Suppliers are largely targeting health-conscious consumers to increase the demand and sale of their products in the global hemp milk industry.
Arizton’s recent research report on the hemp milk industry provides a comprehensive industry study, trend forecasts, and competitive analysis. The study segments the market by variants (flavored and unflavored), categories (sweetened and unsweetened), products (organic and non-organic), distributions (online and offline), and geography (North America, Europe, APAC, Latin America, and MEA).
The hemp milk industry is likely to reach around $454 million by 2024, growing at a CAGR of 16% during 2018–2024.
Ahigh prevalence of lactose intolerant among people, the growing adoption of hemp milk among fitness enthusiasts, the increasing health-conscious population, and the rising demand for organic food and beverage, and unsweetened flavored hemp milk are the primary factors driving the hemp milk industry.
Growing Adoption of Hemp Milk among Fitness Enthusiasts
Hemp milk is gaining popularity among health enthusiasts as it contains a high quantity of proteins and omega-3 fatty acids with low-fat content. Several eminent medical professionals and dieticians around the world are recommending the consumption of hemp milk to overcome the protein deficiency. Over the last few years, the global health and wellness industry has been witnessing considerable growth mainly due to rising health challenges. Further, hemp milk suppliers are largely targeting health-conscious consumers to increase the demand and sale of their products, which is expected to drive the hemp milk industry in the coming years.
Internet is Shaping Consumer Consumption Patterns
Rapid penetration of the internet is shaping consumers’ shopping and consumption patterns. The online grocery market is expected to grow at an annual rate of 9.5%. The market is witnessing changes in shopping patterns, where end-users are adopting digital channels to check pricing, features, and other related information. Further, factors such as the increased penetration of wireless broadband internet, the strong adoption of smartphones and tablets, and the growth in the number of social media users are driving users to shop on-the-go.
Vendors also using digital and social media to enhance customer experience. The increased penetration of internet, improved economy, and upgrading of purchase and delivery options with the emergence of m-commerce have increased the scope of the e-commerce sector significantly.
Rising Demand for Organic Food and Beverages
In the last couple of years, the demand for organic food and beverages has gained prominence. Research around the world shows that consumers are increasingly seeking non-GMO foods as GMO foods can have a negative impact on human health. GMO crops require more herbicides that cause environmental pollution as well as increase the chances of cancer, obesity, autism, and other diseases. Hence, manufacturers are increasing the supply of non-GMO products. Pacific Foods and Tempting are the leading vendors that have introduced non-GMO and organic hemp milk in the market.
Hudson River Foods, Pacific Foods of Oregon INC., Wild HARVEST, Braham & Murray, Fresh Hemp Foods Ltd., MaMilk, and Good Mylk Co. are the leading vendors in the hemp milk industry.
The complete overview of the latest market research report on the hemp milk market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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