The growing health consciousness is expected to increase the demand for unsweetened hemp milk in the future.
Arizton’s recent market research report on the hemp milk industry identifies Hudson River Foods, Pacific Foods of Oregon INC., Wild HARVEST, Braham & Murray, Fresh Hemp Foods Ltd., MaMilk, and Good Mylk Co. as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market 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).
The hemp milk industry is likely to reach around $454 million by 2024, growing at a CAGR of approximately 16% during 2018–2024.
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The global hemp milk industry is divided into five major segments that includes variants, category, product type, distribution, and geography.
The prevalence of a large population with lactose intolerance is one of the major drivers for non-dairy milk products. Global manufacturers are introducing flavored hemp milk with low calorie content or unsweetened varieties to cater to the increasing demand from health-conscious population.
North America is the Largest End-User for the Unflavored Hemp Milk
The unflavored hemp milk dominates the hemp milk market and captured around three-fourths of the market in 2018. North America accounted for the largest market for unflavored hemp milk in 2018. Changing lifestyles, increasing disposable income, and the growing vegan population have also fueled the growth of unflavored hemp. Owing to low calories and sugar content in unflavored hemp milk, it is being largely embraced by people suffering from diabetes, obesity, and other health disorders. The increasing health conscious population is expected to drive the demand for unflavored hemp milk during the forecast period.
Read: Goat Milk Cosmetics Market - Global Outlook and Forecast 2020-2025
The consumption of organic hemp milk is gaining traction due to growing heath awareness
The organic milk market is growing at a significant rate. With growing awareness toward organic food consumption, the demand for organic hemp milk is expected to increase significantly during the forecast period. Organic hemp milk accounted for approximately 65.67% of the global hemp milk market in 2018. With rising popularity of organic food and beverages, the organic hemp milk market share is expected to grow during the forecast period.
Availability of Multiple Flavors is Driving the Demand for Sweetened Milk
North America dominated the market for unsweetened hemp milk market in 2018. With the growing health consciousness in the population, the demand for unsweetened hemp milk is expected to increase in the future. Manufacturers are incorporating new flavors and varieties in the unsweetened hemp milk category to increase the interest among consumers. Tempt, Pacific Foods, EcoMil and Hemp Bliss are major companies offering unsweetened hemp milk.
The sweetened hemp milk industry has captured more than half of the market and is expected to grow at a CAGR of around 15% during the forecast period. Sweetened milk is available in different flavors such as chocolate, vanilla. However, increased sugar consumption is linked with various diseases including, obesity, diabetes, and tooth decay. Consumers are actively looking for products with low or no sugar content, which forms a primary challenge for the growth of sweetened hemp milk industry during the forecast period.
The complete overview of the latest market research report on the hemp milk industry by Arizton is now available.
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The report also 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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