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Hemp Based Foods Market Analysis, Trends, Growth, Research And Forecast 2033
Hemp Based Foods Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the hemp-based foods industry. This report onhemp-based foods market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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), infused hemp products, hemp-based dairy alternatives, gluten-free and allergen-friendly options.
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Key Market Players:
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.
Market Drivers:
According to the Hemp Based Foods Market Report 2024 by The Business Research Company, the key factors driving the growth of the hemp-based foods market, includes 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.
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Market segments for home insurance include:
1) By Product: Hemp Seed Oil, Hemp Protein Powder, Whole Hemp Seed, Hulled Hemp Seed
2) By Distribution Channel: Supermarket Stores, Convenience Stores
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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