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The hemp-based foods market size is estimated to grow at a CAGR of 13.22% between 2022 and 2027. The market size is forecast to increase by USD 4,636.23 million. This hemp-based foods market report extensively covers market segmentation by distribution channel (offline and online), product (hemp seed-based foods, hemp protein-based foods, and hemp oil-based foods), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
New product launches is the key factor driving the growth of the hemp-based foods market. Furthermore, a strong marketing strategy plays a vital role in the growth of the global hemp foods market. The market has seen an increase in the number of new product launches in recent years. For example, in September 2020, The Craft Meat Co. announced the launch of a new hemp-based meat that is high in protein and fiber and minimally processed. The company currently delivers a variety of plant-based meat substitutes, some of which contain hemp seeds but do not yet use hemp as a base. As a result, the brand's planned hemp-based meat substitute will be the first to hit the market. Such growing offerings are anticipated to propel the growth of the market during the forecast period.
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Growing strategic collaboration, partnership, and M&A is the primary trend shaping the growth of the market. In this market, the players adopt certain techniques to gain a competitive advantage in the market. In June 2020, Charlottes Web Holdings Inc. acquired Abacus Health Products Inc., a manufacturer of over-the-counter topical products that integrate active pharmaceutical ingredients with hemp extract.
Similarly, in May 2020, Aurora Cannabis Inc. completed the acquisition of Reliva LLC, the leader in sales of hemp-derived CBD products in the US. This acquisition was made to extend its presence in the US. Therefore, these activities are estimated to drive the growth of the global hemp-based market during the forecast period.
The impact of natural disasters and adverse weather conditions is a challenge that affects the growth of the market. The global hemp foods market depends heavily on the availability of hemp. Unstable weather conditions affect crop production, which in turn affects market growth. Natural disasters and adverse weather conditions such as floods, earthquakes, drought, frost, and pests often affect hemp plantations.
Moreover, due to heavy rainstorms, the upper part of the tree often breaks, leading to serious losses in fiber, yield, and grain quality. The only major countries that produce hemp commercially are China, India, France, and Thailand. Natural and environmental disasters in these countries are affecting global hemp production and posing major challenges to the market, further hindering the growth of the market during the forecast period.
Hemp seed-based foods contain a blend of proteins and essential fats that are easy to digest. In addition, hemp seeds also contain a lot of omega fatty acids. Therefore, they are consumed for continuous energy throughout the day. Additionally, due to the existence of amino acids in hemp seed foods, hemp seeds have become an ideal choice for vegetarians, vegans, and consumers looking to reduce the meat content of their diets. Besides, hemp seeds are added to snack bars, corn chips, and nut butter. For example, hemp seeds are added to Sunny Hemp CHEWY GRANOLA BARS, offered by Nature's Path Foods. The consumption of hemp seeds in the hemp seed-based segment is expected to grow significantly during the forecast period.
Hemp protein-based foods are an industrial byproduct of hemp seeds. The increased fiber content in hemp protein helps to reduce the risk of constipation, heart disease, type 2 diabetes, and diverticular disease. Hemp protein has a naturally nutty flavor that greatly complements the fruit, nut, and chocolate ingredients used in smoothies, snack bars, and muffins. In addition, the demand for powder form is quite high. Therefore, the demand for hemp protein powder is expected to drive the growth of the global hemp-based foods market during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. Stores that specialize in organic and natural products, such as natural and health food chains, are the best places to buy hemp-based foods. They usually have a special section for hemp products like hemp seeds, hemp oil, and hemp protein powder. Some grocery stores focus on selling high-end and specialty foods. These stores may include a dedicated section for hemp-based items, or they may incorporate these products into categories such as snacks, baked goods, or gluten-free options.
The offline segment was valued at USD 2,410.93 million in 2017.
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Hemp-based food manufacturers can partner with wholesalers and distributors that focus on natural and organic products. These business-to-business (B2B) channels facilitate the distribution of goods to multiple retail stores, ensuring better customer reach. Health-related products are often sold in stores or boutiques affiliated with healthcare and nutrition facilities. Hemp foods can be positioned as part of a comprehensive approach to health care due to their high nutritional content. Therefore, the hemp foods offline distribution channel segment will drive the growth of the global hemp-based foods market during the forecast period.
The hemp foods industry depends heavily on online distribution channels, providing many benefits to both buyers and sellers. Some companies focus only on selling hemp meals online. A well-designed website can display product details, customer testimonials, and educational materials. Delivering a hemp meal subscription service can create a stable and trustworthy revenue stream. Customers regularly receive recurring shipments of the products they love at discounted prices. Thus, the growth of e-commerce and online shopping will drive the growth of the global hemp-based foods market in the online distribution channel segment during the forecast period.
North America is estimated to contribute 36% to the growth of the global market during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Factors such as increasing consumer awareness of superfoods and rising preference for gluten-free food products are driving high market growth in the region. North American countries, such as the US and Canada, are the main markets for hemp foods.
Moreover, most of the prominent companies in the hemp-based foods market, such as Hempco Food and Fiber Inc., Nutiva Inc., Naturally Splendid, Tilray Inc., and Naturally Hemps LLC, are headquartered in North America. These players provide a variety of product categories aimed at promoting the consumption of hemp food products in the region. Additionally, with the growing focus on overall health and wellness, consumers are choosing healthy snacks made with natural ingredients. Companies in the region are focusing on advertising and promotional campaigns to attract consumers, thereby driving market growth during the forecast period.
The growth of the hemp-based food market in North America was negatively affected due to the outbreak of COVID-19 in 2020. However, due to the growing awareness of health and rising preference for gluten-free /vegan/plant-based foods and beverages, buyers in North America began embracing alternative sources of natural and healthy food items such as hemp-based food products. Furthermore, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown restrictions. Which led to the resumption of supply chain, trade, and commercial activities, such as the hassle-free production of hemp-based food items and exporting globally. Hence, the rising demand for hemp-based foods will boost the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The hemp-based foods market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Hemp-based Foods Market Customer Landscape
The hemp-based foods market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Hemp-based Foods Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.22% |
Market growth 2023-2027 |
USD 4,636.23 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
12.75 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bombay Hemp Co. Pvt. Ltd., Boring Hemp Co., CANAH INTERNATIONAL Srl, Cann Global Ltd., Canopy Growth Corp., GFR Ingredients Ltd., Hemp Juice Company BV, HempFlax Group BV, Hempro Int. GmbH, Hudson River Foods, Isodiol International Inc., Liaoning Qiaopai Biotech Co. Ltd., Naturally Hemps LLC, Navitas LLC, North American Hemp and Grain Co., Nutiva Inc., The Hemp Corp. Pty Ltd., Victory Hemp Foods, Ananta Hemp Works, and Yunnan Hua Fang Industrial Hemp Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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