The global Hopped Malt Extract Market is estimated to be valued at US$ 1.28 Billion In 2022 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hopped malt extract is made by adding hops to malt extracts during the brewing process, resulting in clear brown liquid high in natural hop flavors and aromas. It provides brewers advantages of consistency, efficiency and simplicity in the beer brewing process. Hopped malt extracts are widely used to add natural hop bitterness, flavor and aroma to beer without the lengthy brewing process.
Market key trends:
One of the key trends in the hopped malt extract market is growing demand for specialty beers. Craft brewers are increasingly experimenting with unique hop varieties and flavors to produce innovative specialty beer styles appealing to changing consumer preferences. This has driven demand for specialized hopped malt extracts with region-specific characteristics. Another key trend is rising popularity of low-alcohol and no-alcohol hopped beers. Leading players are introducing new product lines of hopped malt extracts for low-alcohol and no-alcohol beers to capitalize on the growing consumer health consciousness.
Segment Analysis
The global Hopped Malt Extract Market malt extract market is dominated by the beer segment. Beer accounts for over 70% of the total hopped malt extract market share globally. Beer consumption has been steadily increasing across both developing and developed regions over the past few years. Hopped malt extract provides essential flavors and aromas to beer and aids in fermentation. Thus, rising beer consumption is fueling the demand for hopped malt extract from the beer segment. Food and beverage applications such as sauces and marinades are emerging as a fast-growing sub-segment in the market.
Key Takeaways
The global hopped malt extract market size is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period from 2023 to 2030, due to increasing beer consumption across major markets. The market size is projected to reach US$ 2.10 Billion By 2030.
Europe currently dominates the global hopped malt extract market with over 45% market share. Germany is the largest market for beer in Europe and accounts for a significant share of hopped malt extract consumption in the region. However, Asia Pacific is expected to be the fastest-growing regional market, expanding at a CAGR of around 8% during the forecast period due to rising incomes and changing lifestyles in major Asian countries such as India and China.
Key players operating in the hopped malt extract market include Koninklijke DSM N.V., Muntons plc, Associated British Foods plc, The Malt Company, IREKS GmbH, Doehler, Briess Malt & Ingredients Co., Malteries Soufflet, PureMalt, and Huajia Food Technology among others. The market is highly competitive with major brands focusing on new product development and expansion in emerging economies.
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