by The 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 a key ingredient used in the production of craft beers. It provides aroma, bitterness and flavor to beers. Hopped malt extract saves brewing time and is suitable for small-scale craft breweries.
Market Dynamics:
Emerging craft breweries globally are propelling the demand for hopped malt extract. Easy availability and properties like pre-hopped, concentrated wort have made hopped malt extract a preferred option for craft brewers. Additionally, rising health-conscious population and increasing socializing at brewpubs have boosted sales of premium craft beers using hopped malt extract. Furthermore, the growing popularity of IPAs owing to strong hoppy flavor has augmented the uptake of hopped malt extract. However, price volatility of hops may hinders the market growth over the forecast period.
Market key trends:
The global Hopped Malt Extract Market Malt Extract market has been witnessing rising demand from the craft brewing industry in recent years. The malt extract helps craft brewers produce beers with varying flavors depending on the type of hops added during the extraction process. Additionally, the increasing health-conscious consumer base has been fueling interest in low-alcohol and gluten-free beers, which employ heavy usage of hopped malt extracts. Further, the product allows craft brewers to save costs spent on purchasing and storing whole hops.
SWOT Analysis
Strengths:
– Versatile ingredient that helps craft varied beer flavors
– Cost-effective solution for craft brewers compared to using whole hops
Weaknesses:
– Limited flavor control compared to adding hops separately during brewing
– Requires careful dosing of hops to avoid unwanted bitterness
Opportunities:
– Rising demand for specialty and low-alcohol beers
– Increasing number of microbreweries and craft breweries globally
Threats:
– Potential over-extraction of bitter substances from hops
– Threat of substitute products like liquid hop extracts
Key Takeaways
The global Hopped Malt Extract market is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing consumption of craft beers globally. The rising number of microbreweries and craft breweries have been pushing the demand for specialty ingredients like hopped malt extracts.
Regional analysis:
North America dominated the global market in 2023 and is expected to maintain its lead through 2028. This can be attributed to heavy presence of craft breweries in the US and Canada. Meanwhile, Asia Pacific is anticipated to exhibit the fastest growth through 2028 on account of growing beer drinking culture and rising disposable incomes in China and India.
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, Huajia Food Technology. These players are focusing on strengthening their market presence through capacity expansion and product innovations catering to specialty beer segments.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
