According to the latest report by IMARC Group, titled “Hemp-Based Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global hemp-based food market size exhibited strong growth during 2015-2020. Looking forward, the market expects to grow at a CAGR of around 15% during 2021-2026.
Hemp-based food products include hemp seeds, hemp oil, cheese substitutes and protein powder that are widely consumed across the globe due to the numerous health benefits offered by them. These products are obtained by harvesting the hemp plant and hulling seeds to separate oil-rich kernels that are further cold pressed to produce oil. They are rich in iron, protein, fiber, zinc, magnesium, phosphorus, potassium, and vitamins A, B, C and E. Apart from this, they are free from gluten, lactose, allergens, genetically modified organisms (GMO), pesticides and phytoestrogen. As a result, they are widely used in the preparation of numerous packaged products, including bread, cereals, chips, pretzels and granola bars.
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Global Hemp-Based Food Market Trends:
The global market is primarily driven by the increasing utilization of hemp-based products in the food and beverages sector across the globe. Hemp-based food products are widely being used as a key ingredient in the preparation of numerous sauces, milkshakes, burgers, ice creams and desserts as well as multiple experimental dishes. Along with this, consumers are increasingly becoming aware of the health benefits offered by hemp-based foods. Their consumption is associated with promoting joint health, enhancing cardiac functions, balancing insulin levels and improving skin texture. This, coupled with the rising health consciousness among the masses, is providing a thrust to the market growth. The market is further driven by the rising incidences of celiac disease among individuals. Coupled with the increasing number of individuals shifting to vegan diets, there has been a significant increase in the uptake of hemp-based foods.
Global Hemp-Based Food Market 2021-2026 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Canada Hemp Foods Ltd., Fresh Hemp Foods Ltd. (Tilray, Inc), GFR Ingredients Inc., Hemp Foods Australia Pty Ltd. (Elixinol Global Limited), Hempco Food and Fiber Inc. (Aurora Cannabis Inc.), Naturally Splendid Enterprises, Isodiol International Inc., Navitas Organics, Nutiva and T12 Holdings Pty Ltd. (Cann Global Limited).
The report has segmented the market on the basis on region, product and distribution channel.
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
Asia Pacific
Europe
Latin America
Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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