Hemp Based Foods Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
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.

Sizing and Forecast
The hemp based foods market size has grown strongly in recent years. It will grow from <b>$5.45 billion in 2023 to $5.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. </b> 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 <b>$8.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. </b> 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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Segmentation & Regional Insights
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: Supermarket Stores, Convenience Stores

<b>North America</b> was the largest region in the hemp based food market in 2023 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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Major Driver Impacting Market Growth
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, according to the survey conducted by Veganuary, an annual campaign called conducted by a non-profit organization in the UK that encourages participants to adopt a vegan diet and lifestyle for the whole month of January, people signed up for the campaign had increased to more than 5 million in 2021. The signups further increased to 6.29 million in 2022. Hence, an increase in the vegan population will propel the hemp-based food market.

Key Industry Players
Major companies operating in the hemp based foods market include <b> Agropro, 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. </b>

The hemp based foods market report table of contents includes:

1. Executive Summary

2. Hemp Based Foods Market Characteristics

3. Hemp Based Foods Market Trends And Strategies

4. Hemp Based Foods Market – Macro Economic Scenario

5. Global Hemp Based Foods Market Size and Growth

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31. Global Hemp Based Foods Market Competitive Benchmarking

32. Global Hemp Based Foods Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Hemp Based Foods Market

34. Hemp Based Foods Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

Agropro, Nutiva Inc

Compass Group Management LLC

Canopy Growth Corporation

Hempco Inc

Terra Tech Corp

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