Hopped Malt Extract Market Is Estimated To Witness High Growth
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.
Read More : https://cmiorientedreportblog.blogspot.com/2023/11/hopped-malt-extract-market-size-and.html
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