other baked products, are projected to boost the demand. In addition, rising demand for flavored milk is likely to contribute to the industry's growth.

Asia Pacific region dominated the industry with the largest revenue share of 34.1% in 2024. This dominance is largely driven by the region's growing population and increasing disposable incomes, which have elevated the demand for nutritious and convenient food and beverage products. The cultural significance of malted milk drinks in countries like India, where they are commonly consumed as both health beverages and tasty treats, also plays a crucial role. Additionally, the expanding retail infrastructure and the rising influence of Western dietary trends have further propelled the popularity of malted milk in the region. Innovative product offerings and extensive marketing efforts by local and international brands have solidified the Asia Pacific region's leading position in the global malted milk industry. The North America region is expected to grow in the malted milk industry in 2024. The region's well-developed retail infrastructure and the increasing availability of malted milk products in supermarkets, convenience stores, and online platforms contribute to market expansion. The influence of Western dietary habits and the growing inclination towards natural and organic products also play a significant role. Moreover, innovative product offerings and new flavors tailored to local tastes are attracting a broader consumer base, driving the market's growth in North America. The U.S. is expected to significantly grow during the forecast period. Consumers' growing health awareness and preference for fortified products rich in vitamins and minerals significantly boost the market. Additionally, the rising trend of on-the-go lifestyles and the need for quick, healthy meal alternatives make malted milk popular. The presence of well-established brands and extensive marketing campaigns further drive the market's growth in the U.S., catering to diverse consumer preferences and enhancing product availability. Europe region in the malted milk industry is expected to grow at a significant CAGR of 6.2% during the forecast period. The increasing health consciousness among European consumers is boosting the demand for nutritious beverages, with malted milk being seen as a rich source of essential nutrients. The trend towards fortified and functional foods is particularly strong in this region. Secondly, the growing popularity of malted milk as an ingredient in various culinary applications, from baking to confectionery, is expanding its market reach. Additionally, well-established retail networks and the rising influence of organic and natural products encourage more consumers to opt for malted milk products.

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