USD 1741.05 million
Hops Market Size, Share, Growth Analysis, By Product Type(Aroma hops, bitter hops, dual-purpose hops), By Application(Brewing, pharmaceuticals, cosmetics), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2221 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Hops Market Insights
Hops Market size was valued at USD 1741.05 million in 2021 and is poised to grow from USD 1625.28 million in 2022 to USD 2753.04 million by 2030, at a CAGR of 6.8% during the forecast period (2023-2030).
The global hops market has experienced substantial growth in recent years, driven by several key factors. One of the primary drivers is the increasing demand for craft beer and specialty brews worldwide. Consumers' growing preference for unique flavors and aromas, along with their willingness to explore different beer styles, has led to a surge in the demand for hops.
Additionally, the rising awareness of the health benefits associated with moderate beer consumption has further fueled the market growth. Studies highlighting the antioxidant and antimicrobial properties of hops have resonated with health-conscious consumers, boosting the demand for hops in both the brewing and pharmaceutical industries.
Moreover, the market is also influenced by factors such as the availability of various hop varieties, advancements in hop cultivation techniques, and the introduction of new hop products, such as hop extracts and hop oils. These innovations have provided brewers with more options and versatility in incorporating hops into their beer recipes.
However, the hops market is not without challenges. Fluctuating hop prices due to supply-demand imbalances and environmental challenges impacting hop cultivation pose restraints to market growth.
The future of the hops market appears promising, with ongoing research and development efforts to improve hop cultivation techniques, enhance hop quality, and meet the evolving demands of brewers and consumers. As the beer industry continues to innovate and expand, the demand for hops is expected to witness steady growth, driven by the pursuit of unique flavors, craft brewing, and the global popularity of beer as a preferred alcoholic beverage.
US Hops Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Aroma hops
Fastest Growth
Aroma hops
Growth Rate
6.8% CAGR
Global Hops Market ($ Bn)
Country Share for North America Region (%)
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Hops Market Segmental Analysis
The global hops market can be segmented based on product type, application, and region. Based on product type the market can be segmented into aroma hops, bitter hops, dual-purpose hops. Based on application, the market can be segmented into brewing, pharmaceuticals, cosmetics. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Hops Market Analysis By Product Type
Aroma hops hold the largest market share in the product type segment. Aroma hops are renowned for their distinct and pleasant aromas, offering a wide range of flavors and aromas, such as citrus, floral, herbal, and fruity notes. Craft brewers and specialty beer producers often utilize aroma hops to create unique and flavorful beer profiles that cater to the evolving consumer preferences. The increasing popularity of craft beer and the demand for innovative flavors have significantly contributed to the dominance of aroma hops in the market.
On the other hand, the fastest-growing segment in the product type category is dual-purpose hops. Dual-purpose hops offer the combined benefits of aroma and bittering properties, making them versatile for brewers who seek a balance between bitterness and flavor/aroma in their beer recipes. These hops have gained popularity among brewers looking to streamline their ingredient procurement processes and reduce complexity. By utilizing dual-purpose hops, brewers can achieve both bitterness and aroma profiles in a single hop variety, simplifying their recipe formulations. The growth of the dual-purpose hops segment is driven by the increasing demand for hops that offer a balanced sensory experience.
Hops Market Analysis By Application
The brewing industry represents the largest segment in the hops market in terms of application. Hops are a vital ingredient in the beer production process, contributing bitterness, flavor, and aroma to the final product. The demand for hops in brewing is driven by the growing popularity of craft beer and the increasing number of breweries worldwide. Craft breweries and microbreweries, in particular, have experienced significant growth in recent years, catering to the rising consumer preference for unique flavors and artisanal beer. These breweries rely heavily on hops to create distinct beer profiles and meet the evolving tastes of consumers.
The fastest-growing segment in the hops market based on application is pharmaceuticals. Hops have long been recognized for their medicinal properties and are utilized in the production of herbal medicines, dietary supplements, and sleep aids. The antimicrobial, anti-inflammatory, and sedative effects of hop compounds, such as humulones and lupulones, have attracted the attention of pharmaceutical companies. Hops-based formulations are gaining popularity as natural remedies for various health conditions. The increasing consumer interest in natural and plant-based alternatives, coupled with the expanding market for herbal medicines and dietary supplements, has propelled the demand for hops in the pharmaceutical industry.
Global Hops Market By Type
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Hops Market Regional Insights
North America represents the largest market region for hops. The region has a well-established craft beer culture and a strong presence of microbreweries and craft breweries. The US, in particular, has witnessed a surge in the demand for craft beer, which has driven the consumption of hops. The craft beer movement, with its emphasis on unique flavors and high-quality ingredients, has created a favorable environment for the growth of the hops market in North America. Additionally, the region is home to several major hops-producing states, such as Washington, Oregon, and Idaho, which contribute significantly to the overall supply of hops.
