New York, United States, August 28, 2024 (GLOBE NEWSWIRE) — The global Hemp-Based Foods Market is expected to grow from USD 1.42 billion in 2023 to USD 4.87 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 13.12% during the forecast period.
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Hemp-based foods are derived from hemp seeds, which are rich in protein, fiber, and healthy fats. These foods, including hemp seeds, hemp oil, and hemp protein powder, are associated with improved heart health and digestion. Hemp-based foods are becoming increasingly popular as part of a healthy diet, especially among people looking for plant-based and natural foods. Hemp contains fiber, as well as a number of vitamins and minerals, such as magnesium, vitamin E, zinc, and iron. Eating hemp-based foods improves digestive health, driving the global hemp-based food market. Hemp-based foods include nut butter, corn chips, and snack bars. This also benefits the hemp-based food industry. Hemp seeds are widely used as dietary supplements and food ingredients around the world. Hemp seeds contain non-psychoactive but biologically active cannabinoids, including cannabidiol (CBD), which has powerful spasmolytic, anti-anxiety, and anticonvulsant properties. CBD supplements account for about a third of the global CBD market. Hemp seeds have a nutty flavor and contain essential fatty acids, vitamins, minerals, fiber, and the amino acids found in albumin and edestin, two easily absorbed proteins. Hemp seed oil is rich in polyunsaturated fatty acids, which have been shown to have anti-inflammatory, anti-cancer, and cardiovascular properties. However, the antioxidant properties of hemp polyphenols currently prevent their absorption in the intestine. In addition, there is a lack of processing and cultivation facilities, as well as harvesting equipment.
Browse key industry insights across 204 pages of 110 market data tables and figures & charts from the report on the “Global hemp-based food market Size, Share and COVID-19 Impact Analysis by Product (Hemp Protein Powder, Hemp Seed Oil, Hemp Seeds and Others), by Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Stores and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Analysis and Forecast 2023 – 2033.”
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The hemp seed segment dominates the market with the highest market share in the global hemp-based foods market during the forecast period.
Based on product, the hemp-based food market is segmented into hemp protein powder, hemp seed oil, hemp seeds, and others. Among these, the hemp seed segment dominates the market with the highest market share of the hemp-based food market during the forecast period. Hemp seeds contain essential nutrients such as fatty acids, protein, and fiber. Moreover, a balanced ratio of omega-3 and omega-6 promotes overall health. Hemp seeds are versatile and can be used in a variety of recipes. They appeal to a wider audience as they can be eaten raw, cooked, or roasted. They last longer than other hemp-based food products such as hemp milk or oil. Moreover, hemp seeds are easier to grow and harvest than other parts of the hemp plant, making them a cost-effective option for farmers.
The supermarket and hypermarket segment is expected to show the fastest growth during the forecast period.
Based on distribution channel, the global hemp-based food market is segmented into supermarkets and hypermarkets, convenience stores, online stores, and others. Among these, the supermarkets and hypermarkets segment is expected to grow at the fastest rate during the forecast period. Supermarkets and hypermarkets are popular shopping destinations that emphasize hemp-based food products. These retailers use a variety of marketing and promotional strategies, such as loyalty programs, bundled offers, and discounts. Furthermore, they make hemp-based food products more accessible to a wider range of customers. Supermarkets and hypermarkets offer a one-stop shopping experience where customers can purchase other food products along with hemp-based food. These supermarkets and hypermarkets sell a variety of hemp-based products, including oils, seeds, and ready-to-eat snacks.
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North America is expected to hold the largest share of the global hemp-based foods market during the forecast period.
North America is expected to hold the largest share in the global hemp-based foods market during the forecast period. The presence of a strong supply chain for sourcing, manufacturing, and distribution of hemp-based foods in North America is driving the market growth. This streamlines market operations and reduces disruptions. Moreover, hemp-based foods are widely available in offline retail channels across the region. This retail presence makes the products more accessible to consumers. Apart from this, the increasing health consciousness among North American consumers is driving the demand for all-natural, nutrient-rich foods.
Asia Pacific is expected to witness the fastest growth in the global hemp-based foods market during the forecast period. The growing popularity of western diets and the increasing demand for hemp-based foods. This surge in popularity is primarily due to the gluten-free status of hemp products, which appeals to health-conscious consumers. As more people in this region adopt western diet trends, they are also looking for healthier, alternative options such as hemp-based foods. This shift in consumer preferences is expected to significantly increase the demand for hemp-based products in Asia Pacific in the coming years.
Competitive analysis:
The report offers the appropriate analysis of the key organizations/companies involved in the global market along with comparative assessment primarily based on their product offerings, business overviews, geographical presence, corporate strategies, market share in segments, and SWOT analysis. The report also offers in-depth analysis with a focus on the latest news and developments of the companies which include product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This enables the evaluation of the overall competition in the market. Major vendors in the global hemp-based foods market are Hempfoods Ltd., Tilray, Inc., GFR Ingredients, Hemp Foods Australia Pty Ltd, Aurora Cannabis Inc., Naturally Splendid Enterprises Ltd., Isodiol International Inc, Navitas LLC, Nutiva, Planet Based Foods Global Inc., T12 Holdings Pty Ltd., Agropro, Compass Diversified, Canopy Growth Corporation, Hempco Inc., Cool Hemp and other key vendors.
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Recent developments
- In March 2023, Planet Based Foods Global Inc. announced that its wholly owned subsidiary Planet Based Foods has expanded its offerings into the dairy-free frozen dessert category by introducing new hemp-based and organic vegan ice cream at Natural Products EXPO West.
Market segment
This study forecasts revenue at global, regional and country levels from 2020 to 2033. Spherical Insights has segmented the global hemp-based foods market based on the below mentioned segments:
Global hemp-based food market, by product
- Hemp protein powder
- Hemp seed oil
- Hemp seeds
- Miscellaneous
Global hemp-based food market by distribution channel
- Supermarkets and hypermarkets
- Convenience stores
- Online shops
- Miscellaneous
Global Hemp-Based Food Market, Regional Analysis
- North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East and Africa
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