Hops Market Outlook
According to a new report by Expert Market Research titled, “Global Hops Market Price, Size, Report and Forecast 2024-2032″, the global hops market is projected to grow at a CAGR of 4.60% between 2024 and 2032. Aided by the increasing demand for craft beers and the growing utilisation of hops in various sectors, the market is expected to grow significantly by 2032.
Hops are flowers of the plant Humulus lupulus, primarily used as a flavouring and stability agent in the brewing industry. They provide beer with a bitter, tangy flavour, which balances the sweetness of malt, and contribute to the head retention of the beer. Furthermore, due to their antibiotic effect that favours the activity of brewer’s yeast over less desirable microorganisms, they are essential in the brewing process. Besides their application in beer production, hops also have several medicinal uses, owing to their sedative, diuretic, analgesic, and anti-inflammatory properties.
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The surge in consumer preference for craft and flavoured beers is a key driver of the global hops market growth. With the increasing global beer consumption and rising demand for craft and specialty beers, there has been a significant shift towards high-quality hops to enhance the flavours and extend the shelf life of beers. Additionally, the craft brewing industry’s rapid growth, especially in regions like North America and Europe, has further contributed to the rising popularity of hops.
Hops are also gaining traction in various industries due to their wide-ranging applications, augmenting the global hops market expansion. In the pharmaceutical industry, hops are used for their therapeutic properties in the production of sleeping aids and herbal remedies.
Moreover, in the cosmetic industry, hops extract is increasingly used for its anti-inflammatory and antioxidant properties, which are essential in the formulation of various skincare products. Furthermore, hops are also used in the manufacturing of natural preservatives and dietary supplements, expanding the scope of the hops market development.
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Furthermore, the growing demand for natural and organic products in the food and beverage industry has led to an increased focus on hops as an essential ingredient. As the health-conscious consumer base grows and there is an increasing shift towards organic diets, hops are emerging as a critical component in the formulation of organic beers and health supplements, thereby boosting the hops market growth.
Hops Market Segmentation
The market can be divided based on product type, application, and region.
Market Breakup by Product Type
- Chinook Hops
- Cascade Hops
- Amarillo Hops
- Centennial Hops
- Others
Market Breakup by Application
- Alcoholic Beverage
- Medicinal Drugs
- Cosmetics
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global hops companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Yakima Chief Hops Inc.
- Hopsteiner Group
- Kalsec Inc.
- Sapporo Holdings Limited
- BarthHaas GmbH & Co. KG
- Others
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