Most Exhaustive Report

Hemp Milk Market - Global Outlook and Forecast 2019-2024

Most Exhaustive Report

Hemp Milk Market - Global Outlook and Forecast 2019-2024

SKU : ARZ190515 Published on : July 2019 Pages : 223

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This research report on the global hemp milk market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by variants (flavored and unflavored), categories (sweetened and unsweetened), products (organic and non-organic), distribution channels (online and offline), and geography (North America, Europe, APAC, Latin America, MEA).

Hemp Milk Market: Overview

Consumers are primarily opting for non-dairy milk products due to their high nutritional properties

Hemp milk is a plant-based milk alternative, which is produced by grounding and mashing hemp seeds with water. It resembles natural dairy milk in color and texture; however, it greatly differs in nutritional content. It is a premium non-dairy milk product, which is rich in nutrients. Hemp is a fast-growing and environmentally friendly crop with a low production cost. Currently, around 50 countries are producing hemp, with China, Canada, and the European Union accounting for the most significant production shares.

Consumers are primarily opting for non-dairy milk products due to their high nutritional properties. Further, with the growing health awareness about the benefits of organic food, the demand for organic hemp milk is expected to increase during the forecast period. According to surveys, approximately 43% of consumers prefer food that contains natural ingredients and are free from genetically modified organisms (GMOs).

Also, several renowned celebrities, athletes, and major companies such as Google are promoting the consumption of plant-based products. Thus, manufacturers are looking forward to introducing flavored hemp milk with low-calorie content or unsweetened varieties to target adult consumers, which are expected to drive the hemp milk market worldwide in the coming years. The hemp milk market is likely to reach around $454 million by 2024, growing at a CAGR of approximately 16% during 2018–2024.

Hemp Milk Market: Dynamics

The market is driven by the growing preference for vegan and plant-based food

Nowadays, consumers are becoming increasingly health-conscious and trying to imbibe a healthy lifestyle. Hemp milk is a leading product in the non-dairy product's market, which advocates the well-being of consumers. The growing preference for vegan and plant-based diets among consumers due to increasing concerns over animal rights and growing responsiveness toward environmental protection is driving the market for plant-based food and beverages. According to the research commission by the Vegan Society in partnership with Vegan Life magazine, the number of vegan people has increased by 360% in the UK in the last decade, whereas it has reached 600%in the US in the last three years. It is estimated that if the global population switches to the vegetarian diet, it can save up to 8 million lives by 2050, reduce greenhouse emissions by two-thirds, and avoid damages to climate change worth $1.5 trillion.

The non-dairy milk market, which includes products such as creamers, butter, yogurt, ice cream and plant-based cheese, witnessed a significant growth of 50% in 2018. The sale of non-dairy products grew tremendously by 2018. Further, several sports professionals and celebrities have promoted vegan foods, thereby driving demand in the hemp milk market.

Hemp Milk Market: Segmentation

This market research report includes detailed market segmentation by variants, category, product type, distribution, and geography.

  

Hemp Milk Market: Variants

Unflavored variants have a high quantity of proteins and omega-3 fatty acids with low-fat content.

The hemp milk market by flavors can be segmented into flavored and unflavored. The unflavored segment captured nearly three-fourths market share in 2018 and is expected to grow at a CAGR of around 15% during the forecast period. Unflavored hemp milk has a high quantity of proteins and omega-3 fatty acids with low-fat content. These features are the major reasons for its high demand. Unflavored milk is available in both sweetened and unsweetened forms. The unflavored variant is primarily used by consumers suffering from health disorders as it is low on calories and sugar content. Further, the growth in the health-conscious population is expected to drive the demand for unflavored hemp milk products globally.

With the rise in chronic health diseases such as obesity, overweight, heart diseases, consumers are shifting toward the consumption of beverages with low-calorie content, which, in turn, is expected to hamper the demand for flavored hemp milk products during the forecast period. Hence, manufacturers are expected to introduce unsweetened and flavored variants with low-calorie content.

