Exploring the Hemp Based Foods Market: Key Trends and Growth Forecast 2024-2033

Sep 25, 2024 - 19:34

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The hemp based foods global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Hemp Based Foods Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
The hemp based foods market size has grown strongly in recent years. It will grow from $5.45 billion in 2023 to $5.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to legalization of hemp cultivation and use in some regions, increase in consumer demand for plant-based and natural products, growth in awareness of hemp's nutritional benefits, expansion of health and wellness trends, rise in popularity of hemp seeds and oil in culinary applications.

The hemp based foods market size is expected to see strong growth in the next few years. It will grow to $8.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to regulatory support for hemp-based foods and ingredients, growing market penetration in emerging economies, consumer interest in sustainable and environmentally-friendly products, increasing applications in functional foods and nutraceuticals, rising consumer awareness of hemp's potential health benefits. Major trends in the forecast period include technological advancements in hemp processing, innovation in hemp-based product formulations (e.g., snacks, beverages), cbd-infused hemp products, hemp-based dairy alternatives, gluten-free and allergen-friendly options.

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Scope Of Hemp Based Foods Market
The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Hemp Based Foods Market Overview

Market Drivers -
The rising vegan population is driving the hemp-based food market. The vegan population consists of people who abstain from all animal products, such as leather, as well as meals like meat, dairy, eggs, and honey and, to the greatest extent, feasible goods that have been subjected to animal testing. Health, weight control, animal welfare, and environmental concerns are some of the reasons people are moving towards a vegan diet. All nine necessary amino acids, along with fiber, healthy fats, and minerals, are present in hemp, which makes it a premium vegan protein source. For instance, according to the survey conducted by Veganuary, an annual campaign called conducted by a non-profit organization in the UK that encourages participants to adopt a vegan diet and lifestyle for the whole month of January, people signed up for the campaign had increased to more than 5 million in 2021. The signups further increased to 6.29 million in 2022. Hence, an increase in the vegan population will propel the hemp-based food market.

The hemp based foods market covered in this report is segmented –

1) By Product: Hemp Seed Oil, Hemp Protein Powder, Whole Hemp Seed, Hulled Hemp Seed
2) By Distribution Channel: Supermarket Stores, Convenience Stores

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Regional Insights -
North America was the largest region in the hemp based food market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the hemp based foods market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Key Companies -
Major companies operating in the hemp based foods market include Agropro, Nutiva Inc., Compass Group Management LLC, Canopy Growth Corporation, Hempco Inc., Terra Tech Corp., Manitoba Harvest, Braham Murray, Liaoning Qiaopai Biotech Co. Ltd., Canah International SRL, GIGO Food, Just Hemp Foods, North American Hemp Grain Co., Yunnan Hua Fang Industrial Hemp Co. Ltd., GFR Ingredients Inc., Naturally Splendid Enterprises Ltd., Navitas Organics, Yishutang, Hemp Foods Australia Pty Ltd., Elixinol Wellness Limited, Canada Hemp Foods Ltd., Mettrum Originals, The Hemp Corporation Pty Ltd., Fresh Hemp Foods Ltd., Laguna Blends Inc., Ecofibre Limited, Beyond Meat, Impossible Foods Inc., Good Hemp Inc.

Table of Contents
1. Executive Summary
2. Hemp Based Foods Market Report Structure
3. Hemp Based Foods Market Trends And Strategies
4. Hemp Based Foods Market – Macro Economic Scenario
5. Hemp Based Foods Market Size And Growth
…..
27. Hemp Based Foods Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix