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4-2017

Global hop market

A local alternative to mass beer suggested by independent brewers has been successful and is now altering the global market. Beer is becoming more diversified, so transnational companies have to accept the new game rules and to switch focus to young and fast growing markets. All these processes increased the demand for aroma and bitter hop as well as their acreage expansion on two continents. However now there appeared a downward trend of alcohol consumption in the world, so even special sorts can soon turn to be sufficient. In this connection the dynamic American hop market is already facing some problems. EU hop producers have become more cautious, they are not racing to exceed the demand and look forward with more confidence, judging by the contract terms. 

Hop Market in Russia

Germany still dominates the Russian market, yet over the recent two years one has been able observe a continuous success of Czech hop suppliers. Their expansion and growing popularity of hops from the United States became the drivers of supplies growth in 2016 despite the preceding modest harvest crop in the EU, as well as the factor of relative stability in 2017. In this connection, in 2017, the ratio of the varieties continued to shift towards the aroma ones, and the supplies of Magnum hop and other alpha varieties were reduced. However, the import of bitter hop pellets is partially replaced by extracts, especially from the major beer manufacturers. Total volumes of alpha acid supplies, according to our estimation, decreased by approximately 5% and returned to the level of 2015. Barth Haas Group continues dominating the hop products market; HVG also increased its weight. At the same time, Morris Hanbury significantly reduced the supplies in 2017.

India. United Breweries: Q4 numbers to be impressive

United Breweries Ltd, one of the leading distilleries in India, will announce its financial results on May 13 for the fourth quarter ended March 31, 2016.

IIFL estimates that the company’s net profit is expected to surge to Rs. 73 crore, at a rate of 52.1% yoy and 1.4% qoq.

As per IIFL’s forecast, the company’s net revenue for Q4 FY16 is likely to soar to Rs. 1,217 crore, at a rate of 4.7% yoy and 5.1% qoq.

Operating Profit Margin is likely to be at 14.1%, with a yoy rise of 363 bps.

Our preview coverage universe of 374 companies, representing ~75% of India’s equity market cap is expected to report 4.2% yoy drop in net profit in Q4 FY16. On a qoq basis, profits will rise by 17% on account of low base of preceding two quarters, which had witnessed sequential PAT declines.

Other key quarterly results on May 13 include Advanta, AkzoNobel India, Allahabad Bank, Bank of Baroda, Bayer CropScience, Capital First, Cadila Healthcare, IL& FS Transportation, La Opala RG, Poly Medicure, Taj GVK, Sona Koyo Steering, and Union Bank of India.

13 мая. 2016

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