Consumption in fast-growing markets such as China, Brazil, and Russia has been hit by financial austerity, slowing economic growth, and geopolitical turmoil, says Stephan Barth, managing partner of the company.
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Hop growers have taken their cue from the high prices, increasing acreage of the aroma varieties. Overall acreage for hops in the U.S. north-west rose 16 percent this year from 2014, with the aroma acreage jumping 26 percent, according to the U.S. Department of Agriculture.
The hot temperatures could affect the expanded areas, say some experts. There is a concern that the young plants will not produce yields, and owners of the expanded acreage may not have access to water, says Bart Watson, economist at the U.S. Brewers Association.
A relatively dry winter with less-than-average snowfall has meant that reservoirs are low in the U.S. north-west, limiting the amount of irrigation that can be used to cool the plants.
"Hops just don't like extreme heat," says David Streit at weather consultancy Commodity Weather Group, who warns that there is "more heat to come in August".
Mr Watson says the hops industry needs to diversify regionally. At the moment, because the bulk of U.S. hops are grown in just three states — Washington, Oregan and Idaho, "[the market] is much more vulnerable to shocks", he says.