In terms of the fastest-growing region, Asia Pacific emerges as a key contender. The region is experiencing a rapid growth in the beer industry, driven by factors such as changing consumer preferences, urbanization, and rising disposable incomes. Countries like China, Japan, and South Korea have witnessed a significant increase in the consumption of beer, including craft beer. This growing demand for beer has translated into a rising demand for hops in the region. Additionally, the adoption of Western drinking habits and the popularity of beer among younger demographics have further fueled the growth of the hops market in Asia Pacific. The region also presents untapped potential, as there is still significant room for market penetration and the establishment of craft breweries.
Global Hops Market By Geography
- Largest
- Fastest
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Hops Market Dynamics
Hops Market Drivers
Growing Consumer Preference For Craft Beer And Specialty Brews
- In recent years, there has been a significant shift in consumer tastes and preferences, with an increasing demand for unique flavors and aromas in beer. Craft breweries and microbreweries have emerged as major players in the beer industry, focusing on producing small batches of high-quality beer with distinct hop profiles. This trend has created a strong demand for hops, as brewers seek to incorporate different hop varieties to achieve the desired flavors and aromas in their products.
Hops Market Restraints
Fluctuating Hop Prices
- Hop cultivation is influenced by various factors, including weather conditions, disease outbreaks, and agricultural practices. A shortage in hop supply can result in price spikes, which pose challenges for brewers and increase their production costs. The volatile nature of hop prices creates uncertainty in the market and can impact the profitability of both hop growers and breweries. Market players need to closely monitor and adapt to these price fluctuations to ensure a stable supply chain and mitigate potential financial risks.
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Hops Market Competitive Landscape
The global hops market is characterized by intense competition among key players vying for market share. The competitive landscape is diverse, encompassing large multinational corporations, regional players, and small-scale hop growers. These companies focus on strategies such as product innovation, partnerships, and mergers and acquisitions to strengthen their market position. They invest in research and development to introduce new hop varieties and improve cultivation techniques. Additionally, companies are expanding their production capacities and distribution networks to cater to the growing demand for hops globally.
Hops Market Top Player’s Company Profiles
- John I. Haas, Inc. (US)
- Barth-Haas Group (Germany)
- BSG CraftBrewing (US)
- Indie Hops (US)
- Hops Direct, LLC (US)
- Puterbaugh Farms (US)
- Hop Products Australia (Australia)
- Select Botanicals Group, LLC (US)
- Crosby Hop Farm (US)
- Hop Union (US)
- S.S. Steiner, Inc. (US)
- Gorst Valley Hops (US)
- Freestyle Hops (US)
- Hop Head Farms (US)
- Hop Revolution (New Zealand)
- Simply Hops (UK)
- Haas Agricultural Services (US)
Hops Market Recent Developments
- In January 2023, BarthHaas launched an all-new company website where hop services providers can present their extensive portfolio in an updated design and very clearly structured form. Hence, searching for information about the company, its products, and its services will be easier and more intuitive.
- In January 2023, Crosby Hops, announced the official expansion of its product offerings to include cryogenically processed lupulin pellets. Its new CGX concentrated pellets are available in several varieties, which makes it possible to brew aggressively-hopped beers that can improve yields and margins while reducing the environmental footprint of production.
Hops Key Market Trends
- Increasing demand for organic and sustainably produced hops: With the growing consumer emphasis on health, sustainability, and environmental consciousness, there is a rising preference for organic products across various industries, including the beer and brewing sector. Consumers are seeking beer made with organic ingredients, including organic hops, due to concerns over pesticide residues and environmental impact. In response to the demand for sustainably produced hops, some hop growers are also implementing sustainable farming practices, focusing on water conservation, energy efficiency, and waste reduction.
Hops Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, the hops market is poised for significant growth in the coming years, driven by several factors. The increasing popularity of craft beer and the demand for unique flavors and aromas are key driving factors propelling the market forward. Craft breweries and microbreweries, particularly in North America, have created a strong demand for hops, with aroma hops emerging as the largest segment due to their ability to provide distinct and pleasant aromas. The fastest-growing segment is dual-purpose hops, offering brewers a convenient option to achieve both bitterness and aroma profiles. The largest market region for hops is North America, with a well-established craft beer culture and a strong presence of hops-producing states such as Washington, Oregon, and Idaho. However, the Asia Pacific region, especially countries like China, Japan, and South Korea, is witnessing rapid growth in the beer industry, making it the fastest-growing region. Looking ahead, the future scope of the hops market lies in the increasing demand for organic and sustainably produced hops, reflecting consumers' growing preference for environmentally friendly products. As the market continues to evolve, strategic partnerships, product innovations, and a focus on sustainable practices will be crucial for companies to maintain their competitive edge in this dynamic industry.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1741.05 million |
| Market size value in 2031 | USD 2753.04 million |
| Growth Rate | 6.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hops Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hops Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hops Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hops Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hops Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hops Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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