Global Hops Market to Grow at a CAGR of 4.60% During 2024-2032, Driven by the Growing Popularity of Craft Beer Globally

The growing popularity of beer among Americans is aiding the hops market growth. As of 2024, beer consumption per adult aged 21 and over is around 28.2 gallons per person in the overall U.S. per person. States such as North Dakota, New Hampshire, and Montana have the majority of beer consumption, accounting for 45.8 gallons, 43.9 gallons, and 41.0 gallons, respectively.

In North America, hops are gaining popularity due to the widespread demand for craft beer. An essential component of craft beer, hops provide flavour, fragrance, bitterness, and a built-in preservative. Hops are used for a variety of purposes in the brewing process; for example, bittering hops are introduced early in the boil and steeped for 45 to 1 hour and a half. Beers and craft beers are widely available on online channels such as Walmart.com (NYSE: WMT) and Amazon.com (NASDAQ: AMZN).

In April 2024, Yakima Chief Hops, Inc. introduced DynaBoostTM!, formerly YCH 702, a unique hop extract that is highly flowable and variety-specific. DynaBoostTM was developed utilising a patented technique specifically for whirlpool use. It captures true-to-type hop aroma qualities and transfers them to beer in an easy-to-pour container. The main advantage of DynaBoostTM is its remarkable pourability, which allows it to flow easily at ambient temperature without the need for a hot water bath. When substituted for T-90 pellets in the whirlpool, this highly soluble product can raise hot-side yields by 5% without causing any bother. Ten kilogrammes of T-90 pellets can be replaced with just one kilogramme of DynaBoostTM, saving money on freight and cooler space.

Figure: Hops Production in USA (in Million), 2021-2023

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Market Analysis by Product Type, Application, and Region:

• The market, on the basis of product type, can be divided into chinook hops, cascade hops, amarillo hops, and centennial hops, among others.

• Based on application, the market can be divided into alcoholic beverage, medicinal drugs, and cosmetics, among others.

• The major regional markets for hops include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• In 2023, the United States produced 104 million pounds of hops, which is a 2% increase from 2022. Washington, Idaho, and Oregon were the top three states in 2023 for hop production, accounting for 54,318 acres harvested amongst them.

• Consumers' growing preference for unique flavours and aromas, along with their willingness to explore different beer styles such as India Pale Ale (IPA), Pilsner, Amber Ale, and Porter, has driven the hops market expansion.

• Advancements in cultivation processes, such as geometric tracing, have made hop cultivation cost-efficient. The monitoring of alpha-acid levels and prevalent essential oils contributes to the unique aroma and flavour of beers.

• In Europe, countries such as Russia, Germany, Poland and Spain are among the top 10 beer consumers globally. In Germany, per capita beer consumption was 91.30 litres in 2021 and in Spain, it was 81.21 litres.

Key Offerings of the Report:

• The EMR report gives an overview of the global hops market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the product types, applications, and regions of hops.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global hops market are Yakima Chief Hops Inc., Hopsteiner Group, Kalsec Inc., Sapporo Holdings Limited, and BarthHaas GmbH & Co. KG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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