Hops Market Report 2024-2032, Industry Trends, Segmentation and Forecast Analysis

IMARC Group, a leading market research company, has recently released a report titled "Hops Market Report by Product (Chinook Hops, Cascade Hops, Amarillo Hops, Centennial Hops, and Others), Application (Alcoholic Beverage, Medicinal Drugs, Cosmetics, and Others), and Region 2024-2032". The study provides a detailed analysis of the industry, including the Hops Market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global hops market size reached US$ 8.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 15.3 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032. 

Factors Affecting the Growth of the Hops Industry:

• Craft Beer Renaissance:

The resurgence of craft beer culture in the hops market is driven by a combination of factors. Firstly, consumers are increasingly seeking unique and flavorful beer experiences, moving away from mass-produced, standardized options. Craft breweries cater to this demand by offering a diverse range of innovative and artisanal brews, often highlighting the distinct characteristics of hops. Secondly, there has been a growing appreciation for quality and authenticity, with consumers valuing the craftsmanship and creativity of small-scale brewers. This shift has created fertile ground for experimentation and exploration, driving the demand for a wide variety of hop varieties to create distinctive flavor profiles. As a result, the craft beer movement has revitalized the hops market, stimulating innovation and growth in both brewing and hop cultivation industries.

• Changing Consumer Preferences:

Changing consumer preferences in the hops market reflects a growing demand for unique and flavorful beer experiences. Consumers are increasingly seeking out beers with distinct hop characteristics, such as citrus, pine, or tropical fruit notes, indicating a preference for hop-forward brews. Additionally, there is a rising interest in premium and craft beers, with consumers valuing quality, authenticity, and innovation. This shift in preference has led to a diversification of the hop market, with brewers seeking out a wide range of hop varieties to create distinctive flavor profiles and meet evolving consumer tastes. As a result, the hops market is adapting to cater to these changing preferences by offering a broader selection of hop cultivars and specialty varieties to satisfy the demands of discerning beer enthusiasts.

• Expansion of Microbreweries:

The expansion of microbreweries in the hops market has been driven by several factors. Firstly, changing consumer preferences towards unique and high-quality beers have created a demand for craft and artisanal brews, prompting the establishment of microbreweries catering to this niche market segment. These smaller breweries often prioritize experimentation, creativity, and quality over mass production, leading to a heightened interest in diverse hop varieties to create distinctive flavor profiles. Secondly, the increasing popularity of local and small-batch production has fueled the growth of microbreweries, with consumers valuing the authenticity and community connections offered by these establishments. Consequently, microbreweries have become key players in driving innovation and demand in the hops market, driving the exploration and utilization of a wide range of hop cultivars to meet the diverse preferences of beer enthusiasts.

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Hops Market Report Segmentation:

By Product:

Chinook hops represent the largest product segment in the market by product due to its versatile flavor profile, which includes pine, citrus, and spice notes, making it highly sought after by craft brewers for its ability to impart distinctive characteristics to beers.

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

By Application:

Alcoholic beverage is the largest application segment in the market because hops are predominantly used in brewing beer, which represents a substantial portion of the alcoholic beverage industry's consumption of hops.

• Alcoholic Beverage
• Medicinal Drugs
• Cosmetics
• Others

Regional Insight:

North America is the largest region in the market because of the thriving craft beer culture in countries like the United States and Canada, where there is a high demand for hops to meet the needs of a robust and growing craft brewing industry.

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

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Global Hops Market Trends:

The rising demand for craft beer represents one of the key factors influencing the growth of the market across the globe. Craft brewers prioritize quality, flavor, and uniqueness, leading to an increased demand for diverse hop varieties to achieve distinct taste profiles.

Moreover, changing consumer preferences towards premium and flavorful beer varieties have also influenced the hops market. Consumers increasingly seek out beers with distinct hop characteristics, such as citrus, pine, or tropical fruit notes, driving the demand for unique and high-quality hop varieties. Additionally, the expansion of microbreweries and brewpubs globally has contributed significantly to the growth of the hops market. These smaller breweries often experiment with small-batch productions and seasonal releases, creating a diverse demand for a wide range of hop varieties.

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Top Companies Operating in Hops Industry:

• 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.

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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