Hemp-based food products have gained immense popularity due to their
easy digestibility by dint of being free from gluten, allergens,
genetically modified organisms (GMO), lactose, phytoestrogen, and
pesticides. Hemp is a good source of fiber and vitamins &minerals
including magnesium, vitamin E, zinc, and iron. Consumption of
hemp-based food products aids the maintenance of a healthy digestive
system which further drives the overall market across developed
regions such as North America and Europe. Hemp seeds are a highly
nutritious source of protein and are being increasingly used in
packaged foods such as granola bars, pretzels, bread, and cereals.
The global hemp-based food market is divided by ingredients into the
protein, oil, and seed categories. Among these, hemp seeds dominated
the global market in 2015 and are expected to retain its leading
position over the forecast period. Their growing usage in various
foods such asnut butter, corn chips, and snack bars is expected to
motivate the hemp-based food products market over the forecast
period. In addition to this, hemp seeds are rich with amino acids
which made these products an ideal choice for health-conscious and
vegan consumers. Hemp-based food is emerging as the ultimate source
of protein for vegans due to its better digestibility than that of
other plant proteins. Apart from this, hemp seeds could be easily
added to baking goods or incorporated into salads or soups.
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The
hemp-based food market is geographically distributed over North
America, Europe, Asia Pacific, Middle East & Africa (MEA), and
Latin America. North America held the maximum share in this market in
2015due to a growing consumer preference for healthy food products
free of allergens. It was followed by Europe and Asia Pacific. Their
gluten-free property has propelled several gluten-sensitive consumers
to change their inclination toward these products. Asia Pacific is a
highly attractive market, owing to the adoption of Western food
habits among this region’s population. Latin America is a potential
market with its share likely to rise over the forecast period.
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The
global hemp-based food market is extremely competitive with the
presence of a large number of large-scale and small-scale vendors who
compete with each other in terms of product differentiation, quality,
price, innovation, distribution, and brand promotion. Key players
operating in the market include Hemp co, Naturally Splendid, Mettrum
Originals, and Manitoba Harvest. Other prominent ones include Canada
Hemp Foods, Braham and Murray, Elixinol, Nutiva, Healthy Brands
Collective, Laguna Blends, Hemp Foods Australia, and The Cool Hemp
Company. These players dominate the market with their vast geographic
presence and large production facilities across different countries.
However, the global hemp-based food market is also characterized by
the presence of several emerging regional and small manufacturers who
lead the market in countries such as the U.K. and China and invest
huge amounts of capital in research and development activities and
innovation centers in order to expandtheir production capabilities
and meet the growing market demands. In addition to this, major
players are expanding their market share through new product
development, mergers &acquisitions, joint ventures, and
expansion, while focusing on their plans to open new retail outlets
to strengthen their distribution channels and increase their
earnings. In order to meet the growing consumer demands, a variety of
different products are launched in the market by various leading as
well as emerging manufacturers.
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