hemp milk cannabis industry data

Global Hemp Milk Market Projected To Reach $812 Million By 2032

Global demand for milk is enormous. According to Market Data Forecast, “the global milk market is expected to be worth USD 1,047.80 billion in 2024. It is expected to grow at CAGR of 8.2% during the forecast period and reach a value of USD 1,553.87 billion by 2029.”

Dairy milk continues to dominate the global milk industry, however, many consumers are shifting toward non-dairy milk options. Milk made from hemp is becoming more popular among consumers. A study from 2019 determined that hemp milk “is a viable alternative to cow milk not only for those who want to change the diet in a healthy way or have made a vegan choice but also for lactose intolerants.”

Research and Markets recently conducted a hemp milk sector market analysis and found that, “the global hemp milk market size reached US$ 290.1 million in 2023. The market is projected to reach US$ 812 million by 2032, exhibiting a growth rate (CAGR) of 12.12% during 2023-2032.”

“The global market is mainly driven by increasing health consciousness among consumers resulting in a subsequent shift toward plant-based dietary options. This trend has led to a broadening consumer base for non-dairy milk alternatives, including hemp milk. Moreover, regulatory frameworks advocating for sustainable agricultural practices are further encouraging the cultivation of hemp, thus enhancing its availability for milk production.” Research and Markets also stated.

The overall global industrial hemp market is set to increase in size by a considerable amount in the coming years according to a new projection from Technavio. Technavio is a global technology research and advisory company that “focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.”

“The global industrial hemp market size is estimated to grow by USD 6.87 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 17.1% during the forecast period.” Technavio stated in a press release.

A separate global hemp fiber market projection by researchers at Kings Research found that, “the global Hemp Fiber Market revenue was recorded at USD 7.55 billion in 2022 and is anticipated to grow to USD 73.55 billion by 2030, exhibiting a 33.57% CAGR over the forecast period.”