Hemp-Based Food Market Size, Outlook: Analysing the 6.87% CAGR and USD 10.53 Billion Projection by 2033

The hemp-based food market is growing steadily as more people are seeking healthy and sustainable food choices. Hemp seeds, oil, and protein are popular options in this market due to their nutritional benefits. These products are rich in essential fatty acids and protein, making them a good addition to a balanced diet. As consumers become more health-conscious, the demand for hemp-based foods is expected to increase further in the coming years.

Newark, June 11, 2024 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global hemp-based food market is expected to grow from USD 5.42 Billion in 2023 to USD 10.53 Billion by 2033, at a CAGR of 6.87% during the forecast period 2023-2033.

The market is broadly driven by the health benefits it offers. There is a growing demand for hemp-based food as it is considered a good source of protein for vegans because of its good digestibility compared to other plant-based proteins.

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Competitive Strategy

To enhance their market position in the global Hemp-Based Food market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• In March 2024: Manitoba Harvest, a subsidiary of Tilray Brands Inc., launched its new hemp-based food product at Natural Products Expo West. The company’s new Superseed Oatmeal and Bioactive Fiber products support gut health, eventually helping the organization gain a share in the Hemp-Based Food market.

Report Scope and Segmentation –

Report Coverage Details
Forecast Period 2024-2033
Forecast CAGR 6.87%
2033 Value Projection USD 10.53 Billion
Market Size in 2023 USD 5.42 Billion
Historical Data 2020-2022
No. of Pages 238
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered by Product, Distribution Channel, Regions
Regions Covered The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Hemp-Based Food Market Growth Drivers Growing focus on plant-based diets

Market Growth & Trends

Hemp-based food is a complete source of protein as it has nine crucial amino acids, drawing the attention of vegetarians and the vegan population looking for plant-based protein alternatives. These factors also drive the leading food manufacturers to use hemp in many products, such as milk, snacks, oil and protein powders. All these factors drive the hemp-based food market. Hemp is a dietary fibre and has bioactive molecules; therefore, its incorporation in consumer diets aligns well with vegetarian values, and it becomes a plant-based nutrient source supporting nutritional requirements and complete health. It also decreases agriculture’s environmental footprint. Hemp can be consumed through whole seeds as a food source. It can be ground into flour or processed into oil after extraction. Its nutritional value suggests that hemp seeds can be a valuable addition to the human diet. The hemp flour can be used for baking. Its oils contain crucial fatty acids and high-value proteins. It can be utilized for food fortification, supplementation and nutraceutical purposes. It helps mitigate the risk of many chronic medical disorders as it helps balance insulin levels, decreases stress and anxiety, improves cardiac functioning, and helps maintain joint health. The demand for hemp-based food is growing due to a surge in the vegan population and an increase in the number of health-conscious consumers who are looking for plant-based and gluten-free alternatives. There is also an advancement in processing technology, which is also driving the market. Hemp-based food is a good source of vitamins A, B and E. It also has fibre and minerals like potassium, phosphorous and iron. Also, it has a broad range of crucial amino acids, especially Omega 3 and 6. It also has high protein content. Hence, it has been observed that some of the hemp food products are being integrated into food preparation, eaten raw, and utilized as dietary supplements. There is a growing demand for plant-based diets. Hemp can be processed in several forms, such as oil, seed and protein powder. All of these can be used in food products. Moreover, its versatility has also led to its application in many hemp-based foods such as cereals, bread, energy bars, beverages, and dairy alternatives, among others. All these factors would, in turn, drive the Hemp-Based Food market in the forecasting period.

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Key Findings

• In 2023, the hemp seeds segment dominated the market with the largest market share of 53.76% and market revenue of USD 2.91 Billion.

The product segment is divided into hemp protein powder, hemp seed oil, hemp seeds and others. In 2023, the hemp seeds segment dominated the market with the largest market share of 53.76% and market revenue of USD 2.91 Billion. This significant market share is attributed to hemp seed-based foods being rich in protein and crucial fats.

• In 2023, the Offline segment dominated the market with the largest market share of 64.17% and market revenue of USD 3.48 Billion.

The distribution channel segment is divided into online and offline. In 2023, the Offline segment dominated the market with the largest market share of 64.17% and market revenue of USD 3.48 Billion. This market share is attributed to the maximum availability of hemp-based food in stores known for their organic and natural products.

Regional Segment Analysis of the Hemp-Based Food Market:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The North America region occurred as the largest market for the global Hemp-Based Food industry, with a market share of 38.34% and a market value of around USD 2.08 Billion in 2023. This market share is attributed to the surge in the availability of several hemp-based food products in many e-commerce and retail shops in the region. Also, the consumer has become more health conscious, and thus, there is a growing demand for superfoods and a growing preference for gluten-free food products.

Key players operating in the global Hemp-Based Food market are:

• Manitoba Harvest
• Nutiva
• North American Hemp Grain Co.
• Just Hemp Foods
• GIGO Food
• Canah International
• Jinzhou Qiaopai Biotech
• Braham Murray
• Agropro
• Yunnan Industrial Hemp
• Hemp Oil Canada
• Hempco

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Hemp-Based Food market based on below mentioned segments:

Global Hemp-Based Food Market by Product:

• Hemp Protein Powder
• Hemp Seed oil
• Hemp Seeds
• Others

Global Hemp-Based Food Market by Distribution Channel:

• Online
• Offline

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About the report:

The global Hemp-Based Food market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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