Global Malted Milk Food market overview 2024, Forecast To 2033

The malted milk food market has witnessed strong growth, increasing from $6.46 billion in 2023 to $6.98 billion in 2024, with a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period is attributed to the traditional use of malted milk in beverages and confectionery, the nutritional benefits and high nutrient density of malted milk, consumer preference for healthier and natural ingredients, the growth in the dairy and dairy-based products industry, and the application of malted milk in bakery and breakfast cereals, along with the expansion of the food processing and beverage industries. Foreseeing continued growth in the next few years, the market is projected to reach $9.38 billion in 2028, with a CAGR of 7.7%. The anticipated growth is linked to the rising demand for fortified and functional foods, increased consumer awareness of nutritional benefits, the expansion of the health and wellness market segment, growing preference for plant-based malted milk alternatives, and emerging markets with changing consumer preferences. Major trends in the forecast period include malted milk in functional and sports nutrition products, flavored and specialty malted milk varieties, the use of malted milk in ice creams and frozen desserts, the incorporation of malted milk in baked goods and snacks, and clean label and non-GMO claims for malted milk products.