Allied Analytics LLP
The hemp-based food market is experiencing rapid growth due to growing consumer awareness of the nutritional benefits of hemp, such as high protein and omega-3 content. Additionally, regulatory changes in favor of legalizing hemp cultivation and the growing use of hemp-derived ingredients in various food products are helping to drive the market expansion.
WILMINGTON, Del., Sept. 25, 2024 (GLOBE NEWSWIRE) — Allied Market Research has published a report titled, “Hemp-Based Foods Market: By Type (Hemp Seed, Hemp Oil, Hemp Protein, Hemp Powder, Hemp Milk, Hemp Snacks, Hemp Beverages, etc.), By End User (Household Consumers, Food & Beverage Industry, Nutraceutical Industry, Cosmetics & Personal Care Industry, etc.), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Sales Channels, etc.): Global Opportunity Analysis and Industry Forecast, 2024-2033.” According to the report, the hemp-based foods market is valued at $5.4 billion in 2023 and is projected to grow at a CAGR of 7.2% from 2024 to 2033, reaching $10.6 billion by 2033.
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Key Determinants of Growth
Growing awareness of the nutritional benefits of hemp (e.g., high protein, healthy fats, and vitamins) has significantly increased consumer demand for hemp-based foods. Regulatory changes and growing acceptance of hemp cultivation and consumption have expanded market opportunities. Additionally, the growing popularity of plant-based diets and demand for sustainable food options have increased interest in hemp as a versatile and environmentally friendly ingredient. Additionally, ongoing research highlighting the potential health benefits of hemp-based foods, such as promoting heart health and reducing inflammation, has fueled the growth of the hemp-based foods market. Innovative product developments, including the introduction of new hemp-based food products and formulations, are attracting consumers seeking novel and nutritious food options.
Report Scope and Details:
Report Scope
detail
Forecast Period
2024-2033
Base year
2023
Market size in 2023
$5.4 billion
Market size in 2033
$10.6 billion
Average annual growth rate
7.2%
Number of pages in the report
389
Target segments
By type, end user, distribution channel and region
driver
Increasing acceptance and legalization of hemp cultivation
Plant-based and vegan diets are growing in popularity
Expanding distribution channels for hemp-derived foods
Innovation in hemp-based product development
opportunity
Developing new hemp-based foods and formulations
Expansion into mainstream retail channels and online platforms
Collaboration and partnerships with food manufacturers and retailers
Constraints
Regulatory challenges and contradictions in hemp cultivation and processing
Lack of consumer education and awareness about hemp-derived foods
Concerns about potential contamination and quality control issues
In 2023, the hemp seeds segment held the highest market share.
By type, the hemp seeds segment accounted for the highest market share in 2023. Hemp seeds tend to be one of the most consumed categories of hemp-based products. They are versatile and can be easily incorporated into a variety of dishes, including salads, smoothies, and baked goods. Moreover, hemp seeds are highly nutritious, containing high levels of protein, healthy fats, and essential vitamins and minerals. Hemp seeds are known for their crunchy texture and nutty flavor, making them popular with both culinary and health-conscious consumers.
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The food and beverage industry segment maintained the highest market share in 2023.
By end user, the food and beverage industry segment accounted for the highest market share in 2023. The industry's vast distribution network and established supply chain allow widespread availability of hemp-based products to consumers. Food and beverage companies are continuously innovating with hemp as an ingredient, resulting in diversified products that cater to evolving consumer preferences, including snacks, beverages, and dairy alternatives. Moreover, the industry's marketing strategies and brand awareness play a key role in driving consumer acceptance and adoption of hemp-based foods, further strengthening its dominance in the market.
The specialty store segment maintained the highest market share in 2023.
By distribution channel, the specialty segment accounted for the highest market share in 2023. Supermarkets/hypermarkets have seen high sales of hemp-based foods due to their strategic positioning and extensive reach. Catering to diverse consumer preferences, these retail giants offer a wide range of products, including hemp-based foods. The convenience of one-stop shopping and the ability to browse multiple options in-store contribute to increased sales. Moreover, supermarkets/hypermarkets often conduct promotional activities and offer discounts, encouraging more customers to try hemp-based foods. Moreover, the trust and credibility associated with established supermarket brands reassures consumers about the quality and safety of the products, further boosting sales in this retail environment.
North America to hold highest market share in 2023
Region-wise, North America accounted for the highest market share in terms of revenue in 2023. The region has seen significant advancements in hemp cultivation and processing technologies, ensuring a stable, high-quality supply of hemp-based ingredients. Moreover, North America has a strong regulatory framework that supports the production and distribution of hemp-based products, providing peace of mind to both producers and consumers. There is strong consumer demand for health-conscious and sustainable food options in North America, driving the adoption of hemp-based foods. Moreover, the presence of well-established food industry players and an extensive retail network, including supermarkets and specialty stores, contributes to North America's dominance in the hemp-based foods market.
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Player: –
This report offers a detailed analysis of these key players in the global hemp-based foods market. These players are adopting various strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to expand their market share and maintain a dominant share in various regions. This report is valuable in showcasing the competitive scenario by highlighting the business performance, operating segments, product portfolios, and strategic moves of the market players.
Recent Industry Trends
In August 2022, BioLife Sciences Inc., a prominent innovator in healthcare, beauty, and food and beverage technologies, introduced a line of cannabinoid-infused consumer products to enhance its hemp-based edibles product portfolio.
In August 2022, Indian snack food company TagZ Foods launched hemp-infused cookies to increase its line of hemp-based foods.
In July 2022, Victory Hemp Foods, a US-based hemp-based food manufacturer, announced a partnership with Applied Food Sciences (AFS) to enhance the sales and marketing strategy for Victory Hemp's exclusive ingredients, V-70TM Hemp Heart Protein and V-ONETM Hemp Heart Oil, as well as a broader range of food and beverage ingredients.
Industry Trend Report:
Hemp Market Analysis and Industry Forecast, 2023-2032
Industrial Hemp Market Size, Share, and Competitive Landscape, 2023-2032
Vegan Protein Powder Market Opportunity Analysis and Industry Forecast, 2021-2031
Hemp Tea Market Analysis and Industry Forecast, 2023-2033
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