Thanks to the rise in gluten-free and plant-based food products popularity, as well as hemp-based protein powders, hemp as a food source is growing rapidly and is projected to continue its path. The hemp-based food market size is expected to reach nearly $8.09 billion USD by 2029 with a compound annual growth rate (CAGR) of 6.9% during the forecast period.
According to a May 9 press release, Maximize Market Research forecast significant growth in the hemp-based food sector.
“The study methodology used a mix of primary and secondary research techniques to compile market data,” the report reads. “The primary research techniques, such as questionnaires, interviews, and market observations, would have given the researchers access to first-hand market data, which is usually beneficial. The researchers might have gathered background knowledge and market data by using secondary research techniques including industry studies, business websites, and news articles.”
Hemp-based food market was segmented by product type: hemp seed oil, hemp protein powder, whole hemp seed, hulled hemp seed (hemp hearts), or others. While the seeds are the main driver of the hemp-based food industry, people have also fried fan leaves and made other snacks out of hemp.
“The study examines the hemp-based food market through a market-focused and commercial analysis that takes into account the market’s revenue, financial situation, portfolio, technical advancements, and mergers and acquisitions. This strategy aids in giving a complete picture of the market, which stakeholders, investors, and market participants may use to create investment strategies and marketing strategies.
Hemp-based foods are celebrated for their nutritional “completeness.” Hemp’s nutritional profile shows that it’s rich in omega fatty acids and gamma-linolenic acid. Even without THC, hemp is believed to have therapeutic properties, such as its antioxidant properties, making hemp-based foods an attractive option for health-conscious consumers. Hemp is a complete protein, containing all nine essential amino acids that people need from food.
The report lists hemp-based food market key players:
- Manitoba Harvest
- Hemp Oil Canada
- Braham Murray
- Jinzhou Qiaopai Biotech
- Canah International
- GIGO Food
- Just Hemp Foods
- North American Hemp Grain Co.
- Yunnan Industrial Hemp
- Nutiva
- Hempco
- Agropro
Aligning With Similar Projections
Researchers reported last February that the global hemp-based foods market is soaring, fueled by the rising vegan population, advancements in processing technology, and the increasing number of health-conscious consumers seeking plant-based and gluten-free alternatives. The hemp-based foods market is set to reach $8.36 billion by 2028 according to The Business Research Company’s (TBRC) latest report, “Hemp Based Foods Global Market Report 2024”.
The report unveils a comprehensive overview of the hemp-based foods sector. Projected to achieve a robust compound annual growth rate (CAGR) of 8.9%, the market is anticipated to burgeon from its current standing to an impressive $8.36 billion by 2028.
TBRC’s forecast also segmented the hemp-based food industry into similar categories such as whole and hulled hemp seed. TBRC attributes the huge rise in hemp-based foods mostly due to the “explosion” of veganism. As some people switch to a plant-based diet, hemp is a good source of high-quality protein.
Hemp food standards have been enacted in many jurisdictions due to this rise in popularity. In 2022, the European Commission, the regional body tasked with establishing cannabis regulations across the vertical for all EU members, created guidelines for the acceptable amount of THC that can be found in commercially available food products containing CBD—essentially hemp-derived food products.
There are two of them. The first, approved by the EC’s Standing Committee on Plants, Animals, Food and Feed, says that THC levels for hempseed derived oil should be no greater than 7.5mg/kg. The second is that THC levels for dry foods containing hemp, such as hemp seeds themselves as well as flour and protein powder that contain them, can be no greater than 3mg/kg.
Meanwhile, Canada has established a 10mg/kg limit for both oils and dry foods. Switzerland has a limit that is double this at 20mg/kg for oils and 10mg/kg for dry products.
France is also, by far, the largest producer of hemp in the EU (70%), followed by the Netherlands (10%) and Austria (4%). This is also the country where the most effective legal actions at the EU level have so far taken place, and where the most heated battles about regulation of the industry have occurred. This includes the recent court battle to allow the sale of hemp flowers in the country, not just extracts.
Nearly all projects estimate that the hemp-based food industry will soar into the billions by the end of the decade, and the rise will continue as long as people take interest in vegan diets and gluten-free options.
The post Hemp-Based Food Market to Soar to Over $8B by 2029, Report Forecasts first appeared on High Times.
