Hemp Food Market Projections
In a press release by TechNavio, current market analysis shows great promise in the seed-based foods niche of the hemp market. The press release published on September 30, 2022, announced, “the hemp seed-based foods segment will be the largest contributor to market growth during the forecast period.” While this seems like a fairly outstanding claim to make, key evidence does appear to support it.
TechNavio’s report holds a wide range of information regarding the hemp-based foods market in the upcoming years. According to their report, “34% of the market’s growth will originate from APAC during the forecast period. China and Australia are the key markets for the hemp-based foods market in APAC….Rapid urbanization will facilitate the hemp-based foods market growth in APAC over the forecast period.”
Growth in demand is driven by several factors. Increased demand for organic, plant based proteins has been a major driving factor in market growth. Additionally, hemp is also naturally gluten free and vegan friendly. This appeals to not only the vegetarian/vegan groups but also to those with celiac disease and wheat allergies.
At the time of this writing, there is no cure for either. An expansion of dietary availability is a massive benefit to not only those with celiac disease and wheat allergies but to those looking to branch out into a niche part of the hemp industry.
Growth in demand is driven by several factors. Increased demand for organic, plant based proteins has been a major driving factor in market growth. Additionally, hemp is also naturally gluten free and vegan friendly. This appeals to not only the vegetarian/vegan groups but also to those with celiac disease and wheat allergies. At the time of this writing, there is no cure for either. An expansion of dietary availability is a massive benefit to not only those with celiac disease and wheat allergies but to those looking to branch out into a niche part of the hemp industry.
The hemp-based food industry consists of more than seed-based food options. Hemp food products can include milk alternatives, protein powders, and hemp oils. This versatility also contributes to the growing popularity of this market sector.
Additionally, the nutrition factors of hemp based foods are also a contribution. According to Medical News Today, hemp contains a plethora of different benefits. Hemp is naturally full of healthy fats, including Omega-3 fatty acids and all ten essential amino acids. Hemp seeds are also naturally high in protein, with 30g of protein per 100g of hemp seeds. Other beneficial perks include magnesium, fiber, potassium, and zinc. Evidence has also shown hemp seeds could lower cholesterol in some individuals by removing fat buildup in the arteries.
The benefits of hemp-based foods are helping drive the market growth at a momentum and CAGR of 11.55% for the forecasted period of 2022 – 2026. According to Technavio’s report, this growth is estimated to accrue $3.54 billion over the forecasted period. Estimations are based on analytics from 2021.
Hemp based foods are already appearing on store shelves across the nation. Stores like Whole Foods and Natural Grocers already have hemp based food stocked on their shelves. And as the market grows, more stores will begin carrying hemp food products as well.
While the United States is slated to be a key market for the hemp based food industry, other countries are expected to see an increase in demand as well. China, Canada, Australia, Germany, and France are all slated as countries to watch for in the upcoming forecast years. All of these countries have seen an exponential increase in the demand for hemp based food products, and supply is expected to rise to help meet those demands.
If there is a niche in the hemp market to watch, then it is the food production sector. Current market projections show exponential growth for the 2022 – 2026 forecast period. Various factors including health related concerns and allergies are a large part of the driving force behind demand. Multiple countries, including the United States, China, and Canada are all expected to be large players in the market, both for supplying hemp for food products and demand for such products. However you look at it, the food production sector of the hemp market is going to be an exciting niche to keep an eye on.
