Technavio market research analysts forecast the global hemp-based foods market to grow at a CAGR of above 24% during the period 2018-2022, according to their latest report.
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Technavio has published a new market research report on the global hemp-based foods market from 2018-2022. (Graphic: Business Wire)
This market research report segments the global hemp-based foods market into the following product type (hemp seed-based foods, hemp protein-based foods, and hemp oil-based foods) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the growing vegan population and cases of celiac disease as a key factor contributing to the growth of the global hemp-based foods market:
Growing vegan population and cases of celiac disease
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 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. Hemp seeds are good sources of protein. Several players in the market are adding vegan labels on the packaging of the hemp products to attract the vegan consumer base. It is projected that with the rise in the vegan population, the demand for hemp seeds and hemp proteins will also increase during the forecast period.
According to a senior analyst at Technavio for food, "It is estimated that more than 75% of Americans suffer from celiac disease and most of the cases are still undiagnosed. Presently, there is no medication available to cure this disease and the only way to avoid it is to switch to gluten-free diet. The increase in the number of digestive health problems, weight management issues, and demand for nutritious food is also encouraging the demand for gluten-free food items. Hemp is a natural, gluten-free substance, and this is driving the demand for hemp-based food ingredients such as hemp seed, oil, and proteins in the packaged food and beverage, at a high rate. It is expected that with the rise in the cases of celiac disease, the demand for hemp seeds and hemp oil will further increase."
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Global hemp-based foods market segmentation
Of the three major product types, the hemp seed-based foods segment held the largest market share in 2017, accounting for nearly 81% of the market. The market share for this product type is expected to increase nearly 1% by 2022.
The Americas was the leading region for the global hemp-based foods market in 2017, accounting for a market share of 57%, followed by EMEA and APAC. By 2022, EMEA is expected to witness a growth of nearly 2%.
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