Rapid expansion of craft brewery, and the thriving home brewing trend are uplifting the demand for hops. A large number of new breweries being launched every year, especially across the western countries, indicate a strong growth outlook for the global hops market. Fairfield Market Research in its new ongoing study analyses the dynamics of hops market landscape to reveal how the market will unfold over the period of 2022 – 2026. However, besides an expensive capital investment involved in cultivation of hops, the complex production process, longer harvesting cycle, and lengthy gestation period collectively make hops a premium product, thereby limiting rapid market expansion.
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Hops Gain Ground in Both Alcoholic, and Non-alcoholic Beverages
Aromatic hops are especially experiencing a surge in popularity on the back of their abilities to render an aromatic flavour, and balanced sweetness to beer. Their preservative attributes further solidify their preference as a natural preservative agent, suggests the report. Chinook hops are expected to reflect higher sales potential for their preferred application in beer. Demand for hops has been recently proliferating within the briskly growing segment of the beverages sector, i.e., non-alcoholic drinks. With more consumers seeking non-alcoholic, and healthier beverage alternatives like tea, soda, and sparkling water, hops producers are spotting an influx of opportunities to create new, hops-infused versions of these drinks.
The US Maintains its Hegemony
The hops market participants in the US aim a stable, and sustainable supply chain management, which is why the US continues to top the global market for hops. The country remains a home to a majority of hops cultivation, followed by some of the European countries. Substantial gains are expected in the US from an exploding rate of new craft breweries mushrooming all over the country. A greater number of US consumers have recently been showing inclination toward gluten-free fresh alcoholic beverages, which is expected to drive the US market top the top. The market is also likely to continue leveraging the highly organised hops supply chain across the US. Most of craft breweries in the country will most likely continue their contracts with hops cultivators in a bid to ensure the supply security, which is also projected to favour market growth here. Other prominent producers include China, Australia, South Africa, and New Zealand.
Competitive Landscape – Hops Market
The preliminary findings of research include the financial, and strategic profiles of some of the most significant players driving competition in the global hops market landscape. Aromatrix Flora Pvt. Ltd., Crosby Hop Farm LLC., Kalsec Inc., S. S. Steiner Inc., Glacier Hops Ranch, Inc., Yakima Chief Hops LLC, New Zealand Hops Limited, Naturalin Bio-Resources Co., Ltd., Hopco Pty Ltd, and Xinjiang Elimnatural Hops Co., Ltd. represent some of the major companies actively competing in hops market. Brands continue to focus on new launches to gain a competitive edge.
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RRI delivers key insights on the global Hops extracts market in its upcoming outlook titled, 'Global Market Study on the Hops Extract Market'.
China, India, the United States, Brazil, and some major parts of Europe are considered as key markets for beer consumption.
Hops extract is responsible for providing bitterness and the aroma factor in beer.
There are many varieties of flavors of hops extract, which differ from region to region.
Hence, with a rise in the rate of beer production around the world, there is immense opportunity for the hops extract market to gain traction in its target segment (brewery industry) in the global market.In terms of revenue, the global hops extract market is expected to represent an incremental opportunity of US$ 436 Mn by 2026 end over 2017.
However, over the past one decade, some major Asian countries have witnessed the highest rates of beer consumption.
