proprietary name of a drink mix, 1906, probably based on Latin ovum "egg" (see ovary), because eggs are one of the ingredients.
Entries linking to ovaltine
ovary n.
"that part of the female animal in which eggs are generated," 1650s, from Modern Latin ovarium "ovary" (16c.), from Medieval Latin ovaria "the ovary of a bird" (13c.), from Latin ovum "egg," from PIE *ōwyo‑, *ōyyo‑ "egg," which is perhaps a derivative of the root *awi- "bird." In classical Latin, ovarius meant "egg-keeper," but Thomson ("Autumn") used ovarious (adj.) for "consisting of eggs."