Hemp-based Foods Market would rocket up to USD 11.59 billion by 2029

Hemp-based Foods Market report offers advanced information and scenario about the HELATH industry which helps to stand apart in the competition in this fast paced business environment. An influential market report gives methodical idea about the current scenario of the global market, recent developments, product launches, joint ventures, capacity, production value, mergers and acquisitions based on several market dynamics. The data of this report not only restrains the risks of ambiguity but also lend a hand in taking sound decisions while maintaining the reputation of the firm and its products. Hemp-based Foods Market research report explains everything in detail that serves the business purpose and gives a competitive advantage.

The developing food and beverage industry and rising consumer preferences for vegan food products are significant drivers contributing to the market’s favourable outlook. Additionally, increased health consciousness and consumer knowledge of the nutritional benefits of hemp-based food items are propelling market expansion. The frequency of different chronic medical diseases is increasing as a result of the general public’s sedentary lifestyle.

Data Bridge Market Research analyses that the hemp-based foods market which was USD 5.25 billion in 2021, would rocket up to USD 11.59 billion by 2029, and is expected to undergo a CAGR of 10.41% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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Harvesting the hemp plant and hulling whole hemp seeds to separate oil-rich kernels produces hemp-based food such as hemp seeds, milk and hemp oil, cheese replacements, and protein powder. Fiber, vitamins, and minerals, such as magnesium, phosphorus, potassium, vitamin A, B, C, and E, zinc, and iron, are abundant in both the shells and hulled hemp seeds. Gluten, allergies, lactose, phytoestrogens, and insecticides are also absent. Granola bars, corn chips, pretzels, bread, and cereals are all widely made with them.

Drivers

• Increasing prevalence of celiac diseases

People’s rising preferences for hemp-based foods, rising occurrences of celiac disease, rising vegan population around the world, and rising health consciousness among the population are some of the factors that will likely boost the hemp-based foods market’s growth in the forecast period of 2022-2029. In the above-mentioned projection period, however, the rising food and beverage industry will further increase different prospects that will expand the hemp-based foods market.

• Rise in innovative products

Another growth-inducing component is the constant introduction of new product versions, such as hemp seed-based sauces, burgers, shakes, ice creams, and desserts. As a result, cafes, restaurants, and other eateries are experimenting with a range of hemp tastes and combinations in order to provide their consumers with unique and innovative cuisine. Other factors, such as the premiumization of gluten-free and organic foods and beverages and aggressive promotional activities by manufacturers through various online retail channels, are expected to further fuel the market.

• Rise in demand for organic hemp-foods

One of the important trends that will contribute to market expansion in the next years is the growing demand for organic hemp-based foods. Organic food items are in high demand due to increased health awareness and the detrimental impacts of additives used in the food and beverage sector. Many prominent market companies are releasing organic hemp food items to appeal to the rising consumer base, and this trend is extremely fit for hemp food products. This will help the market expand. The study on the global hemp-based food market offers a comprehensive analysis of the industry. The research includes a detailed analysis of key segments, trends, drivers, constraints, the competitive landscape, and other important market aspects.

• Wide use of hemp seeds in supplements and food ingredients

Hemp seeds are commonly utilised as supplements and food ingredients all over the world. Hemp seed contains nonpsychoactive but biologically active cannabinoids including cannabidiol (CBD), which has powerful spasmolytic, anxiolytic, and anticonvulsant properties. CBD dietary supplements make up roughly a third of the worldwide CBD market. Hemp seed has a nutty flavour and is a good source of essential fatty acids, vitamins, minerals, fibres, and essential amino acids in the highly absorbable proteins albumin and edestin. Hempseed oil contains a high percentage of polyunsaturated fatty acids, which have been shown to have anti-inflammatory, anti-cancer, and anti-cardiovascular properties.

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Hemp-based Foods Market Scope

Product

• Hemp Seed Oil
• Hemp Protein Powder
• Whole Hemp Seed
• Hulled Hemp Seed
• Others

Distribution Channel

• Supermarket Stores
• Convenience Stores
• Hypermarket Stores
• Others

The report provides insights on the following pointers:

• Market Penetration: Comprehensive information on the product portfolios of the top players in the this market
• Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
• Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
• Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies

Critical Insights Related to This Market Included in the Report:

• Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
• Value chain analysis of prominent players in the market
• Current trends influencing the dynamics of this market across various geographies
• Recent mergers, acquisitions, collaborations, and partnerships
• Revenue growth of this industry over the forecast period
• Marketing strategy study and growth trends
• Growth driven factor analysis
• Emerging recess segments and region-wise market
• An empirical evaluation of the curve of this market
• Ancient, Present, and Probable scope of the market from both prospect value and volume

Some of the major players operating in the hemp-based foods market are:

• Agropro (U.S)
• Nutiva Inc. (U.S)
• Compass Diversified (U.S)
• Canopy Growth Corporation (Canada)
• Hempco Inc. (Canada)
• CANADA HEMPFOODS LTD. (Canada)
• Elixinol. (U.S)
• Cool Hemp (Canada)
• Hemp Foods Australia Pty Ltd (Australia)
• Liaoning Qiaopai Biotech Co., Ltd. (China)
• Naturally Splendid Enterprises Ltd. (Canada)
• Elixinol Wellness Limited (Australia)
• NAVITAS ORGANICS (U.S)
• Yunnan Hua Fang Industrial Hemp Co. Ltd. (China)
• Hemp & Co. (Canada)
• Mettrum Originals (Canada)

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Hemp-based Foods Market Regional Analysis/Insights

The hemp-based foods market is analysed and market size insights and trends are provided by country, product and distribution channel as referenced above.

The countries covered in the hemp-based foods market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the hemp-based foods market due to the high prevalence of organic food products and growing consumption of hemp-based food.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the acceptance of western food habits and the increasing demand for hemp-based foods because of their gluten-free property.

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