Global Hemp-Based Food Market Poised to Double by 2033 with a CAGR of 6.87%
Health Benefits Drive Global Hemp-Based Food Market to $10,53 Billion by 2033, Reports The Brainy Insights.
As per the report published by The Brainy Insights, the global hemp-based food market is expected to grow from USD 5.42 Billion in 2023 to USD 10.53 Billion by 2033, at a CAGR of 6.87% during the forecast period 2023-2033.
The market is broadly driven by the health benefits it offers. There is a growing demand for hemp-based food as it is considered a good source of protein for vegans because of its good digestibility compared to other plant-based proteins.
Competitive Strategy
To enhance their market position in the global Hemp-Based Food market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In March 2024: Manitoba Harvest, a subsidiary of Tilray Brands Inc., launched its new hemp-based food product at Natural Products Expo West. The company’s new Superseed Oatmeal and Bioactive Fiber products support gut health, eventually helping the organization gain a share in the Hemp-Based Food market.
Market Growth & Trends
Hemp-based food is a complete source of protein as it has nine crucial amino acids, drawing the attention of vegetarians and the vegan population looking for plant-based protein alternatives. These factors also drive the leading food manufacturers to use hemp in many products, such as milk, snacks, oil and protein powders.
All these factors drive the hemp-based food market. Hemp is a dietary fibre and has bioactive molecules; therefore, its incorporation in consumer diets aligns well with vegetarian values, and it becomes a plant-based nutrient source supporting nutritional requirements and complete health. It also decreases agriculture’s environmental footprint. Hemp can be consumed through whole seeds as a food source. It can be ground into flour or processed into oil after extraction. Its nutritional value suggests that hemp seeds can be a valuable addition to the human diet.
The hemp flour can be used for baking. Its oils contain crucial fatty acids and high-value proteins. It can be utilized for food fortification, supplementation and nutraceutical purposes. It helps mitigate the risk of many chronic medical disorders as it helps balance insulin levels, decreases stress and anxiety, improves cardiac functioning, and helps maintain joint health. The demand for hemp-based food is growing due to a surge in the vegan population and an increase in the number of health-conscious consumers who are looking for plant-based and gluten-free alternatives.
There is also an advancement in processing technology, which is also driving the market. Hemp-based food is a good source of vitamins A, B and E. It also has fibre and minerals like potassium, phosphorous and iron. Also, it has a broad range of crucial amino acids, especially Omega 3 and 6. It also has high protein content. Hence, it has been observed that some of the hemp food products are being integrated into food preparation, eaten raw, and utilized as dietary supplements. There is a growing demand for plant-based diets.
Hemp can be processed in several forms, such as oil, seed and protein powder. All of these can be used in food products. Moreover, its versatility has also led to its application in many hemp-based foods such as cereals, bread, energy bars, beverages, and dairy alternatives, among others. All these factors would, in turn, drive the Hemp-Based Food market in the forecasting period.
Key Findings
• In 2023, the hemp seeds segment dominated the market with the largest market share of 53.76% and market revenue of USD 2.91 Billion.
The product segment is divided into hemp protein powder, hemp seed oil, hemp seeds and others. In 2023, the hemp seeds segment dominated the market with the largest market share of 53.76% and market revenue of USD 2.91 Billion. This significant market share is attributed to hemp seed-based foods being rich in protein and crucial fats.
• In 2023, the Offline segment dominated the market with the largest market share of 64.17% and market revenue of USD 3.48 Billion.
The distribution channel segment is divided into online and offline. In 2023, the Offline segment dominated the market with the largest market share of 64.17% and market revenue of USD 3.48 Billion. This market share is attributed to the maximum availability of hemp-based food in stores known for their organic and natural products.
Regional Segment Analysis of the Hemp-Based Food Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Hemp-Based Food industry, with a market share of 38.34% and a market value of around USD 2.08 Billion in 2023. This market share is attributed to the surge in the availability of several hemp-based food products in many e-commerce and retail shops in the region. Also, the consumer has become more health conscious, and thus, there is a growing demand for superfoods and a growing preference for gluten-free food products.
