Anticipate Extraordinary Hops Yields in 2024, According to Farmers
Following two straight years of below-par hop productions in Germany, harvest experts are anticipating improved yields in the present year. As per the German Hop Growers Association, the industry is predicting close to 49,000 tonnes of hops by year's end - a marked 19% rise compared to the previous year. The initial hop picking might commence as early as the upcoming week.
The anticipated yield is 9% above the standard yields of the last decade. This may translate to "moderately enhanced revenues" for hop farmers. Nevertheless, the association predicts decreasing prices, despite a majority of hops being bound by pre-set prices due to forward contracts.
The favorable harvest arrives at a time of market oversupply. "Despite subpar harvests for the past two years, breweries continue to have a plentiful to ample supply of hops," the hop growers elaborated. This is due to a slight worldwide decrease in beer consumption, along with the brewing industry's recent practice of accumulating large stockpiles. The harvests in 2022 and 2023 were below average as a result of prolonged heat and drought.
The initial harvesting of the improved hop yield might commence next week. Despite the predicted rise in yields and moderately enhanced revenues, the association forecasts decreasing prices due to pre-set prices and stockpiled hops.
