Market Highlights
The Global Hemp Milk market is projected to be valued at USD 0.81 Billion by 2033, recording a CAGR of around 15.24% during the forecast period. Hemp milk is defined as plant milk made from hemp seeds that are soaked and ground in water. Hemp milk has a smooth consistency and nutty flavor. It can be used in coffee, smoothies, and cereals in place of cow’s milk. It is rich in good plant protein, healthy fats, and minerals. Hemp milk has been shown to advance skin health and protect against heart disease. Hemp milk is extremely nutritious and rich in carbohydrates, iron, proteins, calcium, iron, and healthy fats. Hemp milk is naturally free of lactose, soy, and gluten, production it an excellent choice for those who prefer to avoid these components. Hemp milk can be found in utmost grocery supplies and online, due to the growing popularity of plant-based milk.
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During the Covid-19 epidemic, the steps taken by governments of different nations to impose strict lowdown have led to the temporary shutdown of various industries and manufacturing production thus, it has also shown a diminishing impact on the hemp milk market owing to the disturbance in the supply chain network, shortage of labor, and other factors. However, hemp milk contains various proteins, and essential fatty acids which benefit to maintain good health hemp milk is easily available online and in grocery stores which may upsurge the growth of the hemp milk market.
Segmental Analysis
The global Hemp Milk market has been segmented based on Variants, Categories, Products, Distributions
Based on variants, the global hemp milk market has been divided into flavoured and unflavoured. The unflavoured variant segment is leading owing to milk comprising a high amount of proteins, low-fat, and omega-3 fatty acids content. The unflavoured hemp milk is also widely used for preparing beverages such as smoothies, hot chocolate, coffees, and others. These factors majorly drive the market.
Based on the type, the global hemp milk market has been divided into sweetened and unsweetened. The unsweetened milk segment is leading due to high health awareness among consumers is the prime factor driving significant growth of the market
Based on category, the global hemp milk market has been divided into organic and inorganic. The organic segment is holding a major share in the hemp milk market due to increasing health benefit awareness among the consumers associated with organic products aids in the market growth.
Based on the Distribution channel, the global hemp milk market has been divided into supermarkets, hypermarkets, and online retailers. Supermarkets are the most preferred distribution channel by consumers for buying hemp milk products. However, online retail stores offer a varied range of products in different brands and discount prices, thus gaining fast consumers’ attention.
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Regional Analysis
The Hemp Milk market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The North American region holds a dominant position in the Hemp Milk market. North America is expected to witness significant growth in the upcoming years. The increasing awareness among consumers about health benefits related to hemp milk has driven its market. The growing vegan population and the changing regulatory landscape in the region have also fuelled the regional sales performance of hemp milk. The vegan population in the U.S.is an estimated at 79 million globally in 2021, which is just over one percent of the whole population, which is expected to grow in demand during the forecast period. The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Hemp Milk industry. During the forecast years, the Asia Pacific region is anticipated to witness significant growth in the upcoming years. The presence of countries such as India and China, which are the foremost global producers of hemp helps drive the market. The abundance obtainability of raw materials in the region is also the main factor that fuels the market growth.