Asia Pacific Hemp Milk Market

Asia Pacific Hemp Milk Market Analysis

Asia Pacific Hemp Milk Market is expected at USD xx.xx million in 2024 and is anticipated to extent an over of USD xx.xx million by the end of the assessment period. The Asia Pacific Hemp Milk Market is estimated to experience reasonable growth to record a CAGR of xx.xx% throughout the estimate period (2024 to 2029).

Hemp milk is a good source of vitamins and minerals such as iron, calcium and others that have increased its popularity among fitness enthusiasts. It offers health benefits in the form of low-calorie, less sweet food products, lots of protein, and several essential fatty acids. In a 100 milliliter serving, hemp milk provides 46 calories from 3 g of carbohydrates, 3 g of fat and 2 g of protein. Based on the type, the market is classified into plain, flavored, and sugar-free flavor. According to the sales channel, the market is divided into hypermarkets, supermarkets and e-commerce. In addition, several celebrities, athletes and large companies such as Google are promoting the consumption of herbal products. Manufacturers are therefore eagerly awaiting the introduction of low-calorie flavored hemp milk or sugar-free varieties to target adult consumers, which are expected to drive the global hemp milk market for years to come.

Recent Developments 

Private equity investor Inverleith bought a majority stake in plant-based food and beverage brand Good Hemp after striking a "seven-figure" deal. This investment will enable the Devon-based brand to expand its product portfolio, expand the reach of its Good Hemp milk alternative product in the UK and overseas and increase its commercial presence. Good Hemp was founded by Henry Braham and Glynis Murray on their Devon farm in 2004, first launching their 'Good Oil' product in UK retail in 2005.

Food Company Campbell's Soup has announced that it will acquire Pacific Foods, known for its stable plant-based dairy products, for $ 700 million. According to Greg Wank of business consulting firm Anchin, the deal is important to Campbell because it positions the brand to be more aligned with current food trends. This acquisition allows us to expand into faster growing spaces such as organic and functional foods. Over the past year, a growing number of major food companies have acquired plant-based brands, including the meat company Maple Leaf Foods, which bought the meat substitute company Lightlife Foods.

The Healthy Brands Collective Corporation acquired Living Harvest Foods, a hemp products company that makes a leading brand of hemp milk, Tempt. Living Harvest is the fourth acquisition by Healthy Brands Collective, an acquisition-driven company formed by Cell-Nique founders Dan and Donna Ratner. The company also owns the hibiscus soda brand Ooba, the allergy-sensitive bakery company Cherrybrook Kitchen, and the snack company Yumnuts.

Market Drivers and Restraints

The world market for hemp milk is experiencing significant growth due to the increased consumption of plant-based milk. Hemp milk is high in protein, omega-3 fatty acids, low in fat and vitamins, making it a desirable alternative to cow's milk. The global health and wellness industry has seen tremendous growth in recent years due to growing health challenges which, in turn, are driving the hemp milk market. Manufacturers are introducing a variety of flavored and sweetened hemp milks to attract the attention of consumers, thus driving the growth of the hemp milk market. Hemp milk is a good source of vitamins and minerals such as iron, calcium and others that have increased its popularity among fitness enthusiasts, thus driving the growth of its market. Increased consumption of prepared foods and beverages by consumers due to their fast pace of life has also helped fuel the growth of the hemp milk market. Many cafes and restaurants have started incorporating hemp milk to prepare drinks such as lattes, shakes and others due to the significant increase in the vegan population, this has positively impacted the growth of the global hemp milk market. The shift in consumer preference towards vegan products due to factors such as health awareness and animal welfare has boosted the market for hemp milk. Consumers are turning to plant-based milk due to the increasing incidence of lactose intolerance and celiac disease, which has increased the rate of hemp milk consumption. These factors have helped drive the global market for hemp milk. The relatively low market penetration of hemp milk in several developing economies, as well as the presence of an established consumer base of dairy products in countries, hamper the market for hemp milk. The presence of substitutes such as almond milk, soy milk and others on the market is likely to slow down your market growth.

Market Segmentation

The Asia Pacific Hemp Milk Market can be segmented according to variants, category, product type, and distribution channel. Depending on the variants it can be divided into unflavoured and flavoured. On the basis on category for Global Hemp Milk Market it can be divided into unsweetened and sweetened. Depending on the product type it can be divided into non-organic and organic. Depending on the distribution channel it can be divided into offline and online.

Impact of covid-19 on Asia Pacific Hemp Milk Market

Agricultural products, which are the key raw material for the later stages of the food value chain, can become a potential source of bottleneck for the food and beverage industry. This is especially true for countries like Australia, which imports essential plant protection products and agrochemicals on a large scale from China. China is home to a significant number of large-scale manufacturers, accounting for around 30-35% of global agrochemical production. The country is one of the largest producers of ready-to-use pesticides and active ingredients that are used to form the basis of various phytosanitary products formulated in importing countries. Factors such as poor logistics due to traffic control and restrictions on public movement in the affected state of China can lead to supply disruptions.

Regional Analysis

The market for Asia Pacific Hemp Milk has been categorized on the basis of geography to offer a clear understanding of the market. The Market for Asia Pacific Hemp Milk has been divided into China, Taiwan, South Korea, India, Japan, Australia, and New Zealand, and the rest of the Asia-Pacific. The Asia-Pacific region is expected to experience significant growth in the coming years. The presence of countries like China and India, which are the world's leading hemp producers, is helping to drive the market. The abundant availability of raw materials in the region is also an important factor driving market growth.

Leading Company

Hudson River Foods had the largest share of the Asia Pacific Hemp Milk Market in terms of sales revenue in 2021.

Key Players

The Asia Pacific Hemp Milk Market is concentrated with well-established players. Key players in the Asia Pacific Hemp Milk Market include Tilray, Hudson River Foods, The Fix, Nutriops, S.L, Milkadamia, Organic Hemp Milk Australia, Good Hemp Food, Living Harvest Foods, Inc, Good Mylk Co., and Pacific Foods of Oregon