The global hemp milk market size is projected to reach approximately USD 882.70 Million by 2030, at a CAGR of 16.01% from 2022 to 2030. 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.
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.
Market Dynamics
The market for hemp milk is being driven by rising popularity among fitness enthusiasts, Increasing consumption of ready-made foods and beverages, along with a huge preference for organic and clean-label products will enlarge the growth in the market. However, the easy obtainability of hemp milk alternatives such as cow milk and others in the market is a significant factor projected to limit the growth of the target market.
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. According to Good Food Institute, the plant-based milk group holds 35% of the overall plant-based market and is worth USD 2.5 Billion.
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.
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 Type
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 Category
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 Distribution channel
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 Share, by Segmentation
Regional Analysis
Based on region, the global hemp milk market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America and Europe are projected to dominate the use of the hemp milk market followed by the Asia-Pacific.
North America
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.
Europe Market
The hemp milk computing platforms market in Europe is also anticipated to capture a significant share in this market due to the huge demand for dairy alternatives. the European market will evolve at a CAGR of over 13% through the forecasted period, with Italy leading the way.
Manufacturers involved in offering application-specific hemp seed milk are investing profoundly in research & development to develop new products, which is projected to propel demand over the forecast period.
Asia-Pacific Market
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 market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach of 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 lead the global hemp milk business. To upsurge their market position and attract a varied consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
Prominent 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
Recent 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 Type
- Sweetened
- Unsweetened
Global Hemp Milk Market, By Category
- Organic
- Inorganic
Global Hemp Milk Market, By Distribution
- Supermarkets
- Hypermarkets
- Online retailer
Global Hemp Milk Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia Pacific
- Rest of the World
| Parameters | Indicators |
|---|---|
| Market Size | 2030: $ 882.70 Million |
| CAGR | 16.01% CAGR (2022-2030) |
| Base year | 2021 |
| Forecast Period | 2022-2032 |
| Historical Data | 2020 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Segmentations | Variants, Type, Category, a Distribution channel |
| 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 market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Hemp milk market historical market size for the year 2020, and forecast from 2022 to 2030
- Hemp milk market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global hemp milk market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
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Frequently Asked Questions (FAQ)
- What is the study period of this market?
- The study period of the global hemp milk market is 2020 – 2030
- What is the growth rate of the global hemp milk market?
- The global hemp milk market is growing at a CAGR of ~ 01% over the next 7 years
- Which region has the highest growth rate in the global hemp milk market?
- Asia Pacific is expected to register the highest CAGR during 2022-2030
- Which region has the largest share in the global hemp milk market?
- Europe holds the largest share in 2021
- Who are the key players in the global hemp milk market?
- 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 are the major companies operating in the global hemp milk
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