Hops Market Set to Surge Significantly by 2024

The global hops market is segmented on the basis of raw material, application and region. The hops market is segmented on the basis of raw material mainly into Amarillo hops, Cascade hops, Centennial hops and Chinook hops. The concentration of acid in Amarillo hop is 7-11%, Cascade hop is 4.5-7%, Centennial hop is 9.5-11.5% and Chinook hops is 12-14%, which is primarily used for the production of alcoholic beverages (especially beer).

The hops market is segmented on the basis of application includes alcoholic beverages (especially beer), medicinal drugs, cosmetics and medicinal tonics. In medical tonics hops are used as dyes and infusions. Also the hop oil is primarily used in medicinal tonics which helps in improving appetite and reduces insomnia (sleep disorder). Hence, the hops market is expected to significantly increase the revenue contribution over the forecast period.

Geographically, the global hops market can be divided by major regions which include North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Globally, among all regions, North America has developed as the most dominant market in 2015. Changing lifestyle with the rise in stomach disorders and other health-related diseases globally, has strengthened the growth of global hops market and hence is projected to significantly expand the revenue contribution of the global hops market over the forecast period.

The global hops market driving factors are increasing demand for hops in medicinal drugs, cosmetic formulations and alcoholic beverages. As a result of increasing demand for various flavors in beer such as pilsner or lager, the hops market is expected to increase significantly over the forecast period. Rise in popularity of craft beer is increasing as a result of growing consumer preference for hop-based craft beer, is a major factor that is significantly fuelling the growth of global hops market over the forecast period. Hops are primarily used for normalize sleep disorders, nervousness and irritability.

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Some of the key players identified across the value chain of the global hops market includes YCH HOPS, Global Hops, Steiner Hops Ltd., Kalsec Inc., New Zealand Hops Limited, Heineken UK Limited, SAPPORO HOLDINGS LTD., Charles Faram LTD., Brewers Select Limited and Carlsberg Breweries A/S. The companies are expected to expand their business by enhancing their product portfolio in global hops market.

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