Global Hemp-based Foods Market Opportunities and Forecast 2023-2030

Hemp-based Foods Market Overview

The functional properties of hemp seed and hemp seed oil and their increased use in several food applications is that the main factor driving the worldwide hemp-based foodstuff. Hemp seeds obtained from the plant “Cannabis sativa contain an upscale source of vitamin E, vitamin B1, vitamin B2, vitamin B6, vitamin D, calcium, magnesium, and potassium, among others. Only a few plant-based foods are an entire source of protein; hemp seeds, on the opposite hand, contain enough amounts of protein which will be considered as a worth addition to a vegan diet. These are some vital factors that are expected to drive the expansion of the hemp-based foodstuff within the future. Moreover, the rising health awareness and therefore the harmful effects of ingredients utilized in the food and beverage industry have raised the demand for organic food products. This trend is very appropriate for hemp food products, and lots of leading market players is launching organic hemp food products to cater to the growing consumer base. The gluten-free property of hemp-based food is pushing gluten-sensitive consumers to vary their inclination toward these products alongside growing usage in various foods like spread, corn chips, and snack bars are expected to spice up the worldwide demand. Furthermore, increasing occurrences of celiac diseases, a growing number of vegan populations across the world, a growing population, disposable incomes, and an increase within the standard of living due to the adoption of western food culture and changing lifestyle have positively anticipated in propelling the expansion of worldwide hemp-based foodstuff.

Biofuel is one such application. Hemp seed extracts are wont to produce hemp biodiesel, which may be utilized in any diesel-operated vehicle. Furthermore, hemp is often used to make ethanol, which is currently processed from food crops like wheat and corn. This is able to result in increased efficiency of food production and can offer lucrative growth opportunities during the forecast period.

There are certain restraints and challenges faced which can hinder the general market growth. The factors like lack of processing facilities and planting & harvesting equipment are limiting the market growth. There has been a scarcity of proper planting & harvesting equipment. Air seeders that are used for planting the crop must be used with low air volume just in case of hemp speed attributable to their fragility. Moreover, industry experts have also suggested that the US lacks commercial-scale processing facilities, which is among the main obstacles that are estimated to sluggish growth during the forecast period. Nevertheless, manufacturers and research institutions develop new products due to continuous R&D.
 
Covid-19 Impact on Hemp-based Foods Market:

In addition, the current xx Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the xx Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which include supply shortages, panic buying and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
 
Hemp-based Foods Market Segment Overview

Based on Product, the market is bifurcated into Hemp Seed-Based Foods, Hemp Protein-Based Foods, and Hemp Oil-Based Foods. The hemp seed-based foods segment holds the most important market share. Seeds are majorly used to produce oil which is consumed in food and beverages, personal care, and animal feed industries. Hemp seeds are rich in amino acids which makes these products a nutritional choice for health-conscious and vegan consumers.

Additionally, Based on Application, the market is bifurcated into Supermarkets, Convenience Stores, Others. The supermarket segment is estimated to witness the best CAGR for the forecast period. The factors which will be attributed to the growing retail sector and changing consumer preferences with growing usage in baking goods or incorporated into salads or soups are accelerating the local and daily demand thus, fuelling the demand for this segment.

Market Analysis, Insights and Forecast – By Product
·       Hemp Protein Powder
·       Hemp Seed Oil
·       Hemp Seeds
·       Others

Market Analysis, Insights and Forecast – By Application
·       Supermarkets and Hypermarkets
·       Convenience Stores
·       Online Stores
·       Others

Hemp-based Foods Market Regional Overview

Region-wise, in terms of regions, North America held the utmost share during this market in 2015 due to a growing consumer preference for healthy food products freed from allergens. It had been followed by Europe and Asia Pacific. Their gluten-free property has propelled several gluten-sensitive consumers to vary their inclination toward these products. Asia Pacific may be a highly attractive market, attributable to the adoption of Western food habits among this region’s population. Latin America may be a potential market with its share likely to rise over the forecast period.

Hemp-based Foods Market, By Geography
·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
 
Hemp-based Foods Market Competitor overview

Some key developments and strategies adopted by manufacturers in the Hemp-based Foods are highlighted below.

·        Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the world Health Organization declaring it a public health emergency. The worldwide impacts of the coronavirus disease 2019 (COVID-19) are already beginning to be felt, and can significantly affect the Hemp-based Foods market in 2021.

Hemp-based Foods Market, Key Players

·        Aurora Cannabis Inc.
·        Bombay Hemp Company Pvt. Ltd.
·        Boring Hemp Co.
·        CANAH INTERNATIONAL Srl
·        Canopy Growth Corp.,
·        Hemp Juice Company BV
·        HempFlax Group BV
·        Hudson River Foods
·        North American Hemp and Grain Co.
·        Nutiva Inc.