Hemp Based Foods Global Market Report 2024

Hemp-based foods are food products derived from the hemp plant, specifically its seeds, which contain all the essential amino acids required by the human body. Commonly, hemp seeds and oils are utilized to create a variety of food items, including hemp milk, hemp oil, substitutes for cheese made from hemp, and hemp-based protein powder.

The primary products in the category of hemp-based foods include hemp seed oil, hemp protein powder, whole hemp seeds, and hulled hemp seeds. Hemp seed oil, with its distinctive nutritional profile featuring omega fatty acids and gamma-linolenic acid, is suitable for cooking and is often used as an ingredient in cosmetics. The oil is obtained by pressing the seeds of hemp plants and is known for its therapeutic properties due to its high antioxidant content. These hemp-based food products are typically distributed through supermarkets and convenience stores, offering consumers a range of nutritional options and culinary choices.

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.

The hemp based foods market size has grown strongly in recent years. It will grow from $5.45 billion in 2023 to $5.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed during the historic period can be attributed to several factors, including the legalization of hemp cultivation and use in certain regions, an increase in consumer demand for plant-based and natural products, a growing awareness of hemp's nutritional benefits, the expansion of health and wellness trends, and the rising popularity of hemp seeds and oil in culinary applications. These factors collectively contributed to the development and expansion of the hemp-based foods industry during the historical period.

The hemp based foods market size is expected to see strong growth in the next few years. It will grow to $8.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to several factors, including regulatory support for hemp-based foods and ingredients, increased market penetration in emerging economies, growing consumer interest in sustainable and environmentally-friendly products, expanding applications in functional foods and nutraceuticals, and rising consumer awareness of hemp's potential health benefits. Major trends expected during this period include technological advancements in hemp processing, innovation in hemp-based product formulations such as snacks and beverages, the introduction of CBD-infused hemp products, the development of hemp-based dairy alternatives, and the creation of gluten-free and allergen-friendly options.

The hemp-based food market is experiencing growth driven by the increasing vegan population. This demographic, characterized by individuals abstaining from all animal products, is shifting towards a vegan diet due to health, weight control, animal welfare, and environmental concerns. Hemp, being a rich source of all essential amino acids, fiber, healthy fats, and minerals, stands out as a premium vegan protein source. Notably, the Veganuary campaign in the UK witnessed a surge in participants, reaching over 5 million in 2021 and further increasing to 6.29 million in 2022. This rise in the vegan population is expected to propel the hemp-based food market.

The hemp-based foods market is anticipated to benefit from the increasing prevalence of celiac disease. This chronic autoimmune disorder, triggered by the consumption of gluten found in wheat, barley, and rye, prompts individuals to seek gluten-free alternatives. Hemp-based foods offer a gluten-free, nutrient-rich option, making them suitable for those with celiac disease. As of November 2022, approximately 1 in 133 people, or 2 million individuals, in the United States suffer from celiac disease, constituting 1% of the total population. The growing prevalence of celiac disease is thus contributing to the growth of the hemp-based foods market.

A key trend in the hemp-based food market is the formation of strategic partnerships. Major companies are collaborating with hemp-based food manufacturers to expand market reach and capitalize on combined resources. For instance, in July 2022, Victory Hemp Foods partnered with Applied Foods Sciences (AFS) to enhance sales and marketing for its proprietary hemp ingredients, V-70TM Hemp Heart Protein and V-ONETM Hemp Heart Oil. This collaboration aims to broaden the range of products incorporating hemp grain as an ingredient. Similarly, in July 2023, Burcon NutraScience Corporation partnered with HPS Food and Ingredients Inc. to tap into the growing hempseed protein market. This strategic alliance aims to introduce a new category of protein ingredients based on hempseed, targeting untapped markets. HPS Food and Ingredients Inc. is a US-based company specializing in food and ingredients.

Major players in the hemp-based foods market are actively investing in innovative products, with a particular focus on offerings like hemp-based peanut butter to drive market revenues. Hemp-based peanut butter is a unique nut butter that combines the familiar nutty flavor and creamy texture of traditional peanut butter with the addition of hemp seeds or hemp seed oil. In a notable example, Gaia’s Farming Co., a UK-based biotechnology company, launched hemp-based peanut butter in March 2023. This product not only offers a nutty twist to various dishes such as toast, pancakes, stir-fries, and overnight oats but also serves as an excellent source of plant-based protein and omega-3 fatty acids. Notably, these hemp-based peanut butter spreads are crafted without the inclusion of added salts and palm oil.

In June 2021, Flora Growth Corp, a Canada-based cannabis company, made a significant move in the market by acquiring Koch & Gsell for USD 22.2 million (CHF 20 million). This strategic acquisition is aimed at securing the comprehensive hemp, blended hemp, and tobacco cigarette manufacturing technology owned by Koch & Gsell, a Switzerland-based manufacturer and distributor of various hemp products. Through this investment, Flora Growth Corp seeks to strengthen its position in the hemp-based foods market.

Major companies operating in the hemp based foods market include Agropro, Nutiva Inc., Compass Group Management LLC, Canopy Growth Corporation, Hempco Inc., Terra Tech Corp., Manitoba Harvest, Braham Murray, Liaoning Qiaopai Biotech Co. Ltd., Canah International SRL, GIGO Food, Just Hemp Foods, North American Hemp Grain Co., Yunnan Hua Fang Industrial Hemp Co. Ltd., GFR Ingredients Inc., Naturally Splendid Enterprises Ltd., Navitas Organics, Yishutang, Hemp Foods Australia Pty Ltd., Elixinol Wellness Limited, Canada Hemp Foods Ltd., Mettrum Originals, The Hemp Corporation Pty Ltd., Fresh Hemp Foods Ltd., Laguna Blends Inc., Ecofibre Limited, Beyond Meat, Impossible Foods Inc., Good Hemp Inc.

North America was the largest region in the hemp based food market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the hemp based food market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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 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.

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.


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