Global Hemp-based Foods Market – Industry Trends and Forecast to 2029

Market Analysis and Size

The developing food and beverage industry and rising consumer preferences for vegan food products are significant drivers contributing to the market's favourable outlook. Additionally, increased health consciousness and consumer knowledge of the nutritional benefits of hemp-based food items are propelling market expansion. The frequency of different chronic medical diseases is increasing as a result of the general public's sedentary lifestyle.

Data Bridge Market Research analyses that the hemp-based foods market which was USD 5.25 billion in 2021, would rocket up to USD 11.59 billion by 2029, and is expected to undergo a CAGR of 10.41% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

Harvesting the hemp plant and hulling whole hemp seeds to separate oil-rich kernels produces hemp-based food such as hemp seeds, milk and hemp oil, cheese replacements, and protein powder. Fiber, vitamins, and minerals, such as magnesium, phosphorus, potassium, vitamin A, B, C, and E, zinc, and iron, are abundant in both the shells and hulled hemp seeds. Gluten, allergies, lactose, phytoestrogens, and insecticides are also absent. Granola bars, corn chips, pretzels, bread, and cereals are all widely made with them.

Hemp-based Foods Market Dynamics

Drivers

• Increasing prevalence of celiac diseases

People's rising preferences for hemp-based foods, rising occurrences of celiac disease, rising vegan population around the world, and rising health consciousness among the population are some of the factors that will likely boost the hemp-based foods market's growth in the forecast period of 2022-2029. In the above-mentioned projection period, however, the rising food and beverage industry will further increase different prospects that will expand the hemp-based foods market.

• Rise in innovative products

Another growth-inducing component is the constant introduction of new product versions, such as hemp seed-based sauces, burgers, shakes, ice creams, and desserts. As a result, cafes, restaurants, and other eateries are experimenting with a range of hemp tastes and combinations in order to provide their consumers with unique and innovative cuisine. Other factors, such as the premiumization of gluten-free and organic foods and beverages and aggressive promotional activities by manufacturers through various online retail channels, are expected to further fuel the market.

• Rise in demand for organic hemp-foods

One of the important trends that will contribute to market expansion in the next years is the growing demand for organic hemp-based foods. Organic food items are in high demand due to increased health awareness and the detrimental impacts of additives used in the food and beverage sector. Many prominent market companies are releasing organic hemp food items to appeal to the rising consumer base, and this trend is extremely fit for hemp food products. This will help the market expand. The study on the global hemp-based food market offers a comprehensive analysis of the industry. The research includes a detailed analysis of key segments, trends, drivers, constraints, the competitive landscape, and other important market aspects.

• Wide use of hemp seeds in supplements and food ingredients

Hemp seeds are commonly utilised as supplements and food ingredients all over the world. Hemp seed contains nonpsychoactive but biologically active cannabinoids including cannabidiol (CBD), which has powerful spasmolytic, anxiolytic, and anticonvulsant properties. CBD dietary supplements make up roughly a third of the worldwide CBD market. Hemp seed has a nutty flavour and is a good source of essential fatty acids, vitamins, minerals, fibres, and essential amino acids in the highly absorbable proteins albumin and edestin. Hempseed oil contains a high percentage of polyunsaturated fatty acids, which have been shown to have anti-inflammatory, anti-cancer, and anti-cardiovascular properties.

Opportunities

The gluten-free nature of hemp-based foods encourages gluten-sensitive customers to change their minds about them. Its rising use in a variety of foods such as nut butter, corn chips, and snack bars is projected to drive up global demand. Furthermore, rising cases of celiac disease, an increase in the number of vegans around the world, a growing population, disposable incomes, and a rise in the standard of living as a result of the adoption of western food culture and changing lifestyle have all contributed to the global hemp-based food market's growth.

Restraints/Challenges

Market expansion is constrained by factors such as a lack of processing facilities and planting and harvesting equipment. A dearth of suitable planting and harvesting equipment has existed. Due to the fragility of hemp, air seeders that are used to sow the crop must be used with a low air volume. Furthermore, industry experts have stated that the United States lacks commercial-scale processing facilities, which is one of the key roadblocks expected to stifle growth during the forecast period.

This hemp-based foods market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the hemp-based foods market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Covid-19 Impact on Hemp-based Foods Market

• Pandemic increased the demand for hemp-based foods products

Hemp's popularity in the United States is skyrocketing due to rising usage and novel formulations. All hemp-based food products have seen a rise in popularity around the world. Demand for products such as tea, coffee, milk, and snack bars soared throughout the COVID period. Hemp supplements have seen a surge in sales as people in the United States and Europe become more concerned about anxiety and despair. People developed mental health issues as a result of working from home for lengthy periods of time, restrictions on recreation and tourism, and health concerns related to the virus.

Global Hemp-based Foods Market Scope

The hemp-based foods market is segmented on the basis of product and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Hemp Seed Oil
• Hemp Protein Powder
• Whole Hemp Seed
• Hulled Hemp Seed
• Others

Distribution Channel

• Supermarket Stores
• Convenience Stores
• Hypermarket Stores
• Others

Hemp-based Foods Market Regional Analysis/Insights

The hemp-based foods market is analysed and market size insights and trends are provided by country, product and distribution channel as referenced above.

The countries covered in the hemp-based foods market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the hemp-based foods market due to the high prevalence of organic food products and growing consumption of hemp-based food.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the acceptance of western food habits and the increasing demand for hemp-based foods because of their gluten-free property.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Hemp-based Foods Market Share Analysis

The hemp-based foods market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hemp-based foods market.

Some of the major players operating in the hemp-based foods market are:

• Agropro (U.S)
• Nutiva Inc. (U.S)
• Compass Diversified (U.S)
• Canopy Growth Corporation (Canada)
• Hempco Inc. (Canada)
• CANADA HEMPFOODS LTD. (Canada)
• Elixinol. (U.S)
• Cool Hemp (Canada)
• Hemp Foods Australia Pty Ltd (Australia)
• Liaoning Qiaopai Biotech Co., Ltd. (China)
• Naturally Splendid Enterprises Ltd. (Canada)
• Elixinol Wellness Limited (Australia)
• NAVITAS ORGANICS (U.S)
• Yunnan Hua Fang Industrial Hemp Co. Ltd. (China)
• Hemp & Co. (Canada)
• Mettrum Originals (Canada)

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