Global Hops Market to Reach US$ 15.3 Billion by 2032, Stimulated by Technological Advancements in Hop Cultivation

September 07, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Hops Market Report by Product (Chinook Hops, Cascade Hops, Amarillo Hops, Centennial Hops, and Others), Application (Alcoholic Beverage, Medicinal Drugs, Cosmetics, and Others), and Region 2024-2032,” the global hops market size reached US$ 8.9 Billion in 2023. Hops are the flowers of the hop plant, Humulus lupulus, used primarily as a bittering, flavoring, and stability agent in beer production. They are one of the core ingredients in brewing, imparting aroma and flavor characteristics that are essential to the final product's profile. They contain various compounds, such as essential oils and alpha acids, that contribute to the beer's flavor, aroma, and preservation. They act to balance the sweetness of the malt with bitterness, creating a harmonious taste. Additionally, they have antimicrobial properties that enhance the stability and shelf life of the beverage. They are available in different varieties, each offering unique flavor and aromatic attributes, and are used by brewers to craft diverse styles of beer. The cultivation of hops requires specific climatic conditions, and they are grown in several regions around the world. In addition to brewing, hops are also utilized in herbal medicine and other applications. Their importance in the beverage industry makes them a vital commodity in global trade.

Global Hops Market Trends:

The global hops market is experiencing robust growth, driven by the growing consumption of craft brewing. Along with this, the rising popularity of craft beers has influenced the demand for diverse hop varieties, allowing brewers to experiment with new flavors and aromas. This trend is especially prevalent in developed markets, where consumers are increasingly seeking unique and locally-sourced products. In confluence with this, the global expansion of beer consumption, particularly in emerging markets, contributes to the continuous demand for hops. The growth of the hops market is also influenced by technological advancements in hop cultivation, processing, and storage, leading to improved quality and efficiency. Apart from this, sustainable and organic farming practices are gaining traction, reflecting the global shift towards environmentally responsible production. Furthermore, the versatility of hops is being explored in other industries, such as pharmaceuticals and cosmetics, opening new avenues for market growth. Partnerships between hop growers, suppliers, and breweries are fostering innovation and alignment with consumer preferences. Looking forward, the market value is projected to reach US$ 15.3 Billion by 2032, expanding at a CAGR of 6.2% during 2024-2032.

Market Summary:

Based on the product, the market has been segmented into chinook, cascade, amarillo, centennial, and other hops. Presently, chinook hops represent the largest segment.
On the basis of the application, the market is segregated into alcoholic beverage, medicinal drugs, cosmetics, and others. Among these, alcoholic beverage represent the largest segment.
Region-wise, the market has been segmented into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Currently, North America holds the largest market share.
The competitive landscape of the market has also been examined, with some of the key players being BarthHaas GmbH & Co. KG, Bintani Australia PTY Ltd., Charles Faram & Co. Ltd., Clayton Hops NZ, Crosby Hop Farm LLC, Hollingberry and Son Inc., Hops Direct LLC., Hopsteiner Group, Kalsec Inc., Loughran Brewers Select Limited, New Zealand Hops Limited, and Yakima Chief Hops Inc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Scope of the Report	Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Product Application Region
Products Covered	Chinook Hops, Cascade Hops, Amarillo Hops, Centennial Hops, Others
Applications Covered	lcoholic Beverage, Medicinal Drugs, Cosmetics, Others
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	BarthHaas GmbH & Co. KG, Bintani Australia PTY Ltd., Charles Faram & Co. Ltd., Clayton Hops NZ, Crosby Hop Farm LLC, Hollingberry and Son Inc., Hops Direct LLC., Hopsteiner Group, Kalsec Inc., Loughran Brewers Select Limited, New Zealand Hops Limited, Yakima Chief Hops Inc.
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Global Hops Market to Reach US$ 15.3 Billion by 2032, Stimulated by Technological Advancements in Hop Cultivation

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