The growing demand for different hops varieties and their flowers in industries such as medicine, brewery, and cosmetics is expected to drive the global hops market, says Fortune Business Insights in a report, titled “Hops Market Size, Share and Global Trend by Product Type (Cascade Hops, Chinook Hops, Amarillo Hops, Centennial Hops, Others), By Application (Medicinal Drugs, Alcoholic Beverages, Cosmetics, Others), and Geography Forecast till 2029.” The Increasing adoption of hops by the pharmaceutical industry due to its antibacterial properties is likely to enable growth to the global hops market.
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Partnership Between Peak Health and Immunag™ Inc. Will Boost Growth
Peak Health, a premier fitness and nutrition company and ImmnuAG™ declared their partnership with Medical Marijuana, Inc., the first openly trading cannabis company in the US, for the distribution of only hops (Kriya brand Humulus)-obtained cannabidiol (CBD) product, ImmunAg™. The product will be distributed as Real Scientific Humulus Oil (RSHO-K) by Medical Marijuana, Inc.’s only subsidiary, HempMeds®. The partnership between the companies is likely to contribute to hops revenue owing to the hemp extract of Kriya brand Humulus, which holds no Tetrahydrocannabinol (THC) but has a high concentration of CBD. In addition, the launch of hop beer by leading market players is further promoting hops growth. For instance, Canopy Beer Co. announced the launch of Green Hop beer, which is brewed with locally procured Brixton hops.
Health Benefits of Hops Will Fuel their Demand
The rising demand for hops has impelled leading market players to focus on the production of hops products by using different bittering hops variety. This factor is likely to aid in the expansion of hops market. Likewise, acquisition and product launches by key players will remain a key contributor to the market, enabling it gain increased revenue. The rising demand for different flowers and hops verities by industries such as brewery, cosmetics and medicine is predicted to support hops growth in the forthcoming year. The rapidly increasing popularity of craft beer and surge in demand for exotic flavored beers are expected to further encourage the boost the global hops market size. Hops-based products when consumed in unregulated amount may induce some side-effects on human health. This factor is likely to hamper hops growth. Additionally, huge amount of water is required by hops plants on a daily basis and farming of hops across hot or drought-prone areas is very difficult, which can further restrict the growth of the global hops market.
Increasing Production of Hops In the U.S. Will Foster Growth
Geographically, the global hops market is segmented into North America, Europe, Asia Pacific, Latin America, The Middle East & Africa. North America holds the major market share in the global hops market, and it is anticipated to dominate the market during the forecast period. The U.S. is the leading producer of hops. This factor is expected to contribute considerably to the growth of hops revenue in the region. According to the Hops Growers of America, in 2017, hops harvest in the U.S. witnessed an increase of 20% from the previous year. Europe is likely to grow on a significant rate owing to the presence of major hops producing countries such as Germany, the Czech Republic, and others in the region.
Some of the key companies that are present in the global hops market are Steiner Hops Ltd., Hops Direct, LLC., Heineken UK Limited, Yakima Chief Hops LLC., Bintani Australia PTY Ltd., New Zealand Hops Limited, BAARTH-HAAS GROUP, Hollingberry & Son Inc., Carlsberg Breweries A/S, Kalsec Inc., Charles Faram & Co. Ltd., and Brewers Select Limited among the other hops producers.
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