IMARC Group, a leading market research company, has recently releases report titled “Hops Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global hops market size, share, 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$ 8.9 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.

What is hops?

Hops are the flowers of the hop plant, Humulus lupulus, commonly used as a bittering, flavoring, and stability agent in the brewing of beer. Native to temperate regions, the hop plant is a climbing, herbaceous perennial. The hop flowers, also known as strobiles or cones, contain various oils and acids, including alpha acids, which are responsible for the bitter taste in beer. They also have aromatic properties that contribute to the beer's flavor profile. Beyond brewing, hops have applications in herbal medicine, owing to their purported anti-inflammatory, sedative, and antibacterial properties.

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

The rising craft beer industry is leading to an increased demand for diverse and high-quality hops which represents one of the factors driving the growth of the market across the globe. Small-scale brewers often experiment with different hop varieties to create unique flavors, which is driving up the demand for specialty hops. In line with this, large-scale breweries continue to be significant consumers of hops. Their production volume substantially impacts the market. The rising shift toward more flavorful and aromatic beers, as opposed to standard lagers, is creating a heightened interest in specific hop varieties.

This consumer-led demand shapes the market dynamics. The popularity of beer and craft beverages is expanding into new markets, particularly in developing economies, which translates to increased demand for hops. Sustainable farming practices and organic hop varieties are increasingly important to consumers, influencing growers and, by extension, the market. Innovations in breeding techniques, harvesting, and processing technology led to higher yields and better-quality hops, which is affecting market dynamics favorably.

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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