What is malt, and is it the same stuff in malted milk balls, you may ask? Why, yes! It's a sweetish syrup or powder made from barley that's been sprouted, then dried. Barley that's gone through that process is known as "malted" barley, and it's used to make beer. So when you're eating something that has malt in it, it's kind of like you're eating beer.
Malted milk is just powdered milk that's been mixed with malt. Horlicks and a couple of flavors of Ovaltine both contain malt. Carnation also makes a malt mix, in chocolate and plain flavors. Any of these three can be added to ice cream or baked goods for that grainy-sweet malty taste. You can buy pure dry malt online, too. Here is a recipe for chocolate malted milkshakes that calls for Ovaltine.
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Some Hispanic cultures like malted barley in the form of malta, a rich, dark, sweet non-alcoholic drink. My father always describes it as "the step before beer." While I love it, and many drink it daily, it can be more difficult to enjoy than malt itself. That said, I hope this trend leads to a deeper appreciation for malta and its complexities.