According to the latest report by IMARC Group, titled “Hemp-Based Food Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2023-2028,” the global hemp-based food market size reached a value of US$ 1.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.1 Billion by 2028, exhibiting a CAGR of 15.1% during 2023-2028.

Hemp-based food is produced by harvesting the hemp plant and hulling whole hemp seeds to obtain oil-rich kernels. These kernels are generally used for preparing hemp milk, hemp oil, cheese substitutes, protein powder, etc. Hemp-based food contains a high amount of fiber, vitamins and minerals, and is free from gluten, lactose, allergens, phytoestrogens, and pesticides. Hemp-based seeds are also used to prepare corn chips, granola bars, pretzels, bread, cereals, etc.

Hemp-Based Food Market Trends:

The expanding food and beverage industry and increasing consumer preferences for organic food products are driving the market for hemp-based foods. Furthermore, the rising consumer awareness towards the nutritional benefits offered by hemp-based food products also burgeons the market growth. These products help in mitigating the risk of various chronic medical ailments by balancing insulin levels, improving cardiac functioning, reducing stress and anxiety, and maintaining joint health. Moreover, several eateries across the globe are introducing innovative product variants, such as hemp seed-based sauces, burgers, shakes, and desserts, thereby further bolstering the product demand. Additionally, the premiumization of vegan and gluten-free food and beverages is further anticipated to catalyze the market for hemp-based food products in the coming years.

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Global Hemp-Based Food Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Canada Hemp Foods Ltd., Fresh Hemp Foods Ltd. (Tilray, Inc), GFR Ingredients Inc., Hemp Foods Australia Pty Ltd. (Elixinol Global Limited), Hempco Food and Fiber Inc. (Aurora Cannabis Inc.), Naturally Splendid Enterprises, Isodiol International Inc., Navitas Organics, Nutiva and T12 Holdings Pty Ltd. (Cann Global Limited).

The report has segmented the market on the basis on region, product and distribution channel.

Breakup by Product:

Hemp Protein Powder

Hemp Seed Oil

Hemp Seeds

Others

Breakup by Distribution Channel:

Supermarkets and Hypermarkets

Convenience Stores

Online Stores

Others

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

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Key highlights of the report:

Market Performance (2017-2022)

Market Outlook (2023- 2028)

Porter’s Five Forces Analysis

Market Drivers and Success Factors

SWOT Analysis

Value Chain

Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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