The Hopped Malt Extract Market is estimated to be valued at US$ 1.28 Billion In 2023 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 produced by boiling malt in water and adding hops during the boiling process. It provides color, taste, aroma, and bitterness to beers. Hopped malt extract is widely used in craft and home brewing as it reduces the brewing time compared to all-grain brewing. It is available in both liquid and dry format. The liquid format is commonly used in craft brewing while the dry format is used for home brewing. Market Dynamics: Increasing craft beer production across North America and Europe is expected to drive the growth of the hopped malt extract market over the forecast period. According to the Brewers Association, there were over 8,275 craft breweries in the United States as of 2020, reflecting an increase of around 1,625 breweries since 2015. Rising health-consciousness among consumers is also augmenting the consumption of beer made from natural ingredients like hopped malt extract compared to regular beers. Additionally, the growing popularity of home brewing kits containing hopped malt extract is also fueling the market growth. However, the higher cost of craft and all-natural beers made using hopped malt extract compared to regular beers may restrain the market to a certain extent. SWOT Analysis Strength: Hopped Malt Extract has natural ingredients that provide unique flavors and aromas. It helps in providing bitterness, color, foam retention and flavor to craft beers. Its inclusion improves brewing efficiency and consistency. As a natural preservative, it extends shelf life of beers. Weakness: Hopped Malt Extract formulations are rigid and don't allow for much customization as per brewer's preferences. High prices compared to unhopped malt extracts limit its adoption. Storage issues arise due to presence of hops. Opportunity: Growing demand for craft beers presents an opportunity. Innovation in formulations to provide more customization options will boost sales. Expanding distribution networks in emerging markets is another opportunity area. Threats: Substitute products like fresh hops and dry hopping threaten Hopped Malt Extract Market share. Stringent regulations around hopped content labeling and certifications increase compliance costs. Volatility in raw material prices affects profitability. Key Takeaways The global Hopped Malt Extract market is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period, due to increasing consumption of craft beers globally. The market size is estimated to reach US$ 1.28 billion by 2023. Regional analysis: North America holds the major share of over 35% currently due to thriving craft brewing industry in the US and Canada. Asia Pacific is expected to grow at the fastest pace due to rising disposable incomes and changing tastes. Key players analysis: 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 new product launches catering customized solutions for regional markets. Read More : https://www.ukwebwire.com/hopped-malt-extract-market-forecast-opportunities-demand/
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