Hemp-based Food Market Expected to Expand at a Steady CAGR through 2024

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.

Numerous Health Benefits Offered by Hemp-based Food Products Boosts Demand, Ensuring Growth

The report titled, “Hemp-based Food Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024” provides insights on the major factors accelerating and preventing the growth of the market, alongside key trends and developments. The competitive landscape and the regional segments have been assessed in details.

By virtue of their easy digestibility and gluten-free properties, a number of gluten intolerant people have been embracing hemp-based food products. These products are also free from genetically modified organisms, phytoestrogen, allergens, and pesticides. As a result, a growing number of health conscious population has been consuming hemp-based food of late. Another key benefit of these products is their high mineral, vitamin, and fiber content. Rich in vitamin E, magnesium, iron, and zinc, hemp seeds aid in the maintenance of a trouble-free, healthy digestive system.

Moreover, being a rich source of protein, hemp seeds are being increasingly used in the manufacturing of packaged foods including pretzels, cereals, bread, and granola bars. By ingredient, the market can be divided into seeds, oil, and protein. Of these, the hemp seeds segment is gaining traction, propelled by the convenience of incorporating the seeds in various recipes and food products. For instance, hemp seeds are being added to food products such as corn chips, snack bars, and nut butter. These products are witnessing high popularity among global consumers.

By geography, the global market for hemp-based foods can be segmented into Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Europe and North America have been displaying greater degree of demand when compared with other regions.

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However, with the growing disposable incomes of people in the developing economies and the rising sense of awareness about the benefits offered by hemp-based food, countries such as China, India, Singapore, Malaysia, Brazil, and Nigeria are likely to represent a major share in the global market for hemp-based foods. The growth of these regions can also be attributed to the growing adoption of western food trends among the people.

The global market for hemp-based food is fragmented in terms of competition. A number of small and large vendors have been competing with each other by adopting strategies such as product innovation and product differentiation. Higher quality, newer flavors, and healthier ingredients are the key concerns of these companies.

Mettrum Originals, Braham and Murray, Hemp co, Manitoba Harvest, Naturally Splendid, Healthy Brands Collective, The Cool Hemp Company, Laguna Blends, Elixinol, Canada Hemp Foods, Nutiva, and Hemp Foods Australia are some of the major companies operating in the global market for hemp-based food.

Hemp-based Food Market - Positive Long-Term Growth Outlook 2024

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.

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.