Malted Milk Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032

Malted Milk Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032

The Global Malted Milk Market was valued at more than USD 2 billion in 2023 and is projected to expand at a CAGR of 6.1% from 2024 to 2032. Innovative flavors and formulations, including chocolate, vanilla, and fruit-infused variants, are attracting younger consumers seeking diverse and flavorful options.

Consumer preferences, technological advancements, and regulatory changes have transformed the malted milk industry. A decade ago, the market focused on traditional malted milk beverages with limited product differentiation. Health and wellness trends and food technology advancements have shifted the market landscape.

Today's consumers demand products that offer both taste and functional benefits. This demand has driven manufacturers to explore new flavors, ingredients, and packaging formats. Sustainability and ethical consumption are becoming more important, prompting companies to reassess their sourcing, production, and marketing strategies.

The powdered malted milk segment was valued at USD 893 million in 2023 and is expected to grow at a robust pace. Powdered malted milk is popular for its versatility and long shelf life. It is widely used in households and commercial venues, such as bakeries and foodservice establishments, both as a beverage base and an ingredient in various recipes. Consumers prioritize convenience, especially in regions where ambient storage is necessary due to climatic conditions.

Supermarkets and hypermarkets distribution channel dominates due to their wide reach, varied product selections, and the convenience of one-stop shopping, particularly in urban areas. Convenience stores play a crucial role, especially for liquid malted milk, catering to customers seeking quick purchases. Online retail is rapidly gaining popularity, driven by the rise of e-commerce and changing shopping habits, particularly among millennials and Gen Z who prefer home delivery and a broader product selection.

North America malted milk market share is expected to grow at a CAGR of 6.6% from 2024 to 2032. The market in North America features both traditional and innovative products. Key drivers of demand include the popularity of malted milkshakes and related confectionery items. The region's health and wellness movement is also influencing a shift towards plant-based and low-sugar alternatives.