IMARC Group, a leading market research company, has recently releases report titled “Hemp-Based Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global hemp-based food market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the hemp-based food market?
The global hemp-based food market size reached US$ 1.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.1 Billion by 2028, exhibiting a growth rate (CAGR) of 15.1% during 2023-2028.
What is hemp-based food?
Hemp-based food refers to food products that incorporate hemp as an ingredient. Hemp is a variety of the Cannabis sativa plant species that is low in the psychoactive compound tetrahydrocannabinol (THC) but high in beneficial nutrients such as vitamins, minerals, zinc, folate, calcium, iron, magnesium, protein, fiber, and essential fatty acids. Some commonly available hemp-based food products include hemp seeds, hemp protein powder, hemp milk, hemp oil, and hemp flour, which can be used in various recipes and dietary applications. In recent years, hemp-based food has gained immense popularity across the globe due to the increasing consumer preferences for plant-based and nutrient-dense food options.
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What are the growth prospects and trends in the hemp-based food industry?
One of the primary factors driving the market growth is the increasing demand for vegan foods among consumers seeking healthier and more sustainable dietary options, as hemp is a rich source of protein, fiber, and other essential nutrients. Other than this, the legalization of hemp cultivation in numerous countries across the globe has made it easier for manufacturers to source high-quality hemp for use in food products. This has led to increased availability and reduced costs of hemp-based ingredients. Besides this, there is a growing interest in the potential health benefits of hemp-derived compounds such as cannabidiol (CBD), which is believed to have a range of therapeutic effects. This has resulted in the development of new hemp-based food products that incorporate CBD or other hemp-derived compounds. In addition, the use of hemp-based ingredients in food products is further propelled by the increasing popularity of natural and organic foods among the masses and the shifting inclination toward functional foods that provide specific health benefits beyond basic nutrition.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Hemp Protein Powder
- Hemp Seed Oil
- Hemp Seeds
- Others
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
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