Global Hopped Malt Extract Market Set For 9.5% Growth, Reaching $14.55 Billion By 2028
Hopped Malt Extract Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Does The Hopped Malt Extract Market Size 2024 And Growth Rate Look Like?
The hopped malt extract market size has shown significant growth in recent years. The market is projected to rise from $9.23 billion in 2023 to $10.12 billion in 2024, translating to a compound annual growth rate CAGR of 9.7%. This growth in the historic period can be attributed to the traditional use of hopped malt extract in brewing and homebrewing, growth in the craft beer industry, an increase in homebrewing enthusiasts along with the convenience and time efficiency of using hopped malt extracts.
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What Does The Hopped Malt Extract Market Growth Forecast Indicate?
The hopped malt extract market size is expected to see robust growth in the next few years. It is estimated to expand to $14.55 billion in 2028 at a 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, the application of sustainable sourcing and production practices for malt and hops, and growing beer consumption worldwide.
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Who Are The Major Players And What Are The Key Emerging Trends?
Major companies operating in the hopped malt extract market include CereX B.V., 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.
An increasing trend in the hopped malt extract market is new product innovation. Major companies 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 doubling down on hops and adjuncts, including premium hop pellets for dry-hopping and a hop straining bag. This kit is manufactured using German beer-making technology, which produces an authentic taste. A step-by-step instruction manual accompanies the kit, designed specifically for the kit style and ensuring the best experience possible for home brewers.
What Is The Segmentation of The Hopped Malt Extract Market?
The hopped malt extract market covered in this report is segmented as follows –
1 By Type: Cascade, Amarillo, Centennial, Chinook
2 By Source: Wheat, Barley, Rice, Rye, Other Sources
3 By Nature: Organic, Conventional
4 By End-User: Brewing Industry, Alcoholic, Non-Alcoholic, Baking Industry, Confectionery, Animal Feed, Other End-Users.
Regional Insights: North America was the largest region in the hopped malt extract market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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