Hemp-Based Foods Market By Type (Hemp Seeds, Hemp Oil, Hemp Protein, Hemp Powder, Hemp Milk, Hemp Snacks, Hemp Beverages, Others) , By End User (Household Consumers, Food and Beverage Industry, Nutraceutical Industry, Cosmetics and Personal Care Industry, Others) By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Sales Channel, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Hemp-based Foods Market
The hemp-based foods market was valued at $5.4 billion in 2023 and is projected to reach $10.6 billion by 2033, growing at a CAGR of 7.2% from 2024 to 2033.
The hemp-based foods market comprises of a range of edible products derived from the hemp plant which belongs to the botanical class Cannabis sativa. The edible products include seeds, oil, protein powder, milk, and derived products such as snacks, beverages, and baked goods. Hemp-based food contains loads of nutrients such as healthy fats, protein, fiber, minerals, and vitamins. These nutrients offer numerous health benefits, including supporting digestion, heart health, and overall wellness. Hemp is gaining prominence as a sustainable crop as it requires minimal pesticides and water, making it environmentally friendly in comparison to other conventional crops.
Increase in consumer inclination toward plant-based diets, along with rise in awareness about the various nutritional aspects of hemp is a major driver of the hemp-based foods market. Moreover, relaxation of restrictions imposed on hemp-derived products in several regions and implementation of regulatory changes legalizing hemp cultivation boost the demand for hemp-based food products. The penetration of the market players in new emerging economies is presenting lucrative opportunities for market expansion. In recent times, the shift of hemp-based foods from specialty health marketplaces to conventional retail stores is trending in the market. The integration of hemp products into everyday cuisines and restaurants is gaining a broad acceptance among individuals.
However, the possibility of cross-contamination of hemp plants with tetrahydrocannabinol (THC) poses a significant restraint on market demand for hemp-based foods. Hemp and marijuana both are derived from cannabis plant. While hemp contains low levels of THC, there is a significant risk of cross-contamination during cultivation, harvesting, processing, or packaging. Stringent limitations have been imposed by regulatory agencies globally on THC levels in hemp-derived products to avoid psychoactive impact and ensure adherence to legal standards. For instance, the European Union has set the maximum level of THC as 3.0 mg/kg for dry products and 7.5 mg/kg for hemp oil.
Segment ReviewThe hemp-based foods market is segmented into type, end user, distribution channel, and region. On the basis of type, the market is divided into hemp seeds, hemp oil, hemp protein, hemp powder, hemp milk, hemp snacks, hemp beverages, and others. By end user, it is classified into household consumers, food & beverage industry, nutraceutical industry, cosmetics & personal care industry, and others. As per distribution channel, it is categorized into supermarkets/hypermarkets, convenience stores, specialty stores, online sales channel, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the hemp seeds segment held the highest market share in 2023.
By end user, the food & beverage industry segment was the largest shareholder in 2023
As per distribution channel, the specialty segment dominated the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players operating in the global hemp-based foods market include Agropro, Nutiva Inc., Compass Diversified Holdings, Canopy Growth Corporation, Hempco Inc., Canada Hempfoods Ltd., Elixinol, Cool Hemp, and Hemp Foods Australia Pty Ltd. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Key Market SegmentsBy TypeHemp Seeds
Hemp Oil
Hemp Protein
Hemp Powder
Hemp Milk
Hemp Snacks
Hemp Beverages
Others
By End UserHousehold Consumers
Food and Beverage Industry
Nutraceutical Industry
Cosmetics and Personal Care Industry
Others
By Distribution ChannelSupermarkets/Hypermarkets
Convenience Stores
Specialty Stores
Online Sales Channel
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Agropro
Nutiva Inc.
Compass Diversified Holdings
Canopy Growth Corporation
Hempco Inc.
Canada Hempfoods Ltd.
elixinol
Cool Hemp
Hemp Foods Australia Pty Ltd.