LONDON--(BUSINESS WIRE)--The global hemp-based foods market size is poised to grow by USD 364.98 million during 2020-2024, progressing at a CAGR of almost 12% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The hemp-based foods market is driven by the growing vegan population and cases of celiac disease. The vegan lifestyle strongly supports animal rights and environment-friendly lifestyle choices. A vegan diet consists of fruits, vegetables, whole grains, legumes, nuts, and seeds as substitutes for meat, dairy, and other traditional sources of protein. In countries such as the US, approximately 2.5% of the population follow a vegan diet and lifestyle. This number is expected to grow during the forecast period which will foster the demand for hemp-based foods such as hemp seeds.
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Report Highlights:
- The major hemp-based foods market growth came from the hemp-seed based food segment in 2019.
- North America was the largest hemp-based foods market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period.
- The global hemp-based foods market is fragmented. Aurora Cannabis Inc., Bombay Hemp Company Pvt. Ltd., Boring Hemp Co., CANAH INTERNATIONAL Srl, Canopy Growth Corp., Hemp Juice Company BV, HempFlax Group BV, Hudson River Foods, North American Hemp and Grain Co., and Nutiva Inc. are some of the major market participants. To help clients improve their market position, this hemp-based foods market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the hemp-based foods market 2020-2024 is expected to have positive growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Growing Demand for Organic Hemp-based Foods will be a Key Market Trend
The growing demand for organic hemp-based foods is an emerging trend in the food industry. The demand for organic food products is increasing at a fast pace. However, organic food products are usually priced higher than conventional ingredients. The premium price is due to the comparatively higher production costs as well as consumers’ willingness to pay extra for organic food products. With growing health awareness about the harmful effects of ingredients used in the food and beverage industry, the demand for organic food products is increasing. This trend is even applicable to hemp-based food products, and currently, many players are selling organic hemp food products to cater to this consumer base.
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Hemp-based Foods Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist hemp-based foods market growth during the next five years
- Estimation of the hemp-based foods market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the hemp-based foods market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of hemp-based foods market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Hemp seed-based foods - Market size and forecast 2019-2024
- Hemp protein-based foods - Market size and forecast 2019-2024
- Hemp oil-based foods - Market size and forecast 2019-2024
- Market opportunity by Product
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Competitive scenario
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Aurora Cannabis Inc.
- Bombay Hemp Company Pvt. Ltd.
- Boring Hemp Co.
- CANAH INTERNATIONAL Srl
- Canopy Growth Corp.
- Hemp Juice Company BV
- HempFlax Group BV
- Hudson River Foods
- North American Hemp and Grain Co.
- Nutiva Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
