Hop Price in U.S. Soars 26% to $21,295 per Ton

U.S. Hop Export Price per Ton July 2022

In July 2022, the hop price per ton stood at $21,295, surging by 26% against the previous month. Over the last six-month period, it increased at an average monthly rate of +1.9%. The export price peaked at $22,256 per ton in March 2022; however, from April 2022 to July 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In July 2022, the country with the highest price was Belgium ($28,741 per ton), while the average price for exports to Australia ($12,958 per ton) was amongst the lowest.

From January 2022 to July 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

U.S. Hop Export Prices by Type

Average prices varied noticeably for the major types of exported product. In July 2022, the product with the highest price was hop cones; ground, powdered or in the form of pellets; lupulin ($21,313 per ton), while the average price for exports of hop cones; neither ground nor powdered nor in the form of pellets stood at $18,986 per ton.

From January 2022 to July 2022, the most notable rate of growth in terms of prices was recorded for the following types: hop cones; neither ground nor powdered nor in the form of pellets (+3.7%).

U.S. Hop Exports

In July 2022, approximately 846 tons of hops were exported from the United States; reducing by -35.6% against the previous month's figure. In general, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in March 2022 when exports increased by 77% m-o-m. As a result, the exports attained the peak of 2.5K tons. From April 2022 to July 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, hop exports fell notably to $18M (IndexBox estimates) in July 2022. Overall, exports recorded a abrupt descent. The pace of growth appeared the most rapid in March 2022 with an increase of 96% m-o-m. As a result, the exports attained the peak of $56M. From April 2022 to July 2022, the growth of the exports failed to regain momentum.

U.S. Hop Exports by Type

Hop cones; ground, powdered or in the form of pellets; lupulin (839 tons) was the largest type of hop exported from the United States, accounting for a 99% share of total exports. It was followed by hop cones; neither ground nor powdered nor in the form of pellets (6.7 tons), with a 0.8% share of total exports.

From January 2022 to July 2022, the average monthly rate of growth in terms of the volume of export of hop cones; ground, powdered or in the form of pellets; lupulin totaled -7.0%.

In value terms, hop cones; ground, powdered or in the form of pellets; lupulin ($18M) remains the largest type of hop exported from the United States, comprising 99% of total exports. The second position in the ranking was taken by hop cones; neither ground nor powdered nor in the form of pellets ($127K), with a 0.7% share of total exports.

From January 2022 to July 2022, the average monthly rate of growth in terms of the export volume of hop cones; ground, powdered or in the form of pellets; lupulin totaled -5.9%.

U.S. Hop Exports by Country

Belgium (158 tons), Canada (147 tons) and Germany (89 tons) were the main destinations of hop exports from the United States, with a combined 47% share of total exports. the UK, Brazil, Argentina, Australia and Japan lagged somewhat behind, together accounting for a further 36%.

From January 2022 to July 2022, the biggest increases were in Japan (with a CAGR of +43.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($4.5M), Canada ($2.6M) and Germany ($2.4M) appeared to be the largest markets for hop exported from the United States worldwide, together accounting for 53% of total exports. the UK, Argentina, Brazil, Australia and Japan lagged somewhat behind, together comprising a further 33%.

Japan, with a CAGR of +27.9%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform