The Hemp Milk Market is Predict to reach USD 1.5 Billion by 2031, at a CAGR of 15.1%

Hemp Milk Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, 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).

The Sweetened segment is leading the Global Hemp Milk Market by Type in 2023; thereby, achieving a market value of $884.5 million by 2031. Sweetened hemp milk appeals to consumers who prefer a richer, sweeter taste in plant-based milk alternatives. This segment is particularly popular among those who use hemp milk in desserts, smoothies, and baked goods, where a touch of sweetness enhances the overall flavor. The growing demand for convenient, ready-to-consume beverages, as well as the increasing preference for plant-based, dairy-free options that also cater to sweet cravings, has significantly contributed to the success of the sweetened hemp milk segment.

The Conventional segment is anticipating a CAGR of 15.8% during (2024 - 2031). Conventional hemp milk is produced using hemp plants grown with standard farming methods, which may include pesticides and fertilizers. Despite the rising popularity of organic products, conventional hemp milk remains a popular choice due to its affordability and wide availability. Conventional hemp milk is often priced lower than its organic counterpart, making it an attractive option for price-sensitive consumers. Additionally, the conventional segment benefits from strong distribution networks and is commonly found in local grocery stores and larger retail chains.

The Cartons segment is leading the in the Global Hemp Milk Market by Packaging in 2023; thereby, achieving a market value of $977.9 million by 2031. Carton packaging is widely preferred for plant-based beverages like hemp milk due to its ability to preserve the freshness and nutritional value of the product for extended periods. Additionally, cartons are lightweight, durable, and easy to store, making them a popular choice among consumers. The tetra pak and aseptic packaging technology used in cartons ensures that hemp milk is protected from light and air, preventing spoilage without preservatives. This type of packaging is also environmentally friendly, as many carton manufacturers offer recyclable options, appealing to eco-conscious consumers.

The Online Retail segment is registering a CAGR of 15.7% during (2024 - 2031). The increasing preference for online shopping, especially post-pandemic, has contributed to the rapid growth of e-commerce platforms as a key distribution channel for hemp milk. Consumers are now more inclined to purchase plant-based milk alternatives online due to the convenience of home delivery, a wide selection of brands, and often better pricing. Online retail platforms also provide detailed product information, customer reviews, and comparison tools, making it easier for consumers to choose hemp milk based on their preferences and dietary needs.

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

The North America region dominated the Global Hemp Milk Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $599.6 Million by 2031. The Europe region is experiencing a CAGR of 14.9% during (2024 - 2031). Additionally, The Asia Pacific region would showcase a CAGR of 15.9% during (2024 - 2031).

List of Key Companies Profiled

• 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.
• SunOpta, Inc.

Hemp Milk Market Report Segmentation

By Source (Volume, Tonnes, USD Billion, 2020-2031)

• Organic
• Conventional

By Type (Volume, Tonnes, USD Billion, 2020-2031)

• Sweetened
• Unsweetened

By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)

• Supermarket & Hypermarket
• Convenience Stores
• Online Retail
• Other Distribution Channels

By Packaging (Volume, Tonnes, USD Billion, 2020-2031)

• Cartons
• Bottle
• Other Packaging

By Geography (Volume, Tonnes, USD Billion, 2020-2031)

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Hemp Milk Market Size | Growth Report 2031

• November-2024
• 105 Pages

LAMEA Hemp Milk Market Size, Share & Forecast Analysis | 2031

• November-2024
• 124 Pages

Europe Hemp Milk Market Size, Share, Forecast Report [2031]

• November-2024
• 126 Pages

Asia Pacific Hemp Milk Market Size | Industry Trend to 2031

• November-2024
• 129 Pages