Hemp Milk Market Size, Share & Industry Analysis, By Variants (Flavoured, Unflavoured), By Type (Sweetened, Unsweetened), By Category (Organic, Conventional), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail) and Regional Forecast, 2024-2032

The global hemp milk market is witnessing significant growth due to the rise in consumption of plant-based milk. The hemp milk contains a high amount of protein, omega-3 fatty acids, low-fat content, and vitamins which makes it a desirable alternative to cow milk. The global health and wellness industry observed considerable growth in recent years due to the growing health challenges, which in turn is driving the hemp milk market. The manufacturers are introducing a variety of flavoured and sweetened hemp milk to draw consumers’ attention, thus fuelling the hemp milk market growth.

Hemp milk is a good source of vitamins and minerals such as iron, calcium, and others have increased its popularity among the fitness enthusiast, thus driving its market growth. The increase in consumption of convenience food and beverages by the consumers owing to their fast-paced lifestyles has also contributed to fuel the hemp milk market growth. Numerous cafes and restaurants have started incorporating hemp milk for preparing beverages such as lattes, smoothies, and others due to the significant rise in vegan population This has positively impacted the global market growth of hemp milk.

The shifting consumer preference towards vegan products due to factors such as health awareness and animal welfare has driven the hemp milk market. The consumers are switching to plant-based milk due to the rising incidences of lactose-intolerance and celiac disease, which has spurred the consumption rate of hemp milk. These factors have aided in driving the global hemp milk market.

Key Market Driver -

Increasing Inclination of Consumers Towards Vegan Products

Key Market Restraint -

Low Market Penetration Compared to Dairy-Based Products

The relatively low market penetration of hemp milk in various developing economies, along with the presence of established consumer base of dairy-based products in the countries hampers the hemp milk market. The presence of substitutes such as almond milk, soymilk, and others in the market are likely to restraint its market growth.

Key Players Covered:

The key companies operating in the global hemp milk market are, Hudson River Foods, Pacific Foods of Oregon INC., Good Mylk Co., Living Harvest Foods, Inc, Good Hemp Food, Organic Hemp Milk Australia, Milkadamia, Nutriops, S.L, The Fix, and Tilray, Inc.

The global hemp milk market is segmented by variant, type, category, distribution channel, and geography. The unflavoured variant segment is leading owing to milk containing a high amount of proteins, omega-3 fatty acids, and low-fat content. The unflavoured hemp milk is also widely utilized for preparing beverages such as smoothies, coffees, hot chocolate and others. These factors majorly drives the market. The sweetened milk segment is leading the type segment. The enhanced taste and unique flavour of sweetened hemp milk are the factors that supports the market growth. The organic segment is holding a major share in the hemp milk market. The rising awareness among the consumers about the health benefits associated with organic products aids in the market growth.

The supermarkets and hypermarkets are the most preferred distribution channel by the consumers for purchasing hemp milk products. These mass merchandisers provide lucrative offers and discounts on bulk buying for enhancing the consumers' buying experience. The online retail stores offer a wide range of products in different brands and at discounted prices, thus gaining consumers' attention.

Regional Analysis:

North America is anticipated to witness significant growth in the upcoming years. The rising awareness among the consumers about the health benefits associated with hemp milk has driven its market. The increasing 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. has increased by 5% since 2014 which sums up to 1.62 million people in the country have turned vegan.

Europe is witnessing substantial growth in the hemp milk market owing to the consumers shifting preference towards plant-based dairy alternatives. The increasing demand for plant-based milk beverages by the consumers has led to wide incorporation of hemp milk in various functional beverages, which in turn drives its regional market.

Asia Pacific region is expected to witness significant growth in the upcoming years. The presence of countries such as China and India, which are the leading global producers of hemp helps drive the market. The abundance availability of raw materials in the region is also a major factor that fuels market growth.

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Segmentation

Key Industry Developments

• In February 2019, Tilray, Inc., a Canadian cannabis company acquired Fresh Hemp Foods Ltd., the parent company of Manitoba Harvest. The acquisition is expected to aid Tilray expand its product portfolio of hemp-derived food and wellness products in the U.S. and Canada. The company Manitoba Harvest manufactures hemp milk, hemp harts, hemp protein powder, and other hemp derived products.


• In June 2018, Refresh Whole Foods launched hemp milk in Australia after it was permitted for use by regulators. The product is made using dates, sea salt, hemp and water.