Hemp Based Foods Global Market Report 2023
Major players in the hemp based foods market are Agropro, Nutiva Inc., Compass Group Management LLC, Canopy Growth Corporation, Hempco Inc., Canada Hempfoods Ltd., Elixinol LLC, Cool Hemp Ltd., Hemp Foods Australia Pty Ltd.
New York, March 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hemp Based Foods Global Market Report 2023" - https://www.reportlinker.com/p06426514/?utm_source=GNW
, Liaoning Qiaopai Biotech Co Ltd., Naturally Splendid Enterprises Ltd., Navitas Organics, Yunnan Hua Fang Industrial Hemp Co Ltd., Mettrum Originals , Braham & Murray Ltd and Manitoba Harvest Ltd.
The global hemp-based foods market grew from $5.05 billion in 2022 to $5.54 billion in 2023 at a compound annual growth rate (CAGR) of 9.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The hemp-based foods market is expected to grow to $7.94 billion in 2027 at a CAGR of 9.4%.
The hemp-based foods market consists of sales of hemp milk and hemp based cheese substitutes.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the hemp based food market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the hemp based food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of hemp-based foods are hemp seed oil, hemp protein powder, whole hemp seed, and hulled hemp seed.Hemp seed oil is suitable for cooking or used as an ingredient in cosmetics.
The seeds of hemp plants are pressed to produce hemp seed oil.It has a distinctive nutritional profile that includes omega fatty acids and gamma-linolenic acid.
It also has therapeutic properties due to its high antioxidant content. The hemp-based food products are distributed through supermarkets and convenience stores.
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, 4 million people signed up for the campaign in 2020, which 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.
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.
In June 2020, Healthy Food Ingredients (HFI), a US-based specialty ingredient supplier, entered into a partnership with KND Labs. The partnership provides clean label extraction, open third-party testing, and grower-direct supply assurance to the food, beverage, pet, nutraceutical, and cosmeceutical businesses. These services are supported by advanced food safety and quality certifications. KND Labs is a US-based producer of high-quality domestic hemp-derived cannabinoids such as CBD, CBG, and CBN.
In June 2021, Flora Growth Corp, a Canada-based cannabis company, acquired Koch & Gsell for USD22.2million (CHF 20 million). With this acquisition, Flora intends to acquire the whole hemp, blended hemp, and tobacco cigarette manufacturing technology of Koch and Gsell. Koch and Gsell is a Switzerland based manufactures and distributor a range of hemp products.
The countries covered in the hemp based food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hemp-based food market research report is one of a series of new reports that provides hemp-based food market statistics, including hemp-based food industry global market size, regional shares, competitors with a hemp-based food market share, detailed hemp-based food market segments, market trends and opportunities, and any further data you may need to thrive in the hemp-based food industry. This hemp-based food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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