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The hemp-based foods market size is forecast to increase by USD 6.91 billion at a CAGR of 16.41% between 2023 and 2028. The market is experiencing significant growth due to several key drivers. The rising vegan population and the increasing number of individuals diagnosed with celiac disease are fueling the demand for hemp-based alternatives to traditional animal-derived and gluten-containing foods. Additionally, health awareness is on the rise, leading consumers to seek out natural, organic options for managing sedentary lifestyles and chronic medical conditions such as insulin resistance, stress, heart function, and joint health. Hemp seeds offer a rich source of essential nutrients, including protein, omega-3 and omega-6 fatty acids, and fiber. Market trends include the development of hemp seed-based sauces, shakes, and other innovative food products. However, challenges such as the use of genetically modified organisms and pesticides in hemp cultivation may hinder market growth, as consumers increasingly demand organic and sustainably produced foods. Natural disasters and adverse weather conditions also pose risks to hemp farmers and suppliers, potentially impacting market supply and prices.
The hemp-based food market is experiencing significant growth due to the increasing popularity of vegan food products and the rising health consciousness among consumers. Hemp-based food items, derived from the hemp plant, offer numerous nutritional benefits, including high levels of protein, fiber, vitamins, and minerals. Hemp seeds and hemp oil are two common forms of hemp-based food products, widely used in making cheese replacements, protein powder, and organic hemp-based foods. Chronic medical diseases, such as obesity and diabetes, have fueled the demand for healthier food options, making hemp-based foods an attractive alternative. Hemp seeds are free from gluten and are rich in essential fatty acids, making them an ideal choice for individuals with dietary restrictions.
Furthermore, marketing tactics, such as highlighting the nutritional benefits and addressing misconceptions and stigma surrounding hemp, have helped increase retail presence for hemp-based food products. Hemp is a versatile plant-based protein source that caters to the health and wellness needs of consumers, making it a promising ingredient in the food industry.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The offline segment is estimated to witness significant growth during the forecast period. Hemp-based foods, derived from the seeds and leaves of the hemp plant, are gaining popularity in various markets due to their nutritional benefits. These foods are lactose-free and rich in essential fatty acids, phytoestrogens, and protein. Hemp-based snacks, such as granola bars, corn chips, pretzels, and bread, are increasingly being produced and sold in natural and health food stores and supermarkets. The rising vegan population and the growing awareness of healthier food options are driving the demand for hemp-based foods. Additionally, hemp seeds and oil are used as ingredients in cereals and gluten-free options, catering to consumers with celiac disease.
Furthermore, insecticides are not used in the cultivation of hemp, making it a more sustainable and eco-friendly alternative to other crops. The production and sale of hemp-based foods are regulated, ensuring their safety and quality. Cannabidiol (CBD), a non-psychoactive compound found in hemp, is also gaining attention for its potential health benefits. Consumers can find these products at specialized stores, upscale grocery stores, and local farmers markets.
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The offline segment was valued at USD 2.70 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing significant growth, driven by increasing consumer awareness towards superfoods and the rising preference for gluten-free food options. Hemp-based products, such as granola bars, corn chips, pretzels, bread, and cereals, are gaining popularity due to their nutritional benefits, including the presence of essential fatty acids, lactose-free nature, and phytoestrogens. The US and Canada are major markets for hemp-based foods in North America, with the US holding the largest market share in The market. The growing demand for health and wellness food and beverages is fueling the market's expansion, with hemp-based ingredients used in energy bars, snack bars, and smoothies.
However, it is essential to ensure that hemp-based foods are produced without insecticides to maintain consumer trust and safety. The increasing vegan population is also contributing to the market's growth, as hemp-based foods offer a viable alternative to animal-derived products.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing vegan population and cases of celiac disease is the key driver of the market. The vegan food market has witnessed significant growth in recent years, with an increasing number of consumers adopting plant-based diets for ethical and environmental reasons. According to estimates, approximately 6% of the US population, or over 9.7 million people, follow a vegan diet. In Europe, this figure stands at around 3.2%, equating to 2.6 million people.
