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Hemp Foods: Health Meets Sustainability
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According to The Business Research Company's, 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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Market Drivers and Trends:
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 strategic partnership is a key trend in the hemp-based food market. Major companies are entering into a partnership with hemp-based food companies to expand their market and leverage each other's resources. In July 2022, Victory Hemp Foods, a US-based hemp-based food manufacturer, partnered with Applied Foods Sciences (AFS). The partnership will improve sales and marketing for Victory Hemp's two proprietary ingredients, V-70TM Hemp Heart Protein and V-ONETM Hemp Heart Oil, as well as for its food and beverage ingredients. This commitment will further broaden the range of products in which hemp grain can be used as an ingredient. Applied Foods Sciences (AFS) is a US-based supplier of innovative, functional, and organic ingredients. For instance, in July 2023, Burcon NutraScience Corporation, a Canada-based company that specializes in the development and production of plant-based proteins partnered with HPS Food and Ingredients Inc. With this partnership, Burcon hopes to take advantage of the growing hempseed protein market trend and provide clients all over the world with high-quality plant-based protein options. Burcon's hempseed protein isolate is intended to be quickly adopted by the market through the joint efforts of Burcon and HPS. The aim of this partnership is to develop a novel category for protein ingredients based on hempseed to enter untapped markets. HPS Food and Ingredients Inc. is a US-based company specializing in food and ingredients .
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Major Key Players of the Market:
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.
Hemp Based Foods Market 2024 Key Insights:
• 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 Surge In Vegan Population Driving Growth In The Hemp-Based Food Market
• Strategic Partnerships Drive Growth And Innovation In The Hemp-Based Food Market
• 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
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