Hemp Milk Market Overview
Hemp Milk Market Size is expected to reach USD 0.81 Billion by 2033. The Hemp Milk industry size accounted for USD 0.24 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 15.24% from 2023 to 2033. 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.
Global Hemp Milk Market Synopsis
COVID-19 Impact Analysis
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.
Global Hemp Milk Market Dynamics
The major factors that have impacted the growth of Hemp Milk are as follows:
Drivers:
⮚       Increase in demand inclination of consumers towards vegan products.
Rising awareness about the impact of animal agriculture on the environment has helped drive consumers toward veganism. Intake of meat foodstuffs increases the risk of heart disease, due to which, health-conscious consumers have started accepting vegan food products. Even consumers are observing healthy food options that are organic, natural, and free from chemicals or preservatives. Plant-based food products are the best alternative because plant-based hemp seed milk is one of the greatest nutritional-rich products.
Restraint:
- Increasing cases of hemp allergy
Rising cases of hemp allergy are restraining the market growth. The feeding of cannabis can cause symptoms of sneezing, nasal congestion, conjunctival infection, itchy throat, coughing, and struggle in breathing. The ingestion of hemp seeds is also allied with cases of skin irritation such as anaphylaxis, which is a severe life-threatening allergic reaction that can cause swelling of the face, vomiting, nausea, skin rashes, and others. Though, the incidence of such allergic reactions is rare. Besides, with greater obtainability and legalization, the occurrence of such incidents is quickly rising.
Opportunity:
⮚     Increasing demand for hemp seed milk faster as compared to conventional milk
Growing awareness of the harmful effects of dairy products has pushed consumers toward plant-based products. Major the population is suffering from milk protein intolerance and lactose intolerance, which causes bloating, tightness in the throat, abdominal cramps, wheezing, vomiting, hives, and digestive problems. Hemp seed milk is an appropriate organic product for consumers facing lactose intolerance. Hemp seed milk products are an excessive substitute for dairy products as it contains fewer proteins, calories, and carbohydrates. Hemp seed milk contains all the essential amino acids that are essential for a healthy lifestyle.
Hemp Milk Market Segment Overview
By Variants
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.
By Categories
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
By Products
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.
By Distributions
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.
Global Hemp Milk Market Regional Analysis
Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Hemp Milk, followed by those in Asia-Pacific and Europe.
Hemp Milk North America Market
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.
Hemp Milk Asia Pacific Market
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.
Competitive Landscape
The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Hudson River Foods, California Natural Products, Living Harvest Foods Inc., Pacific Foods of Oregon Inc, and Good Mylk Co are some of the leading players in the global Hemp Milk Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.
Key Market Players:
- Hudson River Foods
- California Natural Products
- Living Harvest Foods Inc.
- Pacific Foods of Oregon Inc
- Good Mylk Co
- SunOpta
- Braham & Murray Good Hemp
- Golden Hemp Company
- Manitoba Harvest Hemp Foods
- Elmhurst1925
Key Development:
In 2020, U.K.’s Good Hemp announced the launch of the first dairy-free hemp cream concentrate milk with an extended shelf-life. Due to its light flavor, it can be used in an extensive variety of formulations.
Scope of the Report
Global Hemp Milk Market, by Variants
- Flavoured
- Unflavoured
Global Hemp Milk Market, by Categories
- Sweetened
- Unsweetened
Global Hemp Milk Market, by Products
- Organic
- Inorganic
Global Hemp Milk Market, by Distributions
- Supermarkets
- Hypermarkets
- Online retailer
Global Hemp Milk Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Nordic
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Indonesia
- Austalia
- Malaysia
- India
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of Middle East & Africa
| Parameters | Indicators |
|---|---|
| Market Size | 2033: $0.81 Billion |
| CAGR | 15.24% CAGR (2023-2033) |
| Base year | 2022 |
| Forecast Period | 2023-2033 |
| Historical Data | 2021 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Segmentations | Variants, Categories, Products, Distributions |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, Middle East, Africa |
| Key Vendors | Hudson River Foods, California Natural Products, Living Harvest Foods Inc., Pacific Foods of Oregon Inc, Good Mylk Co, SunOpta, Braham & Murray Good Hemp, Golden Hemp Company, Manitoba Harvest Hemp Foods, Elmhurst1925. |
| Key Market Opportunities | Increasing demand for hemp seed milk faster as compared to conventional milk |
| Key Market Drivers | Increase in demand inclination of consumers towards vegan products |
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Hemp Milk Industry trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
- Historical market size for the year 2021, and forecast from 2023 to 2033
- Hemp Milk market share analysis for each segment
- Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
- To identify and understand the various factors involved in the global Hemp Milk market affected by the pandemic
- To provide year-on-year growth from 2022 to 2033
- To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
- Provide Total Addressable Market (TAM) for the Global Hemp Milk Market.
