Hemp-based Foods Market Size to Grow by USD 3.54 Bn, Hemp Seed-based Foods to be Key Revenue-generating Product Segment – Technavio – QNT Press Release

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NEW YORK, Sept. 30, 2022 /PRNewswire/ — According to the report “Hemp-based Foods Market by Product and Geography – Forecast and Analysis 2022-2026″, the market will witness a YOY growth of 10.6% in 2022 and a CAGR of 11.55% during the forecast period. The market has been segmented by product (hemp seed-based foods, hemp oil-based foods, and hemp oil-based foods) and geography (North America, EuropeAPAC, South Americaand the Middle East and Africa).

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By product, the hemp seed-based foods segment will be the largest contributor to market growth during the forecast period. Hemp seeds are a blend of protein and essential fats. Hence, they are ideal for vegans and vegetarians. These seeds are often eaten raw or added to cereals, smoothies, and other recipes.

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APAC will provide maximum growth opportunities in the hemp-based foods market during the forecast period. According to our research, the region will contribute 34% of the global market during the forecast period. China and Australia are the two major markets for hemp-based foods in the region. The growth of this region is attributed to factors such as rapid urbanization.

The hemp-based foods market is fragmentedand the vendors are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Aurora Cannabis Inc.
• Bombay Hemp Co. Pvt. Ltd.
• Boring Hemp Co.
• CANAH INTERNATIONAL Srl
• Cann Global Ltd.
• Canopy Growth Corp.
• GFR Ingredients Ltd.
• Hemp Juice Company BV
• HempFlax Group BV
• Hudson River Foods
• Isodiol International Inc.
• Liaoning Qiaopai Biotech Co. Ltd.
• Naturally Hemps LLC
• Navitas LLC
• North American Hemp and Grain Co.
• Nutiva Inc.
• Parkland Industrial Hemp Growers Co op. Ltd.
• The Hemp Corp. Pty Ltd.
• Tilray Inc.
• Yunnan Hua Fang Industrial Hemp Co. Ltd.

View our FREE PDF Sample Report to find additional highlights on the growth strategies adopted by vendors and their product offerings

The growing vegan population and cases of celiac disease are driving the hemp-based foods market growth. Hemp seeds are good sources of protein. Several manufacturers are adding vegan labels on the packaging of hemp products to cater to the vegan consumer base. The prevalence of the celiac disease is rising across the world. Gluten-free food products such as hemp can help avoid this disease. Hence, the demand for hemp-based food ingredients is growing significantly.

The impact of natural disasters and adverse weather conditions is challenging the hemp-based foods market growth. Uncertain weather conditions can negatively impact the production of crops. Natural disasters such as earthquakes, floods, and droughts can also affect hemp plantations. These factors are challenging the growth of the market during the forecast period .

Technavio has identified key trends, drivers, and challenges in the market, which will help vendors improve their strategies to stay ahead of their competitors. View our FREE PDF Sample Report

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Don’t miss out on the opportunity to speak to our analyst and find more insights about this market report. Technavio can also help you customize this report according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.

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