Furthermore, hemp-based foods, including hemp seeds and hemp oil, are gaining popularity as alternatives to animal-derived products, such as cheese and protein powder. Rich in fiber, vitamins, minerals, and protein, hemp seeds offer a nutritious option for individuals with chronic medical diseases, allergies, or those seeking to maintain a healthy lifestyle. The hemp plant is a versatile source of nutrition, and its use in food production is expected to continue expanding as the vegan population grows.
The increasing demand for organic hemp-based foods is the upcoming trend in the market. Hemp-based food products have gained significant attention in the health-conscious community due to their nutritional benefits. Derived from the hemp plant, these food items include hemp seeds, hemp oil, cheese replacements, and protein powders. People are increasingly opting for natural and organic food options, and hemp foods are considered a nutrient-dense supplement to a balanced diet. Hemp seeds are rich in protein, fiber, and healthy fats, making them an excellent alternative source for individuals following plant-based diets. Vegans, vegetarians, and flexitarians particularly benefit from hemp seeds and protein powders as they provide essential amino acids necessary for muscle growth and repair.
Furthermore, hemp seeds also contain omega-3 and omega-6 fatty acids, which promote heart health, as well as vitamins, minerals, and antioxidants that contribute to overall wellness. Chronic medical conditions, such as allergies, can be managed through the consumption of hemp-based food items due to their hypoallergenic properties. The versatility of hemp foods makes them suitable for various applications, from cooking to baking, providing a wide range of options for individuals seeking nutritious and allergy-friendly alternatives.
The impact of natural disasters and adverse weather conditions is a key challenge affecting the market growth. The market encompasses a range of vegan food products derived from the hemp plant, including hemp seeds, hemp oil, cheese replacements, and protein powder. These food items offer numerous health benefits, including high levels of fiber, vitamins, minerals, and essential fatty acids. However, the market's growth is influenced by the availability and quality of the hemp plant.
Furthermore, unfavorable weather conditions, natural disasters, and pestilence can significantly impact the production of hemp, leading to supply chain disruptions and quality issues. Major hemp-producing countries, such as China, India, France, and Thailand, are prone to these environmental risks, posing a significant challenge to The market during the forecast period. Despite these challenges, the market is expected to grow due to the increasing demand for plant-based alternatives to traditional dairy and meat products, as well as the rising awareness of the health benefits associated with hemp consumption.
The market forecasting 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 market growth analysis strategies.
Customer Landscape
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.
Bombay Hemp Co. Pvt. Ltd.: The company offers hemp-based food products such as Himalayan Hemp Hearts, Seed Oil, and Hemp Powder.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 hemp-based food market is witnessing significant growth due to the rising vegan population and increasing health consciousness. Hemp-based food items, derived from the hemp plant, include hemp seeds, hemp oil, protein powder, fiber, vitamins, minerals, and various other food products. These foods cater to individuals with allergies to dairy, lactose intolerance, and celiac disease, as they are free from these allergens. Hemp seeds and oil are rich in essential fatty acids, magnesium, vitamin E, zinc, and iron, making them a popular choice for plant-based protein and nutrient-dense meals. Hemp-based foods come in various forms such as cheese replacements, granola bars, corn chips, pretzels, bread, cereals, and snack bars.
Furthermore, the gluten-free nature of hemp-based foods and their ability to help manage chronic medical diseases like anxiety and depression make them a preferred choice for those with mental health issues. Marketing tactics for hemp-based food products focus on their health benefits, including their ability to improve heart function, joint health, insulin levels, and stress management. Hemp seed-based sauces, shakes, burgers, desserts, and ice creams are increasingly being offered in restaurants, cafes, and eateries. Despite the numerous benefits, the market faces challenges such as misconceptions and stigma surrounding hemp due to its association with cannabis. Organic hemp-based foods are gaining popularity due to consumers' increasing health awareness and concerns about genetically modified organisms and insecticides. The market is present in various retail channels, including supermarkets, convenience stores, and hypermarkets, and is expected to continue growing due to the rising demand for organic and plant-based food items.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.41% |
Market growth 2024-2028 |
USD 6.9 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.73 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Germany, Canada, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ananta Hemp Works, Bombay Hemp Co. Pvt. Ltd., Boring Hemp Co., CANAH INTERNATIONAL Srl, Cann Global Ltd., Canopy Growth Corp., GFR Ingredients Ltd., HempFlax Group BV, Hemp Juice Company 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, and Yunnan Hua Fang Industrial Hemp Co. Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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