Future Prospects: Hemp Milk Market to Grow at 5.9% CAGR Through 2034
According to a recent report by Future Market Insights, sales of hemp milk are estimated to reach a value of USD 229 million by 2034, surging at 5.9% CAGR through the decade.
Rising awareness regarding the functional benefits of plant-based food and beverage products is expected to drive sales of hemp milk over the forecast period. Manufacturers are launching a wide variety of hemp milk such as unsweetened, flavored, and non-flavored options.
Hemp Milk Market
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Further, consumers are getting more aware of the health benefits of hemp milk. It contains omega-3 fatty acids, protein, and vitamins, and is low in fat, making it a desirable substitute for conventional dairy milk.
Hemp milk is also a great source of minerals and vitamins like calcium, iron, and others, which has increased its popularity among fitness enthusiasts. Growing consumption of ready-made foods and beverages, along with high preference for organic and clean-label products will augment the growth in the market.
“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 the 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.
Competition Landscape
Some of the leading players in the hemp milk market 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.
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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.
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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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