Hemp-Based Foods Market size is set to grow by USD 6.91 billion from 2024-2028, Growing vegan population and cases of celiac disease to boost the market growth, Technavio

NEW YORK, June 4, 2024 /PRNewswire/ -- The global hemp-based foods market  size is estimated to grow by USD 6910.9 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  16.41%  during the forecast period. 

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Key Market Trends Fueling Growth

The Hemp-Based Foods Market is experiencing significant growth due to increasing consumer preference for healthier eating habits and plant-based protein sources. Hemp foods, rich in protein, good fats, fiber, omega-3 and omega-6 essential fatty acids, vitamins, minerals, and antioxidants, cater to the needs of vegans, vegetarians, and flexitarians.

Sustainably cultivated, hemp requires minimal water and no chemicals, making hemp-derived foods eco-friendly and desirable for environmentally-conscious consumers. Regulatory reforms and market accessibility expansion have led to the availability of hemp-based meals in conventional supermarkets, broadening their consumer base. These factors are expected to drive the growth of the Hemp-Based Foods Market. 

The hemp foods market is experiencing significant growth, with various products such as hemp protein, hemp oil, hemp seeds, and hemp fiber gaining popularity. Deserts, creams, and plant-based beverages are among the trending hemp food categories. Hemp is rich in essential nutrients like calcium, magnesium, fiber, and omega-3 and omega-6 fatty acids.

Houseshold names offer these products, including hemp milk, hemp protein powder, and hemp hearts. Retailers and restaurants are also using hemp in their offerings, such as hemp-infused pasta, hemp-based sauces, and hemp-flavored snacks. The versatility of hemp in food applications is driving its demand, making it a must-watch trend in the food industry. 

Market Challenges

• The hemp-based foods market faces challenges due to the dependence on hemp production. Unpredictable weather conditions negatively impact crop yield and quality, leading to market growth hindrances. Natural disasters, including floods, earthquakes, droughts, frost, and pestilence, significantly affect major hemp-cultivating countries like China, India, France, and Thailand. These disasters disrupt the global hemp supply, posing a significant challenge to market expansion during the forecast period.
• The hemp-based foods market faces several challenges. Corn and chips, bread, cereals, and snacks are popular hemp food categories. However, producing these products involves several issues. Hemp farming requires specific growing conditions and regulations. Hypothetical company (CBDB) essentials include hemp-based protein, vitamins, minerals, and fiber. Hemp-based foods must meet health and safety standards.
• Markets such as Europe and North America show growth potential. However, consumer education and acceptance are essential. Hemp-based foods face competition from established food industries. Supremely important is the need for sustainable and cost-effective production methods. Hemp-based foods offer numerous health benefits, but overcoming these challenges is crucial for market success.

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Segment Overview 

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Product 
• 2.1 Hemp seed-based foods
• 2.2 Hemp protein-based foods
• 2.3 Hemp oil-based foods
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline-  Hemp-based foods are primarily sold in specialized stores focusing on organic and natural goods. These establishments, including health food chains and upscale grocery stores, often have dedicated sections for hemp items such as seeds, oil, and protein powders. Local farmers markets provide another avenue for direct sales by hemp growers. Co-operatively owned stores and wellness centers also stock hemp-based foods due to their health benefits. Manufacturers collaborate with B2B distributors to expand retail availability. Hemp foods are increasingly incorporated into cafes, restaurants, and organic food sections in supermarkets.

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Research Analysis

The Hemp-Based Foods Market encompasses a range of plant-based products derived from the Hemp plant, including Hemp seeds, Hemp oil, and Cheese replacements. These foods cater to individuals with chronic medical diseases, as well as those conscious of their health and wellness. Hemp-based food items offer numerous nutritional benefits, such as high levels of Protein, Fiber, Vitamins, and Minerals, making them an attractive alternative to Gluten-containing foods.

Organic hemp-based foods have gained popularity due to their health consciousness and retail presence. Marketing tactics for these products often focus on debunking misconceptions and stigma surrounding Hemp and its derivatives. Hemp Seeds, in particular, are prized for their nutritional value and versatility in various dishes.

Market Research Overview

The Hemp-Based Foods Market encompasses a variety of products derived from the hemp plant, including proteins, oils, and fiber. These foods offer numerous health benefits, such as essential fatty acids, fiber, and protein. Hemp seeds and hemp hearts are popular ingredients in the production of hemp milk, hemp protein powder, and hemp oil. Hemp oil is rich in Omega-3 and Omega-6 fatty acids, making it a valuable addition to the diet. Hemp protein is a complete protein source, containing all nine essential amino acids. Hemp fiber is used in the production of various food products, such as pasta and bread.

The market for hemp-based foods is growing due to increasing consumer awareness of the health benefits of hemp and the versatility of the plant. The market includes a wide range of products, from hemp seeds and hemp oil to hemp protein powder and hemp-based snacks. The demand for hemp-based foods is driven by their nutritional value, sustainability, and eco-friendliness. The market is expected to continue growing as more consumers seek out plant-based alternatives to traditional animal-derived protein sources.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Product
• Hemp Seed-based Foods
• Hemp Protein-based Foods
• Hemp Oil-based Foods
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio