Global Hemp Milk Market Outlook and Forecast 2019-2024 - Growing Demand for Unsweetened Flavored Hemp Milk

Wednesday, 17. July 2019 15:40

Dublin, July 17, 2019 (GLOBE NEWSWIRE) -- The "Hemp Milk Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.

The hemp milk market is likely to reach around $454 million by 2024, growing at a CAGR of approximately 16% during 2018-2024.

The hemp milk market is undergoing several transformations. The market is gaining traction due to the growing number of health-conscious population, rising demand for organic food and beverages, and a growing awareness of fitness.

The prevalence of a large population with lactose intolerance is one of the major drivers for non-dairy milk products. Global manufacturers are introducing flavored hemp milk with low calorie content or unsweetened varieties to cater to the increasing demand from health-conscious population. Hemp milk is gaining popularity among health enthusiasts as it contains a high quantity of proteins and omega-3 fatty acids with low-fat content.

Several eminent medical professionals and dieticians around the world are recommending the consumption of hemp milk to overcome the protein deficiency. Over the last few years, the global health and wellness industry has been witnessing considerable growth mainly due to rising health challenges. Further, hemp milk suppliers are largely targeting health-conscious consumers to increase the demand and sale of their products, which is expected to drive the hemp milk industry in the coming years.

Also, several renowned celebrities, athletes, and major companies such as Google are promoting the consumption of plant-based products. Thus, manufacturers are looking forward to introducing flavored hemp milk with low-calorie content or unsweetened varieties to target adult consumers, which are expected to drive the hemp milk market worldwide in the coming years. Further, the growing preference for vegan and plant-based diets among consumers due to increasing concerns over animal rights and growing responsiveness toward environmental protection is driving the market for plant-based food and beverages thereby driving the demand for hemp milk.

The hemp milk market is fragmented in nature, where market vendors are competing based on product quality, product innovations, and competitive pricing. The future market growth mainly depends on the ability to anticipate, gauge, and adapt to the constantly changing market trends and successfully introduce new or improved products promptly. Further, the market is likely to remain highly competitive and volatile, and the competition is expected to intensify further during the forecast period with an increase in milk production technological innovations.

Market Dynamics

Market Growth Enablers

  • Rising Vegan Population
  • High Prevalence of Lactose Intolerance
  • Legalization of Hemp Production
  • Growing Adoption of Hemp Milk among Fitness Enthusiasts
  • Growing Health-conscious Population

Market Growth Restraints

  • High Cost & Unaffordability
  • Hemp Allergy
  • Social Stigma Against Hemp Consumption

Market Opportunities & Trends

  • Internet Largely Shaping Consumption Patterns
  • Rising Demand for Organic Food & Beverages
  • Growing Demand for Unsweetened Flavored Hemp Milk
  • Wellness Trend Fuels Demand for Plant-based Food

Key Company Profiles

  • Hudson River Foods
  • Pacific Foods of Oregon INC.
  • Wild HARVEST
  • The Fix
  • Organic Hemp Milk Australia
  • Braham & Murray
  • Fresh Hemp Foods Ltd.
  • MaMilk
  • Good Mylk Co.
  • Konoi Cremerie Vegetale

For more information about this report visit https://www.researchandmarkets.com/r/xr7clb

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
         Laura Wood, Senior Press Manager
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470
         For U.S./CAN Toll Free Call 1-800-526-8630
         For GMT Office Hours Call +353-1-416-8900
Related Topics: Milk and Cream, Health Food and Sports Nutrition, Plant Textiles

Primary Logo

Related Links: 
Author:
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.