Craft Malt’s Big Moment Has an Economics Problem
Admiral Maltings did almost everything craft beer says it wants—and the economics still did not work. The Alameda, California, maltster built a business around locally grown grain, traditional floor malting and relationships with independent brewers and distillers. Its malt earned recognition, helped breweries tell a genuine grain-to-glass story and gave California beer a stronger sense of place. On September 29, however, Admiral announced that the malthouse would close October 2 and its taproom, The Rake, would follow October 18. That is more than one supplier closing. It is a warning about craft malt economics at a moment when breweries are looking for every possible point of differentiation. Malt Is Beer’s Quiet Foundation Hops usually get the headlines. They are easier to romanticize, easier to photograph, and easier to turn into a selling point on a can. Malt does the less glamorous work: it supplies fermentable sugar, builds body and color, supports foam, and creates flavors rang...