$812 Mn Hemp Milk Markets - Global Forecasts to 2032: Increased Demand for Plant-Based Diets Bodes well for the Sector

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Mar 05, 2024, 22:45 ET

DUBLIN, March 5, 2024 /PRNewswire/ -- The "Hemp Milk Market by Variant (Flavored, Unflavored), Type (Sweetened, Unsweetened), Category (Organic, Conventional), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Stores), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.

The global hemp milk market size reached US$ 290.1 million in 2023. The market is projected to reach US$ 812 million by 2032, exhibiting a growth rate (CAGR) of 12.12% during 2023-2032

The increasing health consciousness resulting in a subsequent shift toward plant-based dietary options the increasing awareness of food allergies among the masses, and rising product adoption in the foodservice industry represent some of the factors that are propelling the market.

Hemp milk is a plant-based milk alternative derived from the seeds of the hemp plant, a member of the Cannabis sativa family. This non-dairy milk has gained recognition for its high nutritional content, including essential fatty acids, proteins, and a range of vitamins and minerals. It is produced by blending hemp seeds with water and then separating the solid components, resulting in a creamy, nutty-flavored liquid.

One of its distinctive characteristics is its rich omega-3 and omega-6 fatty acid profile, making it a sought-after option for health-conscious consumers. The milk is naturally free from lactose, soy, and gluten, thereby catering to dietary needs and lifestyle choices such as veganism and lactose intolerance. Functionally, hemp milk serves as a viable alternative for people seeking to avoid animal-based products while still obtaining necessary nutrients and enjoying a palatable taste.

The global market is mainly driven by increasing health consciousness among consumers resulting in a subsequent shift toward plant-based dietary options. This trend has led to a broadening consumer base for non-dairy milk alternatives, including hemp milk. Moreover, regulatory frameworks advocating for sustainable agricultural practices are further encouraging the cultivation of hemp, thus enhancing its availability for milk production. Besides this, the growing retailer involvement in the promotion of plant-based foods is also creating lucrative opportunities in the market.

Additionally, the rise of flexitarian diets, which incorporate plant-based options alongside reduced meat consumption, is positively impacting the market. The market also finds support in increased home cooking, a trend reinforced by lifestyle changes, particularly due to the outbreak of a global pandemic. Some of the other factors influencing the market positively encompass the strong appeal of clean-label products, the role of positive trade policies in global food exchange, and extensive research and development (R&D) activities focusing on improving the quality and benefits of hemp milk.

Competitive Landscape

Key players in the market are constantly working on product diversification by introducing a variety of flavors and fortifications. These companies are conducting research to validate the nutritional benefits of hemp milk, aiming to differentiate it from other plant-based milk alternatives. They are also forging partnerships with retailers to ensure broader distribution channels. To cater to the health-conscious segment, initiatives to produce organic and non-GMO variants are in progress.

Moreover, these players are adopting eco-friendly packaging to align with sustainable practices. Investments in marketing campaigns, particularly through digital media, are being scaled up to boost consumer awareness and demand. Furthermore, educational efforts are being made to enlighten consumers about the advantages of hemp milk over traditional dairy products. They are also monitoring consumer preferences closely through market research and social media interactions.

Key Questions Answered in This Report

What was the size of the global hemp milk market in 2023?
What is the expected growth rate of the global hemp milk market during 2024-2032?
What are the key factors driving the global hemp milk market?
What has been the impact of COVID-19 on the global hemp milk market?
What is the breakup of the global hemp milk market based on type?
What is the breakup of the global hemp milk market based on the category?
What is the breakup of the global hemp milk market based on the distribution channel?
What are the key regions in the global hemp milk market?
Who are the key players/companies in the global hemp milk market?

Some of the key players in the market include:

Good Hemp Food
Goodmylk Co.
Hudson River Foods
Living Harvest Foods Inc
Manitoba Harvest Hemp Foods
Pacific Foods of Oregon Inc
Sunopta Inc

Hemp Milk Market Trends/Drivers:

Increasing Awareness of Food Allergies Among the Masses:

Societal awareness about food allergies and intolerances is growing.
Demand for alternative dietary products is increasing.
Hemp milk offers a lactose-free and gluten-free option, catering to allergic conditions.
Manufacturers are innovating product lines to meet diverse consumer needs, offering enriched and flavored variants.

Enhanced Focus on Sustainable Practices:

Hemp plants require fewer resources for cultivation, leading to a lower environmental footprint.
Consumers are prioritizing products aligned with sustainability values.
Businesses are investing in sustainable farming techniques and emphasizing eco-friendly practices.
Sustainability initiatives resonate with consumer ecological concerns, contributing to market expansion.

Rising Product Adoption in the Foodservice Industry:

Hemp milk is gaining traction across restaurants, cafes, and commercial kitchens.
Used as an alternative to dairy milk in various recipes and beverages.
Increased adoption expands product visibility and accessibility.
Pressure on establishments to offer hemp milk due to consumer demand fuels market growth.

Hemp Milk Industry Segmentation:

Variant:

Flavored:

Growing due to consumer demand for variety and taste.
Natural flavors like chocolate and vanilla add appeal.
Used in specialized culinary applications, driving segment growth.

Unflavored:

Preferred by consumers seeking natural and unaltered options.
Versatile for cooking and baking, appealing to health-conscious consumers.

Type:

Sweetened:

Largest segment due to consumer preference for richer flavors.
Serves as a direct substitute for traditional dairy milk.
Marketing efforts emphasize guilt-free indulgence, driving growth.

Unsweetened:

Gaining traction among health-conscious consumers avoiding added sugar.
Appeals to those preferring natural and less processed products.

Category:

Organic:

Largest segment driven by pesticide-free and non-GMO preferences.
Appeals to environmentally conscious consumers.
Driven by demographic cautious about dietary choices and health goals.

Conventional:

Bulk of the market due to cost-effectiveness.
More readily available and accessible to mainstream consumers.
Lower price point drives widespread distribution and consumer awareness.

Distribution Channel:

Supermarkets and Hypermarkets:

Largest segment offering a wide variety of options.
One-stop-shopping experience drives sales and accessibility.
In-store promotions and shelf placements enhance product visibility.

Convenience Stores, Specialty Stores, and Online Stores:

Offer targeted options catering to specific consumer needs.
Convenience, niche products, and easy comparison drive growth in respective channels.

Regional Analysis:

North America:

Largest market share driven by strong consumer awareness and acceptance.
Well-defined guidelines and extensive distribution channels support growth.
Continuous innovation and marketing strategies cater to diverse consumer preferences.
Rising concerns about sustainability contribute to the popularity of hemp milk in the region.

For more information about this report visit https://www.researchandmarkets.com/r/mcu5kv

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