Hemp Milk Market: Category

Enhanced taste and innovative flavors are the primary factors for the growth of the sweetened segment

The hemp milk market by category can be segmented into sweetened and unsweetened. The sweetened milk segment is dominating the market. Enhanced taste and innovative flavors are the primary factors for the augmented growth of the sweetened segment. Sweetened milk is available in different flavors such as chocolate, vanilla flavored and varieties such as creamy, original, and others.

The unsweetened hemp milk market, on the other hand, is growing fast and is expected to grow at a CAGR of around 17% during the forecast period. The increasing number of health-conscious population has fueled the demand for unsweetened milk products. Tempt, Pacific Foods, EcoMil, and Hemp Bliss are major brands in the unsweetened milk market.

Hemp Milk Market: Products

Non-organic milk products are flourishing across North America

The market by products can be segmented into organic and non-organic. The organic segment captured about three-fourths of the market in 2018. The growing awareness of organic food and the increasing per capita on organic food products are expected to boost the demand for organic hemp milk during the forecast period.

The non-organic milk segment is growing at a CAGR of around 15%. Although the demand for organically grown hemp is growing among consumers, many farmers do not grow hemp organically as it can reduce the growth efficiency and potential profits for them. The non-organic milk market is flourishing well in North America. European farms have been growing high-quality hemp without organic certification.

Hemp Milk Market: Distribution Channels

The growing internet penetration is contributing to the growth of the online channels

The hemp milk market by distribution can be segmented into online and offline. The offline market is growing profusely and captured more than three-fourths of the market in 2018. It includes supermarkets, hypermarkets, retail outlets, pharmacies, and medical stores. Supermarkets and hypermarkets dominated offline sales, with a share of 55% in 2018. Retail stores provide lucrative offers and discounts, which help to gain the attraction of consumers.

Further, the growing internet penetration is aiding awareness of hemp products, thereby affecting the online market. The online market has majorly benefited commercial buyers since it provides them plenty of options to consider, such as cost, product features, brand reputation.

Hemp Milk Market: Geography

Europe is a major upcoming market for hemp products because it is witnessing a high demand for non-dairy milk

The hemp milk market by geography can be segmented into North America, Europe, APAC, Latin America, and MEA. North America captured around half of the market in 2018. The growing awareness and increasing demand for hemp-based products, the growing need for non-dairy or plant-based milk, the increasing vegan population, and the changing regulatory landscape are primarily driving the market in the region.

Further, Europe is one of the major consumers of industrial hemp. It is witnessing a high demand for non-dairy milk, which is increasing the hemp milk market size in the region.

APAC is the fastest growing market for hemp milk. Rising per capita income and increasing health-conscious population are expected to drive the market in the region. Further, changing dietary patterns and growing prevalence of lactose intolerance and dairy allergies are supporting the growth in MEA and Latin America.

Key Countries Profiled:

  • US
  • Canada
  • Italy
  • Germany
  • France
  • China
  • Japan
  • Australia
  • UAE
  • South Africa
  • Brazil
  • Mexico

Key Vendor Analysis

The hemp milk market is fragmented in nature, where market vendors are competing based on product quality, product innovations, and competitive pricing. The future market growth mainly depends on the ability to anticipate, gauge, and adapt to the constantly changing market trends and successfully introduce new or improved products promptly. Further, the market is likely to remain highly competitive and volatile, and the competition is expected to intensify further during the forecast period with an increase in milk production technological innovations.

Prominent Vendors

  • Hudson River Foods
  • Pacific Foods of Oregon INC.
  • Wild HARVEST
  • The Fix
  • Organic Hemp Milk Australia
  • Braham & Murray
  • Fresh Hemp Foods Ltd.
  • MaMilk
  • Good Mylk Co.

Key Market Insights

  • Offers market sizing and growth prospects of the hemp milk market for the forecast period 2019–2024
  • Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the hemp milk market
  • Includes a detailed analysis of market growth drivers, challenges, and investment opportunities
  • Delivers a complete overview of market segments and the regional outlook of the hemp milk market
  • Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the hemp milk market

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