The Hemp Seed Milk Market To Witness Steadfast Growth

The global hemp seed milk market is set to experience a value growth of more than 11% CAGR over the next ten years, reaching a worth of around US$ 415 Mn by the end of 2031. Application of hemp seed milk is increasing in the nutraceutical industry, owing to rising preference for healthy, organic, and nutritious food products. Demand for hemp seed milk has surged because it is the best alternative to dairy products for consumers suffering from lactose intolerance.

Shifting preference toward vegan products is also accelerating market expansion. Many companies are using aseptic packaging methods to increase the shelf life of products up to 18 months without the need for refrigeration or any other preservatives. Increase in consumption of convenience food & beverages owing to fast-paced lifestyles has also contributed to rising demand for hemp seed milk.

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Key Takeaways from Market Study
• The market for hemp seed milk in countries of North America & Europe is expected to grow at CAGRs of 7.7% and 13.2%, respectively, through 2031.
• Regular hemp milk is witnessing a prominent market value share of around 57%.
• Key contributing factor for high production ratio of hemp seed milk is long shelf-life without any added preservatives or chemicals.
• North America and Europe hold more than half share of the global market, mainly on the back of high consumption of hemp seed milk-based products in these regions.
• The U.S. and Italy hold significant shares for hemp seed milk in North America and Europe, respectively.
• COVID-19 has had a moderate impact on the sales of hemp seed milk. However, with increasing demand for healthy, organic, and nutritious food products, losses are expected to be recovered in the near term.

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Competitive Landscape
Hemp seed milk manufacturers are focusing on increasing its application by investing in research to develop new products. Manufacturers are expected to continue coming up with numerous innovations to expand their product range. They are also constantly making efforts to increase sales across various application industries.

• In February 2019, Tilray Inc., acquired Fresh Hemp Foods Limited, the parent company of Manitoba Harvest. This acquisition is expected to add to its product portfolio of food and wellness products in the U.S. and Canada.

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

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This release was published on openPR.