Hops Market Size Projected to Garner USD 46.9 Billion by 2032 growing at 4.3% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

The Global Hops Market Size is predicted to reach USD 46.9 Billion by 2032 from USD 31.1 Billion in 2022, at a CAGR of 4.3% between 2023 and 2032, as per the Acumen Research and Consulting

The market growth of hops has experienced significant expansion over the past few decades. Craft breweries, microbreweries, and home brewing enthusiasts have contributed to the increased demand for a diverse range of hop varieties. These smaller-scale breweries often experiment with unique flavors, driving the need for distinct and specialty hops. Additionally, changing consumer preferences and an increasing awareness of craft beer culture have resulted in a shift towards higher-quality ingredients, including hops.

Hops commonly used in the brewing industry to add bitterness, flavor, and aroma to beer. Hops have been an essential ingredient in beer production for centuries, dating back to ancient times. They contain various compounds, such as alpha acids, essential oils, and polyphenols, which contribute to the unique taste and aroma of different beer varieties. The demand for craft beers and the growing interest in unique beer flavors have fueled the popularity of hops in recent years.

Furthermore, the rise of hop-forward beer styles, such as India Pale Ales (IPAs), has boosted the demand for hops with high alpha acid content to provide bitterness and aroma. Moreover, the growing popularity of non-alcoholic and low-alcohol beers has also created new opportunities for hop growers and suppliers. However, despite the growth opportunities, the hops market has faced challenges as well. Climate change, pests, diseases, and supply chain disruptions can impact hop production, leading to fluctuations in supply and prices.

Hops Market Value

Hops Market Statistics

  • Global Hops Market value was worth USD 31.1 Billion in 2022, with a 4.3% CAGR from 2023 to 2032
  • North America Hops Market share occupied around 38% in 2022
  • Asia-Pacific region is expected to expand at the highest CAGR between 2023 and 2032
  • By application, the alcoholic beverages segment captured the largest market share in 2022
  • Expanding global beer industry and rising number of breweries, propel the Hops Market Revenue

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Hops Market Trends

The hops market has been experiencing an evolving era driven by several key factors that have shaped its growth and trajectory. One significant trend is the continued rise of the craft beer movement. Craft breweries have gained immense popularity worldwide, attracting consumers seeking unique and diverse beer flavors. As a result, craft brewers have become increasingly experimental with their brews, leading to a growing demand for a wide variety of hop strains to create distinct and innovative beer profiles.

Advancements in agriculture and biotechnology have also played a pivotal role in the evolving era for the hops market. Hop farmers and researchers have been working together to develop new hop varieties with enhanced characteristics, such as improved disease resistance, higher alpha acid content for increased bitterness, and unique aroma profiles. These developments have not only led to improved yields but have also allowed brewers to explore exciting new flavors and aromas, further fueling the hops market growth.

Moreover, the global shift towards sustainability and organic products has significantly influenced the hops market. Consumers are increasingly conscious of the environmental impact of their choices and are demanding more sustainable and organic products. In response, many hop growers have transitioned to organic farming practices, and breweries are actively seeking hops with eco-friendly certifications to meet the evolving consumer preferences.

Hops Market Segmentation

Acumen Research and Consulting has segmented the global Hops Market by type, application, and region.

  • By type, the industry is categorized into cascade hops, centennial hops, amarillo hops, chinook hops, and others.
  • By application, the market is classified into medicinal drugs, cosmetics, alcoholic beverages, and others.
  • By region, the market is divided into Asia-Pacific, North America, Europe, Latin America, and the MEA.

Hops Market Regional Overview

According to the hops industry analysis, the Asia-Pacific is emerging as a growing region in the hops market due to several key factors that have contributed to its expansion. One significant factor is the increasing popularity of craft beer in the region. As Western beer culture and craft beer trends gain traction in countries like China, Japan, South Korea, and India, consumers are seeking more diverse and unique beer flavors. This has led to a surge in the number of craft breweries and microbreweries, driving up the demand for a wide variety of hops to create different beer styles. Furthermore, the rising middle class and higher disposable incomes in many Asian countries have led to a shift in consumer preferences towards premium and high-quality products, including craft beer. As consumers become more adventurous in their taste preferences, they are willing to pay for craft beers that offer unique and sophisticated flavors, prompting breweries to seek out distinctive hop varieties to meet these demands.

Hops Market Players

Some of the prominent Hops Market companies are Barth Haas Group, Hopsteiner, Yakima Chief Hops (YCH), John I. Haas, Inc., Charles Faram & Co. Ltd., Hop Products Australia (HPA), Puterbaugh Farms, BSG CraftBrewing, Crosby Hop Farm, Select Botanicals Group (SBS Farms), and Indie Hops.

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