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| Hopped Malt Extract Market |
Hopped malt extract provides nutritional value and flavor to beverages like beers. It has antioxidants and improves mental clarity. With the rising demand for craft beers, consumption of hopped malt extract has increased considerably.
The global
Hopped Malt Extract Market is estimated to be valued at US$ 9.41 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Rising Demand for Craft Beers
The booming craft beer industry has significantly driven the demand for
specialty ingredients like hopped malt extract. Small breweries are
increasingly utilizing hopped malt extract to produce unique flavors in their
beers. It allows craft brewers to offer new beer styles while reducing the cost
of raw materials and brewing time. The surging popularity of craft beers among
millennials and the availability of numerous craft beer variants have
accelerated the growth of the hopped malt extract market over the forecast
period.
Segment Analysis
The global hopped malt extract market is dominated by the liquid sub-segment
owing to its ease of use. Liquid hopped malt extract provides brewers with a
ready-to-use ingredient that saves time during the brewing process and ensures
consistency between batches. It is widely used for making IPAs, pale ales, and
other hop-forward beers.
Key Takeaways
The global Hopped
Malt Extract Market Growth is
expected to witness high growth over the forecast period of 2023 to 2030. The
market size is projected to reach US$ 9.41 billion by 2024.
Regional analysis:
The North American region currently dominates the global market due to high
consumption of craft beer. The U.S. is the largest market. However, the Asia
Pacific region is expected to grow at the fastest pace owing to rising beer
consumption and an increase in the number of microbreweries in countries such
as China, India, and Japan.
Key players:
Key players operating in the hopped malt extract market are 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. Koninklijke DSM N.V. is currently the market leader
owing to its wide product portfolio and global distribution network.
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