DUBLIN--(BUSINESS WIRE)--The "Hops Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The Global Hops market is estimated to grow at a CAGR of 4.5%, during the forecast period (2020 - 2025).
Key Market Trends
Craft Beer Elevating the Demand for Bittering Hops
The fresh or dried hop market is currently dominated by a major shift in the demand for bittering hops from aromatic varieties, as the craft breweries strengthen globally. In the United States, the retail craft brewery market was valued at USD 29.30 billion in 2019, witnessing a growth of 4% in volume sales and accounting for 13.6% of the total beer market in the United States, in terms of volume. Simultaneously, the number of craft breweries in the United States grew to 8,275 in 2019, a 9.1% increase over 7,594 in 2018, as per the Brewers Association.
Moreover, according to a study by Barth-Haas, the demand for aromatic hops declined by 10.8% for Hull Melon, 9.8% for Mandarina Bavaria, and 4.9% for Hallertauer Mittelfruh in Germany in 2017. However, bittering hops such as Polaris and Herkules, witnessed a surge of 30% and 8.8%, respectively, during the same year. Moreover, the growing inclination of the consumers towards craft beer resulted in a surmounted number of 82 new craft breweries established in 2017 in the country. As a result, the growing demand for craft beer is inflicting a positive impact on the demand for bittering hops, especially in the United States and Germany, thus, driving the overall hop market.
Europe - The Fastest Growing Market
Europe was the fastest-growing market for hops in 2019. The regional market is determined by both growing imports and an expansion in the area under hop cultivation, driven by an ever-growing demand for beer. The import market is dominated by Germany, the United Kingdom, and the Czech Republic, each importing a total of 5,952, 1,226, and 438 metric ton of hops in 2019.
Moreover, Europe is the largest beer consuming region in the world, with the Czech Republic holding the highest share in the per capita consumption of beet at 143.3 liters, followed by Germany with 104.2 liters per capita, Poland 100.8 liters per capita, Ireland 98.2 liters per capita, and others. Currently, the number of breweries in Europe stands at 10,154 in 2019, with an increase of about 6,000 breweries in the last ten years. As a result, the demand for hops in the region also rose significantly and is further anticipated to witness robust growth during the forecast period.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
5 MARKET SEGMENTATION
5.1 Geography
6 MARKET OPPORTUNITIES & FUTURE TRENDS
7 IMPACT OF COVID-19
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