Hops Market Size

Hops Market Analysis

The Hops Market size is estimated at USD 8.64 billion in 2024, and is expected to reach USD 11.95 billion by 2029, growing at a CAGR of 6.70% during the forecast period (2024-2029).

• The hop plant is a member of the cannabaeceae family, mainly used in bittering, flavoring, and as stability agents in beer. Hops are also used for several purposes in other beverages and medicinal herbs. A transitional shift in the demand for bittering hops from aroma varieties and a positive trajectory in the growth of craft breweries across the world are driving the global hops market.
• According to the United States Department of Agriculture (USDA), the United States continues to be the leading supplier with a 96% market share. Hong Kong re-exported 72% of its hop imports to other markets in the region, retaining 28% for local breweries. Despite the COVID-19 pandemic, domestic beer sales were stable, reaching USD 867 million in 2022, and will grow to USD 1.1 billion by 2026. The steady growth of beer sales is likely to encourage more local breweries to boost their production, increasing demand for US-quality hops. This will boost the growth of the hops market in the coming years.
• Europe was the fastest-growing market in 2021, with the United Kingdom and France leading the regional market. The United Kingdom imported 1,279 metric tons of hop cones in 2021, followed by France, with total imports of 684 metric tons during the same year. Apart from imported hops, Europe has also witnessed a steady revival in the cultivation of hops in Germany, where the production stood at 8.7 million metric tons in 2020, which has increased compared to the previous year. These factors are boosting the region to grow in the coming years.