The malt extracts market in APAC is expected to reach US$ 272.26 million by 2027 from US$ 166.42 million in 2018; it is expected to grow at a CAGR of 5.7% from 2019 to 2027.
Increasing consumption of craft beer and rising number of lounges, breweries, and bars are bolstering the growth of the malt extracts market in the APAC region. Growth in millennial population is anticipated to create a lucrative opportunity for the malt extracts market in the forecast period. Malt and its extracts is the major ingredient used for producing craft beer. Depending upon the brewer’s formulation, the beer producers are adding variable amount of malt extracts that is boosting the growth of the market. The microbrewery is a brewery that is focused on producing small amounts of beer associated to large-scale corporate breweries and independently owned breweries. Thus, growing popularity of craft beer among millennial population and rising number of breweries in China, India, and Japan over the past few years have boosted to growth of the malt extract market in the region.
Based on nature, the malt extracts market is divided into organic and conventional. Organic segment is expected to be the fastest growing segment during the forecast period. Since, various end-use industries are showing interest in organic products, organic malt extract is gaining popularity across APAC. Organic malt extract is prepared by using organically produced ingredients, such as barley, wheat, and rye. Most of the consumers nowadays are health-conscious and are inclining toward food and products, pharmaceutical products, and cosmetics prepared from organic natural ingredients. Owing to these factors, even the malt extract companies are offering organically certified products, which are vegan, and sometimes gluten-free. Market players are providing malt extract with organic barley and organic malted barley, which contains a complex mix of carbohydrates, trace elements, and vitamins.
COVID-19 pandemic has affected industries and economies in various countries due to lockdowns, business shutdowns, and travel bans. The government of APAC is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the coronavirus (COVID-19) outbreak would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively impact market growth in the coming period. Till now, China has the highest number of COVID -19 confirmed cases.
The overall APAC malt extracts market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the APAC malt extracts market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC malt extracts market. Malteurop Group, Ireks Gmbh, Groupe Soufflet, Malt Products Corporation, United Malt Group, Muntons Plc, Boortmalt N.V., and Liotecnica are among a few players operating in the APAC malt extracts market.