Hemp Milk Market

Hemp Milk Market Overview:

Hemp Milk Market is expected at USD xx.xx million in 2021 and is anticipated to the extent an over of USD xx.xx million by the end of the assessment period. The Hemp Milk Market is estimated to experience reasonable growth to record a CAGR of 16.0% throughout the estimated period (2022 - 2027).

Hemp milk is an alternative to plant-based milk, which is produced by grinding and grinding hemp seeds with water. It resembles natural cow's milk in color and texture; however, its nutritional content is very different. It is a premium quality non-dairy dairy product, rich in nutrients. Hemp is a fast growing and environmentally friendly crop with a low production cost. Currently, around 50 countries produce hemp, with China, Canada and the European Union accounting for the largest production quotas. Consumers mainly opt for non-dairy dairy products due to their high nutritional properties. Furthermore, with the growing health awareness about the benefits of organic food, the demand for organic hemp milk is expected to increase during the forecast period. According to surveys, around 43% of consumers prefer foods that contain natural ingredients and are free of genetically modified organisms (GMOs).

Recent Developments

In February 2019, Tilray, Inc., a Canadian cannabis company, acquired Fresh Hemp Foods Ltd., the parent company of Manitoba Harvest. This acquisition is expected to help Tilray expand its portfolio of hemp-derived food and wellness products in the United States and Canada. Manitoba Harvest manufactures hemp milk, hemp deer, hemp protein powder, and other hemp-derived products.

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.

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.

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.

Market Drivers and Restraints:

Today, consumers are becoming more health conscious and trying to imbue themselves with a healthy lifestyle. Hemp milk is a leading product in the non-dairy market, which promotes the well-being of consumers. Increasing consumer preference for vegan and plant-based diets due to growing concern for animal rights and increasing responsiveness to environmental protection is driving the market for plant-based foods and beverages. According to the Vegan Society's commission of inquiry in association with Vegan Life magazine, the number of vegans has increased by 360% in the UK over the past decade, while it has reached 600% in the US last three years. It is estimated that if the world's population switches to a vegetarian diet, it can save up to 8 million lives by 2050, reduce greenhouse gas emissions by two-thirds, and prevent the damage caused by climate change from being worth 1.5 trillion Dollars. The non-dairy milk market, which includes products such as creams, butter, yogurt, ice cream and cheeses of plant origin, experienced a significant growth of 50% in 2018. The sale of non-dairy products increased significantly in 2018. In addition, several professionals Sports and celebrities have been promoting vegan foods, thus driving market demand for hemp milk. However, the easy availability of hemp milk substitutes such as cow's milk and others on the market is a key factor that is expected to slow the growth of the target market.

Market Segmentation:

The 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. The unflavored segment captured nearly three-quarters of the market share in 2018 and is expected to grow at a CAGR of around 15% over the forecast period. Unflavored hemp milk contains a large amount of protein and low-fat omega-3 fatty acids. These characteristics are the main reasons for its high demand. On the basis on category for Global Hemp Milk Market it can be divided into unsweetened and sweetened. The sugar milk segment dominates the market. Improved taste and innovative flavors are the main drivers of the higher growth of the sweet segment. Sugary milk is available in different flavors such as chocolate, vanilla, and varieties such as creamy, original, and others. Depending on the product type it can be divided into non-organic and organic. The organic segment captured around three-quarters of the market in 2018. The growing awareness of organic food and the per capita rise in organic food products is expected to drive demand for organic hemp milk during the forecast period. Depending on the distribution channel it can be divided into offline and online. The offline market is growing and captured more than three-quarters of the market in 2018. It includes supermarkets, hypermarkets, Points of sale, pharmacies and medical stores. Supermarkets and hypermarkets dominated offline sales, with a 55% share in 2018. Retail stores have lucrative deals and discounts that help attract consumers.

Impact of COVID-19 on Hemp Milk Market

The lockdown is expected to affect Hemp Milk industry, with logistical disruptions and restricted movement of labor. Workers migrate to their places of origin from the cities. This will have an impact on the availability of raw materials, the operations of the manufacturing facilities after possible closures, the disruption of import / export ports, and the availability of labor during the next harvest season, for example, and a slowdown in the rate at which grocery stores stock up, leading to supply, demand imbalances and increased price volatility. The lockdown will also have a significant impact on small informal businesses and lead to job losses, including daily gambling. Combined with an economic downturn, farmer / consumer incomes will undoubtedly suffer.

Regional Analysis:

The Hemp Milk Market has been categorized on the basis of geography to offer a clear understanding of the global market, the world Market for Hemp Milk has been studied in four regions: North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Among all regions, the North America is expected to see significant growth in the coming years. Growing awareness among consumers of the health benefits associated with hemp milk has boosted its market. The growing vegan population and the changing regulatory landscape in the region also boosted the performance of regional hemp milk sales. The vegan population in the United States has grown 5% since 2014, equivalent to 1.62 million people in the country who have become vegan. Europe is experiencing substantial growth in the hemp milk market due to the shift in consumer preference towards plant-based dairy substitutes. Increasing consumer demand for herbal dairy beverages has led to the widespread incorporation of hemp milk into various functional beverages, which in turn is boosting their regional market. 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 top 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. Latin American countries offer many expansion opportunities to the main players. The growing number of health-conscious populations has driven the demand for sugar-free dairy products. Tempt, Pacific Foods, EcoMil and Hemp Bliss are major brands in the unsweetened milk market. The Middle East and Africa is one of the main emerging regions, which will generate significant opportunities in the Hemp Milk Market during the anticipated period due to the increasing penetration of the Internet is helping to spread awareness of hemp products, affecting the online market. The region is expected to experience moderate growth during the forecast period due to the above factors. Turkey is considered a crucial market in the Middle East and Africa.

Leading Company

Healthy Brands had the largest share of the Hemp Milk Market in terms of sales revenue in 2021.

Key Players

The Hemp Milk Market is concentrated with well-established players. Key players in the Hemp Milk Market include Braham & Murray, Healthy Brands Collective, Wild Harvest Organics, Waska Farms, Pacific Foods of Oregon, and Drink Daily Greens