According to the latest report by IMARC Group, titled “Hops Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global hops market size reached US$ 8.3 Billion in 2022. 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$ 12.3 Billion by 2028, expanding at a CAGR of 6.90% during 2023-2028.
- 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.
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Chinook Hops, Cascade Hops, Amarillo Hops, Centennial Hops, Others
||lcoholic Beverage, Medicinal Drugs, Cosmetics, Others
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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