IMARC Group, a leading market research company, has recently released a report titled “Hops Market Report by Product (Chinook Hops, Cascade Hops, Amarillo Hops, Centennial Hops, and Others), Application (Alcoholic Beverage, Medicinal Drugs, Cosmetics, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the hops market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global hops market size reached US$ 8.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 15.3 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032.
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Factors Affecting the Growth of the Hops Industry:
- Growing Craft Beer Industry:
The exponential growth of the craft beer industry is one of the major factors boosting the market. Along with this, the increasing prioritization of unique flavors and high-quality ingredients by craft breweries, favoring the demand for various hop varieties, is fostering the market growth. These breweries experiment with different hop profiles to create distinct and innovative beers, leading to a higher consumption rate of hops. Besides this, the rising craft beer movement that emphasizes locally sourced ingredients is propelling the market growth. Additionally, the rising number of microbreweries that contribute to a steady demand for hop is enhancing the market growth.
- Rising Health and Wellness Trends:
The growing consumer inclination towards health and wellness is positively influencing the market growth. Along with this, the increasing awareness of the potential health benefits of hops, such as improved sleep quality and reduced anxiety, contributing to their increased utilization in various products, is acting as a growth-inducing factor. Besides, the widespread product incorporation into dietary supplements, teas, and non-alcoholic beverages is creating a positive outlook for the market growth. Along with this, the rising disposable incomes and educated consumer bases, who are willing to invest in premium products perceived as beneficial for their health, are driving the market growth.
- Rapid Innovations in Hop Cultivation:
The introduction of enhanced breeding techniques, leading to the development of new hop varieties with desirable traits such as disease resistance, higher yield, and unique flavor profiles, is catalyzing the market growth. These advancements help meet the increasing demand from the craft beer industry for novel and distinctive hop varieties. Moreover, the rising popularity of precision farming techniques, including the use of drones, sensors, and data analytics, to optimize hop cultivation processes, leading to improved crop management and higher efficiency, is fueling the market growth. Apart from this, rapid innovations in hop processing, such as cryo-hops and hop pellets, that improve the utilization and preservation of hops, thereby extending their shelf life, are contributing to the market growth.
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Hops Market Report Segmentation:
By Product:
- Chinook Hops
- Cascade Hops
- Amarillo Hops
- Centennial Hops
- Others
Chinook hops accounted for the largest market share due to its popularity in brewing ales and lagers, offering a balance of bitterness and aromatic qualities.
By Application:
- Alcoholic Beverage
- Medicinal Drugs
- Cosmetics
- Others
Alcoholic beverage represented the largest segment due to the primary use of hops in beer production.
Regional Insights:
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America's dominance in the hops market is attributed to the extensive craft beer industry and significant hop cultivation areas.
Global Hops Market Trends:
The growing number of consumers who are seeking healthier lifestyle choices, creating the demand for flavorful, low-alcohol, and alcohol-free options is creating a positive outlook for the market. Additionally, the ongoing trend towards sustainability and environmental consciousness, driving the adoption of eco-friendly hop farming practices, is catalyzing the market growth. In addition to this, the development of hop-derived products, such as hop oils, extracts, and powders that expand the application of hops beyond traditional brewing, is anticipated to drive the market growth.
Top Companies Operated in Hops Industry:
- 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.
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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