Crafting Success: The Global Hopped Malt Extract Market Journey
Hopped Malt Extract Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Hopped Malt Extract Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, November 24, 2023 /EINPresswire.com/ -- The global hopped malt extract market has experienced significant growth, surging from $8.44 billion in 2022 to $9.38 billion in 2023, marked by a robust Compound Annual Growth Rate (CAGR) of 11.1%. Projections indicate a continued upward trajectory, with the market size anticipated to reach $13.21 billion by 2027, driven by an impressive CAGR of 8.9%.
Craft Beer Craze: Engine for Market Expansion
The burgeoning popularity of craft beer stands as a primary catalyst propelling the hopped malt extract market into a new era of growth. Craft beer, distinguished by its production in traditional and independent breweries in small batches, offers a distinctive and rich taste, blending unique ingredients. Hopped malt extract, a crucial component in crafting beer, imparts both aromatic and bittering notes. Notably, in the U.S., craft brewer volume sales saw an 8% growth in 2021, with retail dollar sales reaching $26.8 billion, marking a significant 21% increase, as reported by the Brewers Association. This surge in craft beer consumption underlines the driving force behind the growth of the hopped malt extract market.
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Industry Leaders: Shaping the Market Landscape
Major players in the hopped malt extract market, including CereX B.V., Coopers, Hambleton Bard Ltd., and others, play pivotal roles in shaping the industry's trajectory, contributing to its vibrancy and expansion.
Brewing Innovation: Fueling Market Momentum
New product innovation has emerged as a prominent trend, gaining traction in the hopped malt extract market. Leading companies in the sector are dedicated to introducing novel products to maintain their market positions. For instance, Muntons, a UK-based malt and malted ingredients manufacturer, unveiled a new range of home-brew kits in June 2021. Packed with hops and adjuncts, including premium hop pellets for dry-hopping and a hop straining bag, these kits leverage German beer-making technology to deliver an authentic taste. Accompanied by a step-by-step instruction manual tailored for the kit style, Muntons ensures an optimal home-brewing experience, producing 35 pints of beer.
Regional Dynamics: North America Takes the Lead
In 2022, North America emerged as the largest region in the hopped malt extract market, with Asia-Pacific anticipated to be the fastest-growing region in the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation: Navigating a Diverse Landscape
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
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Hopped Malt Extract Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Hopped Malt Extract Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on hopped malt extract market size, hopped malt extract market drivers and trends, hopped malt extract market major players, competitors' revenues, market positioning, and hopped malt extract market growth across geographies. The hopped malt extract market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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