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.
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Technavio has announced its latest market research report titled Global Hemp-based Foods Market 2020-2024 (Graphic: Business Wire)
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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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
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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