North America Hemp Milk Market

North America Hemp Milk Market Analysis:

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

Hemp is defined as an environmentally friendly crop, rich in nutrients and various fats and minerals. Hemp milk is an alternative or similar to cow's milk in the form of texture and color that provides health benefits in the form of low calorie and less sweet food products, a rich amount of protein, various essential fatty acids are some of the factors that tend to accelerate the demand for hemp milk in the market. 

Recent Developments

In February 2019, Canadian cannabis specialist Tilray to purchase Manitoba Harvest- the world's largest manufacturer of hemp-based food products - de Compass Group and other shareholders in a potentially valuable deal to 419 million Canadian dollars. Best known for its hemp hearts, oil, protein powders, milks, and granola sold in 16,000 stores in the United States and Canada, Manitoba Harvest is also planning to launch a CBD line that contains a broad spectrum hemp extracts and a line of bars under his hemp Yes! Brand, CEO Bill Chiasson, told FoodNavigator-USA.

Califia Farms, a leading plant-based beverage company, announces two new additions to its best-selling line of Barista blends: Mushroom Oat Barista Blend and Hemp Barista Blend. The new barista-tested plant-based milks also double as creamers, adding even more variety to the morning coffee ritual while providing functional ingredients, which has been named the most important quality of alternative plant-based milks and creamers. By 1 in 5 coffee drinkers in new research conducted by OnePoll on behalf of Califia Farms.

Edinburgh-based private equity firm Inverleith has acquired a majority stake in Good Hemp, a British hemp-based food and beverage company, in a deal with its parent company Braham and Murray. Inverleith is targeting investments in UK and European based consumer brand companies with revenues between $ 6.4 million and $ 48.6 million. Driven by macroeconomic trends that include increased consumer awareness of physical and mental well-being and the role that food plays in human health; growing popularity of artisan brands; adoption of electronic commerce as a growth engine; and the ability of small start-ups to rapidly innovate and adapt to market demands, Inverleith acquires strategic majority or minority stakes in scalable companies with a "strong defensible market position," according to the company's website.

Market Drivers and Restraints:

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 consumption of hemp milk. These factors have helped drive the global market for hemp milk. Consumers' growing penchant for healthier foods has led them to try various alternatives, including hemp dairy products. Many nearby cafes have already started to prefer the use of hemp milk to make lattes, which contributes positively to the global hemp milk market. This trend is expected to accelerate in the coming years as the market grows steadily. Lactose intolerance and milk allergy are other key factors in the global market for hemp milk, which is not part of hemp dairy products. Due to the improvement in GDP per capita and infrastructure development, the region has become even more urbanized, turning rural areas into urban areas. The sudden increase in demand has led cities to unsustainable consumption patterns. The main key players in the hemp milk market are in the region. According to the National Bureau of Statistics, the hemp milk market will increase regional demand during the forecast period. 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 limit the growth of the target market.

Market Segmentation:

The Global North America Hemp Milk Market can be segmented according to Variants, Products, Category, and Distribution Channel. Depending on the Variants it can be divided into Unflavoured and Flavoured. On the basis on products for Global North America Hemp Milk Market it can be divided into Unsweetened and Sweetened. Depending on the Category it can be divided into Conventional and Organic. Depending on the Distribution Channel it can be divided into Online Retail, Specialty Stores, Convenience Stores, and Supermarkets/Hypermarkets.

Impact of COVID-19 on North America Hemp Milk Market

COVID-19 has affected almost every country in the world and India is no exception. Some countries are severely affected, while others have managed to control the spread by implementing blockades and maintaining social distancing. At a press conference, the World Bank said India would likely post its worst growth performance since liberalization in 1991 this fiscal year due to the Corona outbreak. Some studies found that the hemp milk have the qualities to prevent the novel corona virus that extended the demand for the market at higher pace.

Regional Analysis:

The market for North America Hemp Milk has been categorized on the basis of geography to offer a clear understanding of the market. North America Hemp Milk Market has been divided into the United States, Canada, Mexico and rest of North America. North America, the dominant country in the hemp milk market, is estimated to show considerable growth over the forecast period. Growth would be possible thanks to marketing analysis tools and existing players firmly established in the market from the start. In addition to that, government agencies, companies, external administrators, etc. are channeling their efforts to create customer-centric products that will also contribute to growth in this region. Increasing demand, increased revenue, advanced technology and machinery, coupled with needs awareness programs, are likely to lead to substantial growth in the hemp milk market.

Leading Company

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

Key Players

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