“Global Hemp Milk Market to reach a market value of USD 1.5 Billion by 2031 growing at a CAGR of 15.1%”
The Global Hemp Milk Market size is expected to reach $1.5 billion by 2031, rising at a market growth of 15.1% CAGR during the forecast period. In the year 2023, the market attained a volume of 59,108.2 tonnes, experiencing a growth of 17.7% (2020-2023).
North America, particularly the United States and Canada, has seen a strong demand for plant-based beverages, including hemp milk, driven by increasing consumer awareness about health, sustainability, and alternative dietary preferences. The popularity of vegan, dairy-free, and gluten-free diets has significantly contributed to the rise of hemp milk in this region. Furthermore, North America boasts a well-established retail infrastructure, with widespread availability of hemp milk in supermarkets, health food stores, and online platforms. Thus, the North America region witnessed 42% revenue share in the hemp milk market in 2023. In terms of volume, the North America region is expected to utilize 57,025.7 tonnes of hemp milk by the year 2031.
The increasing awareness about the health benefits of hemp milk has been a significant driver for its market growth. Hemp milk is rich in essential nutrients like omega-3 fatty acids, vitamins, and minerals, making it a valuable alternative for health-conscious consumers. With rising health issues like heart disease and high cholesterol, many people are turning to plant-based options such as hemp milk for its heart-healthy properties. Additionally, Lactose intolerance is a major driver for the increased demand for dairy alternatives, including hemp milk. An estimated 65% of the global population experiences some form of lactose intolerance, with higher prevalence rates in Asia, Africa, and Latin America. This condition has led many people to seek milk alternatives that do not contain lactose, and hemp milk has emerged as a popular choice. Thus, the high number of lactose-intolerant people worldwide drives the market's growth.
However, one key restraint limiting the widespread adoption of hemp milk is the high cost of production. Hemp milk is made by blending water with hemp seeds, which are relatively more expensive than the raw materials used to produce traditional milk or other plant-based alternatives like soy or almond milk. Hence, the high cost of production and pricing challenges are hindering the market's growth.
Based on source, the market is divided into organic and conventional. In 2023, the organic segment garnered 64% revenue share in the market. In terms of volume, 914.76 tonnes of organic hemp milk by the year 2031. The growing preference for organic products, driven by increasing health consciousness and awareness about the benefits of consuming products free from synthetic chemicals and pesticides, has significantly contributed to the dominance of the organic segment.
On the basis of type, the market is segmented into sweetened and unsweetened. In 2023, the unsweetened segment attained 38% revenue share in the market. In terms of volume, 56,848.9 tonnes of unsweetened hemp milk are expected to be utilized by the year 2031. Unsweetened hemp milk is favored by consumers who prefer to control their sugar intake or are following specific dietary plans such as keto, low-carb, or sugar-free diets.
Based on distribution channel, the market is categorized into supermarket & hypermarket, convenience stores, online retail, and others. In 2023, the supermarket & hypermarket segment registered 47% revenue share in the market. In terms of volume, 64,658.2 tonnes of hemp milk is expected to be sold by supermarket & hypermarket by 2031. These retail channels dominate the hemp milk market due to their broad reach, high consumer foot traffic, and the convenience they offer.
By packaging, the market is divided into cartons, bottle, and others. The bottle segment procured 20% revenue share in the market in 2023. In terms of volume, 28,495.7 tonnes of hemp milk in bottle packaging by the year 2031. Bottles, particularly those made of glass or BPA-free plastic, are popular for premium hemp milk brands emphasizing quality and convenience.
Free Valuable Insights: Global Hemp Milk Market size to reach USD 1.5 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 19% revenue share in the market. In terms of volume, the Asia Pacific region is expected to utilize 38,983.5 tonnes of hemp milk by the year 2031. The growing adoption of plant-based diets, particularly in countries like China, Japan, and Australia, has driven the demand for hemp milk in the region.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 501.7 Million |
| Market size forecast in 2031 | USD 1.5 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 15.1% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 341 |
| Number of Tables | 848 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Source, Type, Distribution Channel, Packaging, Region |
| Country scope |
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| Companies Included | Campbell Soup Company (Pacific Foods of Oregon, Inc.), Hudson River Foods, annaharribakes, Living Harvest Conscious Nutrition, Tilray Brands, Inc., The First Mess, Braham & Murray Ltd. and SunOpta, Inc. |
By Source (Volume, Tonnes, USD Billion, 2020-2031)
By Type (Volume, Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)
By Packaging (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
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