Global Hemp-Based Food Market Statistics: US$ 4.9 Billion Value by 2032
Summary:
- The global hemp-based food market size reached US$ 1.5 Billion in 2023.
- The market is expected to reach USD 4.9 Billion by 2032, exhibiting a growth rate (CAGR) of 13.4% during 2024-2032.
- North America leads the market, accounting for the largest hemp-based food market share.
- Hemp seeds account for the majority of the market share in the product segment due to their versatility and high nutritional value.
- Supermarkets and hypermarkets hold the largest share in the hemp-based food industry.
- The increasing consumer demand for plant-based and natural products is a primary driver of the hemp-based food market.
- The rise of sustainability and ethical consumption and the growing awareness about health benefits of hemp are reshaping the hemp-based food market.
Industry Trends and Drivers:
- Increasing consumer demand for plant-based and natural products:
Consumers, particularly those seeking healthier, natural alternatives, are drawn to hemp for its high nutritional value, including its rich protein content, omega-3 and omega-6 fatty acids, and fiber. Hemp-based products appeal to health-conscious buyers looking to reduce their meat consumption and adopt a more plant-forward diet. Additionally, the rise of veganism and vegetarianism is driving the demand for hemp seeds and hemp-derived products like protein powders, oils, and milk serve as valuable alternatives to animal-based proteins. This shift towards plant-based eating, combined with the perception of hemp as a sustainable and versatile ingredient, is positioning it as an attractive option for consumers prioritizing both health and environmental consciousness.
- Growing awareness about the health benefits:
Hemp seeds are rich in essential nutrients, including complete proteins, fiber, and healthy fats, making them an excellent addition to a balanced diet. Additionally, they contain vital minerals like magnesium, potassium, and iron. These benefits are becoming more widely recognized due to marketing efforts and educational campaigns emphasizing the potential of hemp to improve cardiovascular health, reduce inflammation, and support digestion. Furthermore, consumers are prioritizing functional foods that offer health benefits beyond basic nutrition, which is making hemp more appealing for its unique profile, encouraging more individuals to explore hemp-based snacks, beverages, and supplements as part of their daily wellness routine.
- Rise of sustainability and ethical consumption:
Hemp is a highly sustainable crop, requiring less water, pesticides, and herbicides compared to other agricultural commodities. This makes it an environment-friendly option that resonates with eco-conscious consumers. In addition to its sustainable farming practices, the ability of hemp to sequester carbon and improve soil health strengthens its appeal as a green crop. More people are becoming aware about the environmental impact of their food choices and seeking products that align with their values of reducing carbon footprints and supporting regenerative agriculture. The convergence of ethical and environmental considerations, combined with the versatility of hemp in various food applications, encourages food producers to integrate hemp into their product offerings.
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Hemp-Based Food Market Report Segmentation:
Breakup By Product:
- Hemp Protein Powder
- Hemp Seed Oil
- Hemp Seeds
- Others
Hemp seeds exhibit a clear dominance in the market due to their versatility and high nutritional value, making them a popular choice for consumers seeking health benefits.
Breakup By Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
Supermarkets and hypermarkets represent the largest segment, as they offer extensive reach and convenience, allowing for wide distribution and accessibility of hemp-based products.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America dominates the market owing to the rising demand for health-conscious products and supportive regulatory frameworks that promote the growth and sale of hemp-based foods.
Top Hemp-Based Food Market Leaders:
The hemp-based food market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- Hempfoods Ltd.
- Tilray, Inc.
- GFR Ingredients
- Hemp Foods Australia Pty Ltd
- Aurora Cannabis Inc.
- Naturally Splendid Enterprises Ltd.
- Isodiol International Inc
- Navitas LLC
- Nutiva
- T12 Holdings Pty Ltd.
Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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