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

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.