Hemp-Based Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Hemp-Based Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global hemp-based food market size reached US$ 1.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.1 Billion by 2028, exhibiting a growth rate (CAGR) of 15.1% during 2023-2028.

Hemp-based food is rich in omega-3 fatty acids, vitamins, minerals, zinc, folate, calcium, iron, magnesium, potassium, fiber, and other essential nutrients. Its consumption assists in promoting joint health, improving heart health, balancing insulin levels, reducing stress and anxiety, and minimizing the risk of developing chronic ailments. At present, due to the rising adoptionof veganism, hemp-based food products are gaining traction among the masses around the world.

Hemp-Based Food Market Trends:

Hemp-based food products are used in the preparation of commercial food dishes, including burgers, tea, coffee, shakes, sauces, dips, cake, salads, bread, pasta, muffins, and ice cream. This, in confluence with the thriving food and beverage (F&B) industry, represents one of the major factors bolstering the market growth. It can also be attributed to the increasing awareness among individuals about the health benefits of consuming hemp-based food products and the rising health consciousness among the masses. In addition, the escalating demand for premium and healthy alcoholic beverages on account of the emerging trend of socializing and parties among working professionals and young adults are contributing to the market growth. Apart from this, shifting consumer preferences for convenient, packaged hemp-based snacking options, such as chips, energy bars, flavored water, granola bars, and biscuits, is propelling the market growth. Furthermore, key players are focusing on providing hemp-based food products and bakery products through online shopping apps. This, in confluence with the thriving e-commerce industry, is offering lucrative growth opportunities to industry investors.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global hemp-based food market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product and distribution channel.

Breakup by Product:

Hemp Protein Powder
Hemp Seed Oil
Hemp Seeds
Others

Hemp seeds dominate the market as they aid in improving heart health by reducing cholesterol, blood pressure, and triglycerides.

Breakup by Distribution Channel:

Supermarkets and Hypermarkets
Convenience Stores
Online Stores
Others

Supermarkets and hypermarkets hold most of the total market share as they have a wider collection of products.

Breakup by Region:

North America

United States
Canada


Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others


Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others


Latin America

Brazil
Mexico
Others


Middle East and Africa

North America holds the majority of the global hemp-based food market share due to the increasing awareness among individuals about the health benefits of consuming hemp-based food products in the region.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Hempfoods Ltd., Tilray, Inc., GFR Ingredients, Hemp Foods Australia Pty Ltd, Aurora Cannabis Inc., Naturally Splendid Enterprises Ltd., Isodiol International Inc, Navitas LLC, Nutiva, and T12 Holdings Pty Ltd.

Key Questions Answered in This Report:

What was the size of the global hemp-based food market in 2022?
What is the expected growth rate of the global hemp-based food market during 2023-2028?
What are the key factors driving the global hemp-based food market?
What has been the impact of COVID-19 on the global hemp-based food market?
What is the breakup of the global hemp-based food market based on the product?
What is the breakup of the global hemp-based food market based on the distribution channel?
What are the key regions in the global hemp-based food market?
Who are the key players/companies in the global hemp-based food market?