How big is the Hemp Milk Market?
IMARC Group, a leading market research company, has recently releases report titled “Hemp Milk Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The global hemp milk market size reached US$ 258.78 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 518.62 Million by 2028, exhibiting a growth rate (CAGR) of 12.19% during 2023-2028.
What is Hemp Milk?
Hemp milk is a plant-based beverage that is derived from hemp seeds from a cannabis sativa plant. It comprises minimal levels of tetrahydrocannabinol (THC), which makes it safe and legal for consumption. It is rich in essential nutrients, such as omega-3 and omega-6 fatty acids, proteins, vitamins, calcium, magnesium, and vitamin D, which are beneficial for heart health. It has a creamy texture and nutty flavor and is suitable for individuals with lactose intolerance or dairy allergies. As it is widely utilized in various culinary applications, such as smoothies, coffee beverages, and cereal, the demand for hemp milk is rising across the globe.
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What are the growth prospects and trends in the industry?
Presently, the increasing popularity of hemp milk among health-conscious consumers that are seeking plant-based alternatives represents one of the key factors contributing to the growth of the market. Moreover, the growing demand for dairy-free and vegan-friendly alternatives to traditional animal milk is offering a positive market outlook. Apart from this, the rising awareness about the environmental impact of conventional dairy farming practices is offering lucrative growth opportunities to industry investors. In addition, the increasing prevalence of lactose intolerance and dairy allergies among individuals is bolstering the growth of the market. Furthermore, key players are introducing flavored hemp milk options, such as vanilla and chocolate, to cater to diverse consumer preferences, which is strengthening the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Variant:
- Flavored
- Unflavored
Breakup by Type:
- Sweetened
- Unsweetened
Breakup by Category:
- Organic
- Conventional
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are The Key Players Operating in The Industry?
- Good Hemp Food
- Goodmylk Co.
- Hudson River Foods
- Living Harvest Foods Inc
- Manitoba Harvest Hemp Foods
- Pacific Foods of Oregon Inc and Sunopta Inc.
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