Hemp-Based Food Market Size, Share, Trends and Forecast 2032

Hemp-Based Food Market Size

The global hemp-based food market size was worth around USD 5.48 billion in 2023 and is predicted to grow to around USD 9.98 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.9% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the hemp-based food market on a global and regional level.

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Hemp-Based Food Market Overview

Hemp-based food products have gained huge popularity in recent times, as they are easy to digest apart from being free from gluten, allergens, genetically modified organisms (GMO), lactose, phytoestrogen, and pesticides. These properties play a key role in their popularity among consumers.

Hemp is a good source of fiber and different vitamins and minerals, such as magnesium, vitamin E, zinc, and iron. Consumption of hemp-based food products helps in the maintenance of a healthy digestive system, which drives the global hemp-based food market growth. The hemp-based food products are used in nut butter, corn chips, and snack bars. This is also fuelling the hemp-based food market. The demand for hemp-based food products in the food industry has also increased, as hemp seeds are highly rich in protein and thus used increasingly in packaged foods like bread, pretzels, granola bars, and cereals. However, the high cost of raw materials may hamper the hemp-based food market development. Alternatively, the increasing demand in the food and beverage industry is projected to further contribute to the growing demand and development of hemp-based food. This is expected to provide growth opportunities for the hemp-based food market.

The study includes drivers and restraints of the hemp-based food market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the hemp-based food on a global level.

In order to give the users of this report a comprehensive view of the hemp-based food market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

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The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and the product portfolio of various companies according to the region.

Hemp-Based Food Market Segmentation

The study provides a decisive view of the hemp-based food market by segmenting it based on the product, distribution channel, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on product, the hemp-based food market is fragmented into hemp seed oil, hemp protein powder, whole hemp seed, hulled hemp seed, and others. The hemp seed oil segment holds the highest market share currently and is likely to grow further over the forecast time period. Hemp Oil is known for its Omega-3 benefits as it contains a right balance of Omega-3 to Omega-6. Hemp oil is a popular product, which is widely used to make salad dressings and dips apart from being used as a topping for rice, vegetables, and potatoes.

On the basis of distribution channel, the hemp-based food market is categorized into supermarket stores, convenience stores, hypermarket stores, and others.

Hemp-Based Food Market: Report Scope

Hemp-Based Food Market Regional Analysis

The regional segment includes the historical and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. This segmentation also includes the demand for major countries like the UK, Germany, France, the U.S., India, Brazil, South Africa, and China. The Asia Pacific was the largest market for hemp-based food products in 2018. The region’s key revenue pockets are the emerging countries of China and India, which are the major consumers of hemp-based food products.

Hemp-Based Food Market Key Players Analysis

Some major players operating in the global hemp-based food market are:

• Agropro
• Nutiva
• Hempco
• Manitoba Harvest
• Canada Hemp Foods
• Elixinol
• Braham & Murray
• Healthy Brands Collective
• Laguna Blends
• The Cool Hemp Company
• Hemp Foods Australia
• Mettrum Originals
• Jinzhou Qiaopai Biotech

This report segments the global hemp-based food market into:

Global Hemp-Based Food Market: Product Analysis

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

Global Hemp-Based Food Market: Distribution Channel Analysis

• Supermarket Stores
• Convenience Stores
• Hypermarket Stores
• Others

Global Hemp-Based Food Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa