Hops Market 2028: Industry Trends, Key Players, Latest Insights and Demand

IMARC Group, a leading market research company, has recently releases report titled “Hops Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global hops market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Hops Market?

The global hops market size reached US$ 8.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6.90% during 2023-2028.

What is hops?

Hops are the flowers (also called seed cones or strobiles) of the hop plant, Humulus lupulus. They are used primarily as a bittering, flavoring, and stability agent in beer, to which they impart a bitter, zesty, or floral flavor. Hops are also used for various purposes in other beverages and herbal medicine. The hop plant is a vigorous, climbing, herbaceous perennial, usually trained to grow up strings in a hop field or hop garden.

The female flowers, or hops, are cone-shaped and produce the lupulin glands, which contain acids and essential oils crucial in brewing. Hops contribute to the beer's aroma, provide a balance to the sweetness of the malt, and add a complex range of flavors. Additionally, hops have natural antibacterial properties, which can contribute to the stability and shelf-life of beer.

What are the growth prospects and trends in the hops industry?

The burgeoning craft beer industry represents one of the key factors driving the growth of the market across the globe. There's an increasing consumer preference for diverse and unique beer flavors. Hops play a key role in flavoring and aroma, which is leading to the experimentation with new hop varieties to create distinctive tastes. With rising health consciousness, there's a growing demand for low-alcohol or non-alcoholic beers, where hops are used to enhance flavor without contributing to alcohol content.

The globalization of consumer taste preferences is leading to an increased demand for hop-forward beer styles, like IPAs (India Pale Ales), globally. The rise in home brewing activities, particularly in regions like North America and Europe, is creating a new segment of consumers demanding quality hops. Advances in cultivation techniques and research into new hop varieties are expanding the potential for unique flavor profiles, which is driving interest and experimentation in the brewing industry. The rising interest in sustainable and organic farming practices in hop cultivation, due to changing consumer preference for environmentally friendly and organic products is facilitating the growth of the market across the globe.

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Who are the key players operating in the industry?

The report covers the major market players including: 

• 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.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Product:

• Chinook Hops
• Cascade Hops
• Amarillo Hops
• Centennial Hops
• Others

Breakup by Application:

• Alcoholic Beverage
• Medicinal Drugs
• Cosmetics
• Others

Based On Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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