Top Malted Milk Companies

Global Malted Milk Market size was valued at USD 9 Billion in 2024 and is poised to grow from USD 9.53 Billion in 2025 to USD 15.08 Billion by 2033, growing at a CAGR of 5.9% during the forecast period (2026–2033). 

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 (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)'

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.