Hops Market Size Predictions suggest a rise of 4.3% CAGR to reach value of USD 46.9 Billion by 2032

LOS ANGELES, July 27, 2023 (GLOBE NEWSWIRE) -- The Global Hops Market is poised for robust growth in the coming decade driven by the exponentially rising craft beer production and brewing activities worldwide. Hops are a critical ingredient used to impart bitter flavor, aroma, and preservative properties to beer. They provide the characteristic hoppy flavor that craft beer aficionados desire. Our article provides a comprehensive analysis of the hops market covering recent trends, major growth drivers, market challenges, market regional outlook, along with the competitive landscape.

Hops Market Size and Key Statistics:

• The Total Valuation of the Global Hops Market stood at USD 31.1 billion in 2022 to reach a value of USD 46.9 billion. The market is estimated to grow at a CAGR of 4.3% between 2023 and 2032.
• North America represented the largest share exceeding 38% in 2022 owing to its well-developed brewing industry and beer culture.
• Based on type, cascade hops segment commanded the dominant share in the global market in 2022 due to their extensive usage in beer production.
• The surging demand for craft beer and increasing innovation in terms of flavors, styles, etc. are key factors stimulating the growth of the hops market currently.
• Supply uncertainties, crop diseases, and price volatility issues remain key challenges affecting the market.
  

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Hops Market Report Coverage:

In-depth Hops Market Overview and Analysis:

The global hops market outlook remains positively inclined over the foreseeable future, driven by the rapidly expanding craft beer culture and rising consumption across the globe. Hops impart the signature bitter taste, flavor, and aroma to beer that is highly sought after by discerning craft beer enthusiasts. They also act as a natural preservative thereby increasing the shelf life of beer. The phenomenal growth of the craft beer segment has led to escalating demand for premium aroma hops varieties such as Cascade, Centennial, Chinook, and others. However, unpredictable climate change affecting yield and rising production costs remain key challenges.

Latest Hops Market Trends and Developments:

• Craft brewers increasingly experimenting with proprietary, experimental hop varieties such as Azacca, Lemondrop, and Idaho 7 to develop unique flavor profiles.
• Growing adoption of indoor hydroponic hop cultivation technology enabling greater control over growing conditions.
• Increasing usage of hop pellets as opposed to dried whole-cone hops owing to reduced wastage and easier storage and handling.
• Rising inclination towards organic hops among craft and microbreweries to produce chemical-free, sustainable beer.
• Surging applications of hop extracts as bittering and flavoring agents in craft spirits, seltzers, ciders, kombucha, etc.
  

Hops Market Major Growth Driving Factors:

• Exponentially rising demand for craft beer and increasing number of microbreweries focused on unique flavors and experimentation.
• Legalization and increasing social acceptance driving beer consumption in traditionally restrictive markets.
• Product innovations in beer such as low-alcohol, flavored, mixed varieties requiring unique hop varieties.
• Growing adoption of western lifestyle and beer consumption trends globally especially among millennials.
• Rising disposable incomes enabling demand for more expensive, premium, and unique craft beer.
  

Key Challenges Restricting Market Growth:

• Increasing instances of crop diseases affecting hop yield and quality.
• Difficulties in demand-supply planning and inventory management owing to the harvesting seasonality of hops.
• High initial investments and intensive maintenance costs involved in commercial hop cultivation.
• Susceptibility of hop prices to fluctuations due to unpredictable weather patterns and regional production uncertainties.
• Availability of natural hop substitutes and flavoring agents challenging demand growth.
  

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Segmentation Analysis of Hops Market:

Based on the Types

• Centennial Hops
• Cascade Hops
• Chinook Hops
• Amarillo Hops
• Other
  

Based on the Application

• Cosmetics
• Alcoholic Beverages
• Medicinal Drugs
• Other

Hops Market Regional Outlook and Analysis:

North America accounted for the maximum share in the Global Hops Market in 2022, owing to its long-established brewing industry and beer culture. The Asia Pacific market will exhibit exponential growth over the coming decade attributable to the rising craft beer phenomenon, primarily driven by increasing adoption of western lifestyles. The Asia Pacific countries like China, India, Vietnam, etc. will witness robust growth. Europe also has a long history of drinking beer as well as a huge market for hops.

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Leading Players in the Global Hops Market:

Some of the key companies involved in hops cultivation, production, and supply include Yakima Chief Hops, Steiner Hops Ltd., Kalsec Inc., New Zealand Hops Limited, Indie Hops, Charles Faram & Co. Ltd., Hopsteiner, BSG Hops, Hop Head Farms, Willamette Valley Hops, Hopco Pty Ltd., and others. Capacity expansions, partnerships, and acquisitions are major strategies adopted by these players.

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