Global Hemp-Based Food Market to Grow at 13.4% During 2024-2032, Spurred by Significant Growth in Food and Beverages Sector

November 17, 2020 | Food & Beverages

According to the latest report by IMARC Group, titled "Hemp-Based Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the global hemp-based food market reached a value of US$ 1.5 Billion in 2023. Hemp-based food products include hemp seeds, hemp oil, cheese substitutes and protein powder that are widely consumed across the globe due to the numerous health benefits offered by them. These products are obtained by harvesting the hemp plant and hulling seeds to separate oil-rich kernels that are further cold pressed to produce oil. They are rich in iron, protein, fiber, zinc, magnesium, phosphorus, potassium, and vitamins A, B, C and E. Apart from this, they are free from gluten, lactose, allergens, genetically modified organisms (GMO), pesticides and phytoestrogen. As a result, they are widely used in the preparation of numerous packaged products, including bread, cereals, chips, pretzels and granola bars.


Global Hemp-Based Food Market Trends:

The global market is primarily driven by the increasing utilization of hemp-based products in the food and beverages sector across the globe. Hemp-based food products are widely being used as a key ingredient in the preparation of numerous sauces, milkshakes, burgers, ice creams and desserts as well as multiple experimental dishes. Along with this, consumers are increasingly becoming aware of the health benefits offered by hemp-based foods. Their consumption is associated with promoting joint health, enhancing cardiac functions, balancing insulin levels and improving skin texture. This, coupled with the rising health consciousness among the masses, is providing a thrust to the market growth. The market is further driven by the rising incidences of celiac disease among individuals. Coupled with the increasing number of individuals shifting to vegan diets, there has been a significant increase in the uptake of hemp-based foods. Moreover, several players are promoting their products across social media platforms to reach a wider and diverse customer base, which is creating a positive outlook for the market. There has also been an increase in the sales of these products through proliferating online retail channels, thereby providing an impetus to the market growth. On account of the aforementioned factors, the market is projected to grow at a CAGR of 13.4% during the forecast period (2024-2032).


Market Summary:

  • On the basis of the product, the market has been divided into hemp protein powder, hemp seed oil, hemp seeds and others.
  • Based on the basis of the distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, online stores, and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Hempfoods Ltd., Tilray, Inc., GFR Ingredients, Hemp Foods Australia Pty Ltd, Aurora Cannabis Inc., Naturally Splendid Enterprises Ltd., Isodiol International Inc, Navitas LLC, Nutiva, and T12 Holdings Pty Ltd.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Distribution Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Hempfoods Ltd., Tilray, Inc., GFR Ingredients, Hemp Foods Australia Pty Ltd, Aurora Cannabis Inc., Naturally Splendid Enterprises Ltd., Isodiol International Inc, Navitas LLC, Nutiva, and T12 Holdings Pty Ltd.
Customization Scope 10% Free Customization
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Global Hemp-Based Food Market to Grow at 13.4% During 2024-2032, Spurred by Significant Growth in Food and Beverages Sector
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