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01-15-2025 01:04 PM CET | Food & Beverage
Projections indicate a promising future for the global hemp-based foods market with increasing demand driven by a steadily growing vegan population and regulatory support for hemp.
What Is The Projected Market Size Of The Global Hemp Based Foods Market And Its Growth Rate?
o The hemp based foods market size, presently worth $5.94 billion in 2024, is expected to reach $6.49 billion in 2025, signifying a promising compound annual growth rate (CAGR) of 9.1%.
o This robust growth is linked to increasing consumer demand for all-natural, plant-based products, awareness of hemp nutrition, and the legalization of hemp cultivation in certain regions.
o Future projections reflect further growth, with the market size expanding to $9.08 billion in 2029 at a CAGR of 8.8%, driven by regulatory support for hemp-based foods, rise in hemp applications, and increasing consumer interest in sustainability.
What Is Driving The Growth In The Hemp Based Foods Market?
The growth of the hemp-based food market finds impetus in several fronts. A significant one is the expanding vegan population. People are increasingly opting for vegan diets due to concerns about health, weight management, animal welfare, and the environment. Hemp, with its healthy fats, fiber, minerals, and all nine essential amino acids, emerges as a premium source of vegan protein. Data from Finder, a US-based finance comparison site, revealed that the UK’s vegan populace rose notably from 2.5% (1.4 million) in 2023 to 4.7% (2.5 million) in 2024. This vegan trend translates into stronger prospects for the hemp-based foods market.
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Who Are the Key Players Driving Hemp Based Foods Market Growth?
o Nutiva Inc.
o Compass Group Management LLC
o Canopy Growth Corporation
o Hempco Inc.
o Terra Tech Corp.
o Manitoba Harvest
o Braham Murray
o Liaoning Qiaopai Biotech Co. Ltd.
o Canah International SRL
o GIGO Food
o Just Hemp Foods
o North American Hemp Grain Co.
o Yunnan Hua Fang Industrial Hemp Co. Ltd.
o GFR Ingredients Inc.
o Naturally Splendid Enterprises Ltd.
o Navitas Organics
o Yishutang
o Hemp Foods Australia Pty Ltd.
o Elixinol Wellness Limited
o Canada Hemp Foods Ltd.
o Mettrum Originals
o The Hemp Corporation Pty Ltd.
o Fresh Hemp Foods Ltd.
o Laguna Blends Inc.
o Ecofibre Limited
o Beyond Meat
o Impossible Foods Inc.
o Good Hemp Inc.
What Are The Key Trends In The Hemp Based Foods Market?
o Technological advancements in hemp processing
o Innovations in hemp-based product formulations, such as snacks and beverages
o CB*D-infused hemp products
o Hemp-based dairy alternatives
o Gluten-free and allergen-friendly hemp options
What Are The Segments Of The Global Hemp Based Foods Market?
o By Product: Hemp Seed Oil, Hemp Protein Powder, Whole Hemp Seed, Hulled Hemp Seed
o By Distribution Channel: Supermarket Stores, Convenience Stores
Which Region Leads The Hemp Based Foods Market?
North America, noted as being the largest regional market for hemp-based food in 2024, is on a trajectory to continue dominating the sector in the forecasted period. The report also studies the market performance in other key regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East and Africa.
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What Is Covered In The Hemp Based Foods Market Global Market Report?
o Market Size Analysis: Analyze the Hemp Based Foods Market size by key regions, countries, product types, and applications.
o Market Segmentation Analysis: Identify various subsegments within the Hemp Based Foods Market for effective categorization.
o Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
o Growth Trends Analysis: Examine individual growth trends and prospects in the market.
o Market Contribution: Evaluate contributions of different segments to the overall Hemp Based Foods Market growth.
o Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
o Industry Challenges: Analyze challenges and risks affecting the Hemp Based Foods Market.
o Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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This release was published on openPR.
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