Hops Market Size, Share and Global Trend By Product Type (Cascade Hops, Chinook Hops, Amarillo Hops, Centennial Hops, Others), By Application (Medicinal Drugs, Alcoholic Beverages, Cosmetics, Others), and Regional Forecast, 2024-2032

The global hops market is expected to experience a remarkable growth during the forecast years, due to its increased adoption by the brewery as well as the medicine industry, owing to anti-bacterial properties of hops. The product can efficiently cure insomnia, headache, fight against ulcers, and can treat anxiety, which is projected to increase its market demand in the upcoming years.

Key market players operating in the global hops market are focusing on the production of hops products by using different bittering hops variety, due to their high demand. Along with new product launches, merger & acquisition has remained a prominent strategy for market players to maintain their market prominence. Yakima Chief Hops LLC., Hops Direct, LLC., and Steiner Hops Ltd. are some of the leading market players operating in global hops market.

Hops are flowers obtained from plant Humulus lupulus, that is a member of the hemp family. The product is majorly used as stabilizing & flavoring agent in alcoholic beverages, especially in beer. Along with alcoholic beverages, hops have applications in cosmetics formulations, production of tinctures & tea, medicinal drugs preparations, and others.

The growing demand for different hops varieties and its flowers by crucial industries, such as medicine, brewery, and cosmetics is expected to fuel the market growth in the forthcoming years. The rapid increase in craft beer popularity and escalation in demand for exotic beer flavors is further anticipated to aid the growth of hops market during the forecast period.

Hops-based products when consumed in unregulated amount may induce some side-effects on human health. As a large amount of water is required by hops plants on a daily basis, farming of hops across hot or drought-prone areas is very difficult, which can further restrict the growth of the market.

Key Players Covered

Some of the key companies that are present in the global hops market are Steiner Hops Ltd., Hops Direct, LLC., Heineken UK Limited, Yakima Chief Hops LLC., Bintani Australia PTY Ltd., New Zealand Hops Limited, BAARTH-HAAS GROUP, Hollingberry & Son Inc., Carlsberg Breweries A/S, Kalsec Inc., Charles Faram & Co. Ltd., and Brewers Select Limited among the other hops producers.

SEGMENTATION

By product type, the global hops market has been segmented into Cascade hops, Chinook hops, Amarillo hops, Centennial hops, and others. Cascade hops segment is expected to hold the major market share in the global hops market, owing to its higher production across dominant hops producing countries such as the US. According to the Hops Growers of America, in 2017, Cascade hops variety accounted for 13.1% of the total U.S. hops production.

Among applications, the alcoholic beverages segment is expected to account for the largest market share during the forecast period. Increased use of various hops varieties, such as Mosaic & Citra hops, along with specialty hops to produce craft beer and other alcoholic beverages are anticipated to propel the segment’s growth. Furthermore, increased adoption of hops to treat conditions such as insomnia, anxiety, and others is expected to boost its demand in medicinal drugs manufacturing industry.

Regional Analysis

North America holds the major market share in the global hops market, and it is projected to dominate the market throughout the forecast period. The U.S., which is the leading producer of hops is projected to contribute significantly in the growth of hops market of the region. According to the Hops Growers of America, in 2017, hops harvest in the U.S. witnessed an increase of 20% from the previous year. Europe is projected to follow North America, owing to the presence of major hops producing countries such as Germany, the Czech Republic, and others in the region.

Key Industry Developments

• In September 2018, Canopy Beer Co. announced the launch of Green Hop beer, which is brewed with locally procured Brixton hops.


• In June 2018, Medical Marijuana, Inc., a leading public traded marijuana company of the US, announced its partnership with Peak Health Foundation, a nutrition product providing company, to distribute its first-ever hops-derived cannabidiol (CBD) product, called ImmunAg.