Global Hopped Malt Extract Market - 2022-2029
The global hopped malt extract market valued USD xx million in 2021 and is forecast to reach USD xx million by 2029, growing at a CAGR of xx% during the forecast period (2022-2029).
Malt extract is a natural and nutritious full-sugar extracted from malted barley. It is made into a liquid sugar or a dry powder form. Malt extract is generally used by home brewers who want to save time when brewing beer. Later on, in the fermentation process, the healthy yeast will feed off the sugars in the wort, which will make alcohol. Hops are chosen for the aromatic and bittering properties they can bring to the finished beer. Apart from brewing industry, hopped malt extract finds a wide range of applications in baking industry, confectionery, breakfast cereals, malt beverages and as sugar substitutes. Also, the use of hopped malt extract for the production of non-alcoholic beverages by the brewing industries is driving the growth of hopped malt extract market positively.
Growing popularity of craft beer is expected to fuel the hopped malt extract market growth
The demand for craft brewing has encountered significant growth during the past five years. Consumers worldwide strive for distinctive and flavorful beers, driving the market for hopped malt extract in the beer market space. Moreover, the increasing expansion of microbreweries and craft beer production has led to the growing demand for specialty malts. Craft beer is generally made with common ingredients like malted barley. For instance, as per Brewers Association, in 2021, the craft beer market accounted for 27% of the total beer sales of $100 billion US. And also, the total number of craft breweries in 2021 accounted for 9118, which increased by 19% from 2018. These factors propelled the hopped malt extract market growth. Also, hopped malt extract's rising application in non-alcoholic beverages processing contributes to the market's growth. Additionally, according to research, the major opportunity it provides is its application in baking, breakfast cereals, and other food applications.
The cascade segment held the highest market revenue share of xx% in the year 2021
Based on product type, the cascade segment held the largest market share, accounting for xx% in 2021, owing to a wide range of applications in the brewing industry. This hop is constantly used in American pale ales owing to its premium aroma style profile and acidity. Many super acidic, dry-hopped brews are hopped with this variety. According to the Hop Growers of America, in 2019, cascade production in the US is 10 million lbs. This factor is projected to predict well for the growth of the segment.
Europe is dominating the global hopped malt extract market in the year 2021
Europe accounted for the largest market share of xx% in 2021. This growth is attributed to increasing demand for craft beer in several European countries such as France, Italy, Germany, and the U.K. According to The Brewers of Europe, in 2020, 12,473 active breweries were present across Europe, and 225 new breweries had opened in the last 12 months. And also, 387 million hectoliters of beer are produced across the European region. Beer drinkers from different countries like France, Italy, and Germany are interested in tasting different crafted beers, which is expected to drive the hopped malt extract market growth. The Asia Pacific is projected to grow at the highest market of xx% during the forecast period. Increasing demand for flavored and low-volume alcohol drinks in China and India is expected to urge the growth of the hopped malt extract market in the upcoming years.
The hopped malt extract market is crystallized in nature, having a few numbers of domestic and multinational players competing for market share. Some of the key players in the market are P.A.B. srl, CereX BV, Coopers Brewery, Hopco Pty Ltd., and Indena S.p.A. among others. Companies focus on new product launches with healthier ingredients claims and acquisitions, mergers, partnerships, and expansions as their key marketing strategy. For instance, in November 2020, Muntons launched a new range of homebrew kits. It comes packed with hops and adjuncts, including amazing premium hop pellets for dry-hopping and a hop straining bag. In May 2021, Muntons has launched its new Premium Alcohol-Free Malt Extract, the extract with low sweetness and a mild fermentation aroma. In May 2019, Coopers Brewery launched Extra Pale Ale(XPA). This smooth malt beer is all about highlighting the citrus character of the American hops and balancing it with malt.
Negative impact on the global hopped malt extract market
The global market has been affected negatively due to the spread of the COVID-19 virus. In the beverage sector, the brewing industry is the second-largest source of revenue generation. Due to this outbreak, beer production and the supply chain have been disrupted. Governments across the globe have restricted foreign trade and suspended business operations. In addition, the pandemic has halted the production of beers due to declined demand for breweries and shut down bars, pubs, and restaurants. These factors have adversely impacted the demand for hopped malt extract. Therefore, the market growth has declined to some extent.
Understand the current market scenario and viability of global hopped malt extract over the forecast period
Visualize the composition of the global hopped malt extract market in terms of product type and application to identify major players, growth potential, and market strategies
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Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global hopped malt extract market - Regional and Country level segmentation
Product mapping in excel for the key products of all major market players
Market share analysis covering business revenues ($) and revenue share (%) of key market players
The global hopped malt extract market report would provide an access to approximately 53 market data tables, 45 figures, and 180 pages
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