Hemp Based Foods Market Poised for 0.0877738315283296 % Growth, Set to Hit $131.46 Billion by 2029

What industry-specific factors are fueling the growth of the hemp based foods market?
The increase in the number of vegans is fuelling the growth of the hemp-based food sector. The vegan demographic encompasses individuals who refrain not only from consuming animal products like meat, dairy, eggs, and honey, but also from using goods like leather or any other products linked to animal cruelty. People are adopting veganism for multiple reasons including health, weight regulation, animal protection, and environmental sustainability. Hemp, enriched with all nine essential amino acids, fiber, healthy fats, and minerals, serves as a superior source of vegan protein. For example, data from Finder, a US-based personal finance comparison website, revealed that in April 2024, around 2.5 million people in the UK were vegans, accounting for 4.7% of the population. This figure showed a significant rise from the 1.4 million vegans (2.5% of the population) in 2023, reflecting an additional 1.1 million vegans in the UK between 2023 and 2024. Thus, this burgeoning vegan community is propelling the expansion of the market for hemp-based foods.

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What Is the projected market size and growth rate for the hemp based foods market?
The market size of hemp-based foods has witnessed significant growth in the past few years. The market is forecasted to increase from $5.94 billion in 2024 to $6.49 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.1%. The impressive growth during the historical period can be credited to factors such as the legalization of hemp farming and its usage in certain regions, a surge in customer preference for natural and plant-based items, increased understanding of the nutritional advantages of hemp, growth in health and wellness trend, and rising recognition of hemp seeds and oil in the cooking industry.

The market for foods based on hemp is predicted to witness significant expansion in the upcoming years. By 2029, it is projected to reach $9.08 billion, with a compound annual growth rate (CAGR) of 8.8%. Factors contributing to this growth during the forecast period include the regulatory endorsement of hemp-based foods and ingredients, expanding market reach in developing economies, a rising interest in sustainable and eco-friendly products among consumers, and increased utilization in functional foods and nutraceuticals. Additionally, a surge in consumer knowledge about the potential health advantages of hemp-based foods is anticipated. Technological progress in hemp processing, product formulation innovations (like snacks, drinks), cb*d*-infused hemp offerings, alternatives to hemp-based dairy products, and gluten and allergen-free options are expected to be the major trends during the forecast period.

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What new trends are reshaping the hemp based foods market and its opportunities?
A trending strategy in the hemp-based food market is forming strategic alliances. Big corporations join forces with hemp-based food firms to broaden their market reach and reap the benefits of each other's resources. Victory Hemp Foods, a US hemp-based food producer, solidified a collaboration with Applied Foods Sciences (AFS) in July 2022. This union aims to boost the sales and marketing of Victory Hemp's two exclusive ingredients, V-70TM Hemp Heart Protein and V-ONETM Hemp Heart Oil, as well as its food and beverage products. In turn, it will enhance the diversity of products that can incorporate hemp grain as a component. AFS is a US entity that offers unique, functional, and organic components. Subsequently, in July 2023, Burcon NutraScience Corporation, a Canada-based plant protein developer and producer, allied with HPS Food and Ingredients Inc. This strategic move is intended for Burcon to ride on the escalating popularity of hempseed protein market trend, and supply clients globally with premium plant-based protein alternatives. They hope the market will swiftly embrace Burcon's Hempseed protein isolate through shared efforts with HPS. The objective of this collaboration is to create a new protein ingredient category based on hempseed for penetrating unused markets. HPS Food and Ingredients Inc. is a US company specializing in foodstuffs and ingredients.

What major market segments define the scope and growth of the hemp based foods 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: Super market Stores, Convenience Stores

Subsegments:
1) By Hemp Seed Oil: Cold-Pressed Hemp Seed Oil, Refined Hemp Seed Oil
2) By Hemp Protein Powder: Organic Hemp Protein Powder, Conventional Hemp Protein Powder
3) By Whole Hemp Seed: Raw Whole Hemp Seeds, Roasted Whole Hemp Seeds
4) By Hulled Hemp Seed: Raw Hulled Hemp Seeds (Hemp Hearts), Flavored Hulled Hemp Seeds

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Which region dominates the hemp based foods market?
North America was the largest region in the hemp based food market in 2024 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.

Which key market leaders are driving the hemp based foods industry growth?
Major companies operating in the hemp based foods market include 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.

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What Is Covered In The Hemp Based Foods Global Market Report?

•Market Size Forecast: Examine the hemp based foods market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the hemp based foods market for a structured understanding.
•Key Players Overview: Analyze major players in the hemp based foods market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the hemp based foods market.
•Segment Contributions: Evaluate how different segments drive overall growth in the hemp based foods market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the hemp based foods market.
•Industry Challenges: Identify potential risks and obstacles affecting the hemp based foods market.
•Competitive Landscape: Review strategic developments in the hemp based foods market, including expansions, agreements, and new product launches.

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