Hemp-Based Foods Market to grow by USD 6910.9 million between 2024-2028
According to a research report “ Hemp-Based Foods Market” by Distribution Channel (Offline, Online) Product (Hemp seed-based foods, Hemp protein-based foods, Hemp oil-based foods) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 6910.9 million at a CAGR of 16.41% during the forecast period. In the burgeoning vegan market, hemp-based foods are gaining significant traction. With an estimated 9.7 million vegans in the US and 2.6 million in Europe in 2023, representing 6% and 3.2% of their respective populations, the demand for plant-based protein sources is escalating. Hemp seeds, a rich source of protein, are poised to capture a substantial market share due to their alignment with the ethical and environmental values of the vegan lifestyle. The vegan population is projected to expand further, fueling the growth of the hemp-based foods sector..
Browse market data tables, figures, and in-depth TOC on “Hemp-Based Foods Market” by Distribution Channel (Offline, Online) Product (Hemp seed-based foods, Hemp protein-based foods, Hemp oil-based foods) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028.
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By Distribution Channel, the Offline segment is projected to dominate the market size in 2024.
The hemp foods market is projected to expand due to the nutritional benefits of hemp seeds. These seeds offer a balanced protein source, essential fatty acids (omega-3 and omega-6), gamma-linolenic acid (GLA), antioxidants, vitamins, minerals, and fiber. Hemp seeds' high omega-fat content provides sustained energy, making them a preferred choice for consumers seeking continuous energy. Moreover, the presence of essential amino acids positions hemp seed-based foods as an optimal option for vegans, vegetarians, and health-conscious individuals reducing meat intake.
By Product, Hemp seed-based foods segment is expected to hold the largest market size for the year 2024.
In the organic and natural goods sector, specialized retailers, including health food chains, are prime destinations for procuring hemp-based foods. These establishments often allocate dedicated spaces for hemp products, such as seeds, oil, and protein powders. Some upscale grocery stores may integrate hemp items into various categories, including snacks, baked goods, and gluten-free options. Local farmers markets serve as valuable platforms for artisanal hemp producers to display and sell their goods directly to consumers.
North America is forecasted to hold the largest market size by region in 2024.
In the dynamic business landscape, the hemp-based foods market represents a significant growth opportunity. This sector is fueled by increasing consumer awareness and preference for plant-based alternatives. Hemp seeds and derivatives offer a rich source of protein, essential fatty acids, and dietary fiber, making them an attractive addition to various food products. Market players are capitalizing on this trend by launching innovative hemp-infused foods, beverages, and supplements. The regulatory environment continues to evolve, enabling broader market access and fostering increased investment.
The Hemp-Based Foods Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
User Prompt: Please create a 120-word response on the Hemp-Based Foods Market, including the keywords: Nutritional Benefits, Hemp Seed, Misconceptions and Stigma, Retail Presence, Health and Wellness, Plant-Based Protein, hemp, marketing tactics, hemp-based food products, organic food items, health consciousness, organic hemp-based foods, Gluten, Minerals, Vitamins, Fiber, Protein powder, Cheese replacements, Hemp oil, Hemp seeds, Hemp plant, Chronic medical diseases, Hemp-based food items, Vegan food products. Response: The Hemp-Based Foods Market has experienced significant growth due to the nutritional benefits associated with hemp seeds. Rich in minerals, vitamins, fiber, and protein, hemp seeds offer a plant-based protein alternative for those with chronic medical diseases or following a vegan diet. Hemp-based food products, including protein powder and cheese replacements, have gained retail presence, catering to the health and wellness-conscious consumer. Despite misconceptions and stigma surrounding hemp due to its association with the cannabis plant, the nutritional value of hemp seeds is undeniable. Organic hemp-based foods, free from gluten and other common allergens, are increasingly popular. Marketing tactics focus on the health benefits, with hemp oil and seeds being used in various food items. The versatility of hemp, as a source of essential nutrients, continues to drive market growth.
Market Research Overview
In the rapidly evolving world of food and nutrition, hemp-based foods have emerged as a popular and sustainable option for households, catering to both offline retail and online markets. Hemp fibers have dispelled misconceptions and stigma, revealing their nutritional benefits and retail presence in various sectors, including health and wellness. Hemp-derived plant-based protein sources offer a rich array of flavors, from eateries and cafes to ice creams, desserts, burgers, shakes, and hemp seed-based sauces. Hemp seeds and oil are renowned for their contributions to joint health, heart function, stress reduction, and insulin level management, making them valuable for individuals dealing with chronic medical conditions and sedentary lifestyles. Hemp-based food products, including organic and gluten-free items, are increasingly popular among the vegan population and those with dietary restrictions, such as celiac disease. Marketing tactics for hemp-based food items emphasize their organic nature, essential fatty acids, and the presence of minerals, vitamins, fiber, and protein powder. Hemp-based alternatives to cheese replacements, cereals, bread, pretzels, corn chips, and granola bars are gaining popularity due to their gluten-free property and the absence of genetically modified pesticides and insecticides. Additionally, hemp-based foods are rich in phytoestrogens, which can help alleviate depression, anxiety, and mental health issues. In summary, the hemp-based foods market is a thriving sector that caters to diverse consumer needs, offering a wide range of organic, plant-based, and gluten-free options, while addressing the nutritional requirements of various populations and dietary restrictions.
Contacts
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Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
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