The global hops market size has the potential to grow by USD 231.9 million during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth.
This report provides a detailed analysis of the market by type (aroma hops and bitter hops) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BarthHaas GmbH & Co. KG, Bintani Australia Pty. Ltd., Charles Faram Ltd., Hildegard Eisemann KG, Indie Hops, Kalsec Inc., New Zealand Hops Ltd., Steiner Hops Ltd., and Yakima Chief Hops LLC.
Browse TOC and LoE with selected illustrations and example pages from hops market report
The hops market is currently fragmented, and the degree of fragmentation will increase during the forecast period. Market vendors are selling their products online through their websites and various distributors or suppliers. BarthHaas GmbH & Co. KG, Bintani Australia Pty. Ltd., and Charles Faram Ltd. are a few of the major market participants. Although the increasing applications of hops in pharmaceuticals and processed food industries will offer immense business growth opportunities, the high cost of production will challenge the growth of the market participants. To increase their hops market share, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market positions, this hops market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this hops market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading hops manufacturers, including:
Europe was the largest market for hops in 2019, and the region will continue to offer maximum growth opportunities to market vendors during the forecast period. Factors such as the rising beer consumption and the presence of a robust regional beer industry are some of the significant factors fueling the hops market growth in this region.
Over 44% of the market’s growth will originate from Europe during the forecast period. The UK and Germany are key markets for the hops market in Europe. Market growth in this region will be faster than the growth of the market in North America.
Aroma hops are widely used as a finishing or conditioning ingredient in the craft beer industry. Aroma hops are used providing a fruity, citrus, or spicy flavor to beers. Hence, the rising demand for craft beer will significantly boost the demand for aroma hops during the forecast period.
However, the market growth by the aroma hops segment will be slower than the growth of the market by the bitter hops segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the hops market size.
Hops Market: Key Drivers and Trends
The increasing applications of hops in pharmaceuticals and processed food industries is one of the significant factors driving the growth of the hops market size. Hops are rich in antioxidants and have anti-carcinogenic, anti-inflammatory, and anti-viral properties. Hence, hops are widely used in the pharmaceutical industry to manufacture drugs for the treatment of sleep disorders, nervousness, and anxiety. Hops are also used in the treatment of diabetes. Moreover, hops exhibit antibiotic properties, which makes them ideal for use as a replacement for antibiotics and in beet sugar processing, animal feed, and production of ethanol and several processed foods. These health and medicinal benefits will boost the demand for hops from the pharmaceuticals and processed food industries, and consequently, fuel the hops market size growth during the forecast period.
The increasing emphasis on dual-purpose hops has been identified as one of the critical hops market trends.
Dual-purpose hop varieties, such as Amarillo, Citra, Simcoe, Hallertau Blanc, Mosaic, and Perle, have qualities of both aroma and bitter hops.
Amarillo hops are widely used in ales and IPAs craft beer for their citrus nature and a flowery, grapefruit-like aroma with medium bittering value.
Perle hops also have clean bittering qualities and a refreshing, spicy aroma, which makes them ideal for use in craft beers, such as IPAs, strong ales, lagers, and pilsners.
The increasing demand for craft beer will boost the demand for hops, especially aroma hops and dual-purpose hops.
During 2020-2024, the hops market size will grow at a CAGR of over 4%.