Malted milk powder is out of the question, but luckily there are lots of great alternatives that can get that nice malt flavor and creamy texture. One of the most popular alternatives is maca powder, which is derived from the maca root. It has a sweet, slightly earthy, nutty taste similar to malted milk powder. It has also been noted that replacing it with malted milk powder adds an extra golden hue to the dough of baked goods.
Another great alternative is soybean flour. This is a Japanese flour made from roasted soybeans. You can buy these bags at your local Japanese supermarket and incorporate them into your baking recipes. The roasted soybeans in soybean flour can give it a nutty, earthy flavor that is very similar to malted milk powder. Kinako is not a one-to-one flavor match, but it can go a long way in enhancing the flavor of a dessert that's warming up in the oven. However, it has a slightly stronger flavor, so you may have to play around with the proportions a bit to get the flavor just right.
