Hemp Milk Market Size, Top Brands, Demand Analysis, Industry Growth Report 2024-2032

IMARC Group, a leading market research company, has recently releases report titled "Hemp Milk Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" The global hemp milk market size reached US$ 290.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 812 Million by 2032, exhibiting a growth rate (CAGR) of 12.05% during 2024-2032.

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Factors Affecting the Growth of the Hemp Milk Industry:

• Increasing Demand for Healthy Food Products:

The growing demand for hemp milk on account of the rising awareness among individuals about maintaining a healthy mind and body is offering a positive market outlook. In line with this, consumers are adopting nutritious alternatives to traditional dairy products. Hemp milk is a rich source of omega-3 and omega-6 fatty acids, which are essential for heart and brain health. It also has vitamin D and minerals like calcium and magnesium that assist in maintaining stronger bones. Apart from this, the increasing consumption of hemp milk, as it offers enhanced taste and essential nutrients, is impelling the market growth.

• Rising Preferences for Plant-Based Diets:

The growing preferences for plant-based diets among the masses around the world are positively influencing the market. In addition, vegans and individuals with lactose intolerance or dairy allergies are increasingly preferring hemp milk as a suitable and nutritious replacement for cow milk. Besides this, the escalating demand for vegan diets due to rising concerns about animal welfare and environmental sustainability is offering a positive market outlook. Furthermore, hemp milk is widely utilized in various culinary applications, including smoothies, coffee, cereal, and baking, to attract a large consumer base.

• Growing Environmental Concerns:

People are increasingly preferring food products that are ethically sourced and reduce the carbon footprint in the environment. In line with this, hemp plants are known for their low environmental impact, as they require less water and fewer pesticides compared to other crops. This sustainability aspect resonates with eco-conscious consumers who are looking to reduce their carbon footprint and support sustainable agriculture. Furthermore, people are adopting hemp milk over conventional dairy or less sustainable plant-based milk alternatives, which is bolstering the market growth.

Leading Companies Operating in the Global Hemp Milk Industry:

• Good Hemp Food
• Goodmylk Co.
• Hudson River Foods
• Living Harvest Foods Inc
• Manitoba Harvest Hemp Foods
• Pacific Foods of Oregon Inc
• Sunopta Inc

Explore Full Report: https://www.imarcgroup.com/hemp-milk-market

Hemp Milk Market Report Segmentation:

By Variant:

• Flavored
• Unflavored

On the basis of variant, the market has been bifurcated into flavored and unflavored.

By Type:

• Sweetened
• Unsweetened

Sweetened accounted for the largest market share due to rising consumer preferences for rich flavors.

By Category:

• Organic
• Conventional

Organic represented the largest segment on account of increasing number of health-conscious people.

By Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores

Supermarkets and hypermarkets hold the biggest market share as they offer enhanced convenience to users and provide a wide range of products in one place.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America enjoys the leading position in the hemp milk market on account of the increasing focus on maintaining a healthy lifestyle among people.

Global Hemp Milk Market Trends:

The rising legalization and acceptance of hemp-based products are strengthening the growth of the market. In addition, consumers are willing to explore and incorporate hemp milk into their diets without concerns about legality or safety. Besides this, governing agencies of several countries are encouraging farmers to cultivate hemp by offering incentives, which is impelling the market growth.

The wide availability of hemp milk through online and offline distribution channels around the world is contributing to the growth of the market. These channels provide enhanced convenience of shopping to individuals and save their time, which is bolstering the market growth.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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This release was published on openPR.