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Perfect Pour: Hopped Malt Extract Trends in Brewing
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According to The Business Research Company's, The hopped malt extract market size has grown strongly in recent years. It will grow from $9.23 billion in 2023 to $10.12 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to traditional use of hopped malt extract in brewing and homebrewing, growth in the craft beer industry and homebrewing enthusiasts, convenience and time efficiency of using hopped malt extracts
availability of a wide range of malt varieties and hop combinations, expansion of microbreweries and homebrew supply stores.
The hopped malt extract market size is expected to see strong growth in the next few years. It will grow to $14.55 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to increasing adoption of extract brewing among novice brewers, innovation in hopped malt extract formulations and flavors, demand for gluten-free and allergen-friendly brewing ingredients, sustainable sourcing and production practices for malt and hops, emerging markets and growing beer consumption worldwide. Major trends in the forecast period include single-varietal and single-hop extracts, adjunct ingredients in extracts, functional ingredients and nutraceutical additions, eco-friendly packaging and sustainability, online brewing communities and forums.
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Market Drivers and Trends:
The growing popularity of craft beer is expected to propel the growth of the hopped malt extract market going forward. Craft beer refers to beer produced in a traditional and independent brewery in small batches instead of mass production. Craft beer provides a richer and more distinct taste than other beers, having a unique blend of ingredients. Hopped malt is used in the preparation of craft beer to get an aromatic and bittering taste to the beer. For instance, according to Brewers Association, a US-based beverages promotion agency, in 2021, in the US, the craft brewer volume sales grew by 8% with retail dollar sales of craft beer increasing by 21%, to $26.8 billion. Therefore, the growing popularity of craft beer is driving the growth of the hopped malt extract market.
New product innovation is gaining significant popularity in the hopped malt extract market. Major companies operating in the hopped malt extract sector are focused on introducing new products to sustain their position in the market. For instance, in June 2021, Muntons, a UK-based malt, and malted ingredients manufacturer launched a new range of home-brew kits which are packed with hops and adjuncts, including premium hop pellets for dry-hopping and a hop straining bag. This kit is manufactured by using German beer-making technology which gives an authentic taste to the product. To ensure that the home brewer has the best experience possible while producing 35 pints of beer, the package also comes with a step-by-step instruction manual that is designed specifically for the kit style.
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Major Key Players of the Market:
Coopers International Limited, Hambleton Bard Ltd., Mangrove Jacks, Muntons Ingredients Plc, BrewDemon Co., Brewtec Bulk Malt, Hopsteiner, Brewferm Ltd., Brewof Brewing Holdings Limited, Brouwland, Black Rock Brewing Company, Briess Malt & Ingredients Company, Koninklijke DSM N.V., Briess Malt & Ingredients Co., Bairds Malt Ltd., Simpsons Malt Ltd., Crisp Malting Group, Weyermann Specialty Malts, Castle Malting SA, Muntons Ingredients Plc, Great Western Malting Co., Rahr Malting Co., Malteurop Groupe, GrainCorp Malt Ltd., Maltexco S.A., Malt Products Corporation, BSG CraftBrewing Group, Yakima Chief Hops, John I. Haas Inc., Barth-Haas Group, Charles Faram & Co. Ltd., Hopco Pty Ltd., Simply Hops Ltd., Crosby Hop Farm LLC, Hop Head Farms, Hop Revolution, Yakima Chief Hops, New Zealand Hops Ltd.
Hopped Malt Extract Market 2024 Key Insights:
• The hopped malt extract market size is expected to see strong growth in the next few years. It will grow to $14.55 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Craft Beer Boom Boosting Hopped Malt Extract Market Growth
• Innovative Products Transforming The Hopped Malt Extract Market
• North America was the largest region in the hopped malt extract market in 2023
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