The Business Research Company’s report on the Hemp Based Foods Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the hemp based foods market in recent years?
The rising vegan population is driving the hemp-based food market. The vegan population consists of people who abstain from all animal products, such as leather, as well as meals like meat, dairy, eggs, and honey and, to the greatest extent, feasible goods that have been subjected to animal testing. Health, weight control, animal welfare, and environmental concerns are some of the reasons people are moving towards a vegan diet. All nine necessary amino acids, along with fiber, healthy fats, and minerals, are present in hemp, which makes it a premium vegan protein source. For instance, in April 2024 according to Finder a US-based personal finance comparison site in 2024, approximately 2.5 million individuals in the UK are vegan, making up 4.7% of the population, up from 1.4 million vegans (2.5%) in 2023. This indicates a rise of 1.1 million vegans in the UK between 2023 and 2024. Therefore, the rising vegan population is driving the growth of the hemp-based foods market.
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What is the projected market size of the hemp based foods industry, and how is it expected to grow?
The hemp based foods market size has grown strongly in recent years. It will grow from $5.94 billion in 2024 to $6.49 billion in 2025 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to legalization of hemp cultivation and use in some regions, increase in consumer demand for plant-based and natural products, growth in awareness of hemp’s nutritional benefits, expansion of health and wellness trends, rise in popularity of hemp seeds and oil in culinary applications.
The hemp based foods market size is expected to see strong growth in the next few years. It will grow to $9.08 billion in 2029 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to regulatory support for hemp-based foods and ingredients, growing market penetration in emerging economies, consumer interest in sustainable and environmentally-friendly products, increasing applications in functional foods and nutraceuticals, rising consumer awareness of hemp’s potential health benefits. Major trends in the forecast period include technological advancements in hemp processing, innovation in hemp-based product formulations (e.g, snacks, beverages), cbd-infused hemp products, hemp-based dairy alternatives, gluten-free and allergen-friendly options.
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Who are the key players driving competition in the hemp based foods market?
Major companies operating in the hemp based foods market include Nutiva Inc., Compass Group Management LLC, Canopy Growth Corporation, Hempco Inc., Terra Tech Corp., Manitoba Harvest, Braham Murray, Liaoning Qiaopai Biotech Co. Ltd., Canah International SRL, GIGO Food, Just Hemp Foods, North American Hemp Grain Co., Yunnan Hua Fang Industrial Hemp Co. Ltd., GFR Ingredients Inc., Naturally Splendid Enterprises Ltd., Navitas Organics, Yishutang, Hemp Foods Australia Pty Ltd., Elixinol Wellness Limited, Canada Hemp Foods Ltd., Mettrum Originals, The Hemp Corporation Pty Ltd., Fresh Hemp Foods Ltd., Laguna Blends Inc., Ecofibre Limited, Beyond Meat, Impossible Foods Inc., Good Hemp Inc.
What key trends are expected to drive the hemodialysis and peritoneal dialysis market during the forecast period?
The strategic partnership is a key trend in the hemp-based food market. Major companies are entering into a partnership with hemp-based food companies to expand their market and leverage each other’s resources. In July 2022, Victory Hemp Foods, a US-based hemp-based food manufacturer, partnered with Applied Foods Sciences (AFS). The partnership will improve sales and marketing for Victory Hemp’s two proprietary ingredients, V-70TM Hemp Heart Protein and V-ONETM Hemp Heart Oil, as well as for its food and beverage ingredients. This commitment will further broaden the range of products in which hemp grain can be used as an ingredient. Applied Foods Sciences (AFS) is a US-based supplier of innovative, functional, and organic ingredients. For instance, in July 2023, Burcon NutraScience Corporation, a Canada-based company that specializes in the development and production of plant-based proteins partnered with HPS Food and Ingredients Inc. With this partnership, Burcon hopes to take advantage of the growing hempseed protein market trend and provide clients all over the world with high-quality plant-based protein options. Burcon’s hempseed protein isolate is intended to be quickly adopted by the market through the joint efforts of Burcon and HPS. The aim of this partnership is to develop a novel category for protein ingredients based on hempseed to enter untapped markets. HPS Food and Ingredients Inc. is a US-based company specializing in food and ingredients.
Which key geographies are driving the growth of the hemp based foods market?
North America was the largest region in the hemp based food market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the hemp based foods market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What are the key segments driving growth in the hemp based foods market?
The hemp based foods market covered in this report is segmented –
1) By Product: Hemp Seed Oil, Hemp Protein Powder, Whole Hemp Seed, Hulled Hemp Seed
2) By Distribution Channel: Super market Stores, Convenience Stores
Subsegments:
1) By Hemp Seed Oil: Cold-Pressed Hemp Seed Oil, Refined Hemp Seed Oil
2) By Hemp Protein Powder: Organic Hemp Protein Powder, Conventional Hemp Protein Powder
3) By Whole Hemp Seed: Raw Whole Hemp Seeds, Roasted Whole Hemp Seeds
4) By Hulled Hemp Seed: Raw Hulled Hemp Seeds (Hemp Hearts), Flavored Hulled Hemp Seeds
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How is the hemp based foods market defined, and what are its core characteristics?
Hemp-based foods are food products that are derived from the hemp plant whose seeds contain all the amino acids required by our body. In general, hemp seeds and oils are used to make a variety of food products such as hemp milk, hemp oil, hemp cheese substitutes, and hemp-based protein powder.
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