The hemp milk market is flourishing, with revenues expected to reach US$ 236.4 million by 2032 at a predicted 7.3% CAGR. Growing interest in plant-based diets, enhanced flavour profiles, and the health benefits of hemp milk are propelling this trend away from traditional dairy products.
With a 7.3% compound annual growth rate and expected sales of US$ 236.4 million by 2032, the hemp milk business is rising impressively. The availability of a wider range of tastes of hemp milk and the growing popularity of plant-based diets are the primary causes of this rise. Consumers are also realising that hemp milk is a healthier option than conventional dairy milk because of its high protein, vitamin, and omega-3 fatty acid content.
According to a recent report by Future Market Insights, sales of hemp milk are expected to grow at a 7.3% CAGR over the course of the decade, reaching a value of US$ 236.4 Million by 2032.
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The hemp milk market is on an impressive trajectory, poised to reach a valuation of US$ 236.4 million by 2032, reflecting a robust compound annual growth rate (CAGR) of 7.3%. This surge in the market is underpinned by the increasing interest in plant-based diets, the enhanced flavor profiles of hemp milk, and the undeniable health benefits it offers, diverting consumers from traditional dairy products.
As plant-based diets gain traction and consumers seek diverse and healthier alternatives, hemp milk sales are predicted to soar during the forecasted period. The market has witnessed a proliferation of hemp milk varieties, including unsweetened, flavored, and neutral options, catering to different preferences.
Consumers are recognizing the health advantages of hemp milk, which boasts high protein, vitamin, and omega-3 fatty acid content, positioning it as a superior choice compared to conventional dairy milk. The growing popularity of hemp milk is not only driven by its nutritional benefits but also by the increasing awareness of the drawbacks associated with gluten intolerance and lactose sensitivity.
Key Takeaways:
Sales of hemp milk in the U.S. are forecasted to grow at a robust 5.7% CAGR, solidifying its dominance in the North America hemp milk market. The Italy hemp milk market is expected to witness an impressive 11.7% CAGR, reflecting the growing acceptance and demand for plant-based alternatives. In terms of distribution channels, the offline segment is projected to claim over three-quarters of the market share in 2022.
Additionally, consumers are becoming more aware of the health benefits of hemp milk. Because it contains protein, vitamins, and omega-3 fatty acids, it is a better option than conventional dairy milk.
Due to its high source of vitamins and minerals like calcium, iron, and others, hemp milk has grown in popularity among people who like physical activity. Growing consumer demand for clean-label and organic products, as well as rising consumption of prepared foods and beverages, will drive market expansion.
“Increasing incorporation of hemp milk in the foodservice sector is expected to fuel demand in the market in the forthcoming years. Besides this, growing popularity of veganism across emerging economies will boost sales over the forecast period,” says and FMI analyst.
Key Takeaways from Market Study
- Sales of hemp milk in the U.S. are projected to increase at a 5.7% CAGR, accounting for a dominant share of the North America hemp milk market.
- Demand in the Italy hemp milk market are forecast to grow at a 11.7% CAGR over the forecast period.
- In terms of sales channel, total sales in the offline segment are projected to hold more than 3/4th of the market share in 2022.
Competitive Landscape:
The hemp milk market is characterized by intense competition, with both domestic and international players vying for market share. Key players in the industry include Drink Daily Greens LLC, PACIFIC FOODS OF OREGON, LLC., Wild Harvest, Good Hemp Food, Cell-Nique Corporation, The Fix Juice Pty Ltd, Organic Hemp Milk Australia, Manitoba Harvest Hemp Foods, Goodmylk Co., Ecomil, milkadamia, and Victory Hemp Foods.
Key players operating global hemp milk market are investing in partnerships and collaborations with other manufacturers in order to expand their product manufacturing facilities. For instance:
- SunOpta announced in February that it had purchased Dream and WestHemp from the Hain Celestial Group, two of the largest and most established brands in the shelf-stable plant-based dairy products sector. SunOpta increased its beverage plant capacity in Allentown, Pennsylvania.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of hemp milk presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
Find out how the hemp milk industry’s strategic decisions are affecting the market to gain a deeper understanding of it. Obtain Your Complete Report Now Purchasing and Growing : https://www.futuremarketinsights.com/checkout/14596
Hemp Milk Market by Category
By Form:
- Liquid
- Powder
By Flavor Type:
- Original/Unflavoured
- Flavoured
- Chocolate
- Vanilla
- Other Flavours
By End-Use:
- Dairy Products
- Cheese
- Yoghurt
- Butter
- Spreads
- Ice Cream
- Frozen Dessert
- Bakery and Confectionery
- Milk & Milk Based Beverages
- Retail Sales
By Sales Channel:
- Direct Sales
- Indirect Sales
- Modern Trade
- Convenience Store
- Departmental Store
- Traditional Store
- Specialty Store
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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Frequently Asked Questions
- At what rate will the hemp milk market grow?
- What are the key factors driving the hemp milk market?
- Which is the most attractive region in the global hemp milk market?
- Who are the key players in the hemp milk market?
Recent Developments:
In February, SunOpta announced the acquisition of Dream and WestSoy from the Hain Celestial Group, expanding its presence in the shelf-stable plant-based dairy products sector.
As more people become aware of the benefits of plant-based food and beverage options, hemp milk sales are predicted to rise during the anticipated timeframe. There are many different kinds of hemp milk being created, including unsweetened, flavoured, and flavourless variations.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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