What are the differences in using dry malt extract vs. liquid?

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I don't have much experience. (AG brewer)

With that limited experience I'd say mainly down to convenience and personal choice. I'd think quality of the product is more of a concern.

I'm sure there are others around who have either used both or read up on it.
 
Lets see:

Liquid Extract Pros:
readily available
Can get a wider variety of malts (munich etc)
usually more fermentable than dry extract

Liquid Extract Cons:
Does not store well
Freshness is sometimes an issue
Will usually turn out a darker beer than dry
Will darken on the shelf if not taken care of
sometimes hard to get all of the syrup out of the can

Dry Extract Pros
Lighter (weight) since there is very little water content
Will produce a lighter colored beer
stores easily
not prone to darkening or staling on the shelf
can be stored after opening
Ideal for making starters

Dry Extract Cons:
Less variety
sometimes can be less fermentable than liquid
can be messy if steam is involved
some have troubles getting it to dissolve
 
LME is 20% water, to convert between the two, multiply or divide by .8

5# DME / .8 = 6.25 # LME
5# LME x .8 = 4# DME

5# LME is typically cheaper than 4# DME

all the other pros and cons are accurate. I will typically use LME when i want to save a buck, and am not concerned with a point or 2 difference in color. Several of the disadvantages can be overcome by technique.
 
For a long time I used liquid exclusively. As said above there is some variety to choose from.
With my partial mash brews, I have switch to using strictly light dry extract, and use grain selection to "create" my variety. I may only use 1lb of DME and the rest of the fermentables are from my grains.
 
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