Hemp-based Foods Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2020-2024

Technavio has been monitoring the hemp-based foods market and it is expected to grow by $ 364.98 mn, accelerating at a CAGR of almost 12% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.

Hemp is a specific type of cannabis known scientifically as Cannabis sativa L. It differs from marijuana as it has a different chemistry and characteristics. Hemp plants contain low levels of the intoxicating phytocannabinoid known as Tetrahydrocannabinol (THC), characteristic of marijuana. It does, however, contain high levels of the non-intoxicating phytocannabinoid Cannabidiol (CBD). Therefore, hemp-based foods are able to provide the benefits of CBD and yet escape the legal implications and drawbacks associated with marijuana.

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Hemp-based Foods Market: Key Trends to impact market growth

The growing demand for organic hemp-based foods is one of the key hemp-based foods market trends. This research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.

Hemp-based Foods Market: Top Drivers to Boost Demand

Growing vegan population and cases of celiac disease are among the primary factors driving the growth of the hemp-based foods market. 35% of the market growth will originate from North America during the forecast period. The US and Canada are the key markets for hemp-based foods in North America. The report provides a detailed study of all the factors that are likely to boost the market. This analysis will enable clients to leverage growth opportunities to their advantage and set their business

Vendor Analysis: Aurora Cannabis Inc., Bombay Hemp Company Pvt. Ltd. and Boring Hemp Co. are key growth contributors

The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. 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. For more insights on this market: Download a Free Sample Report

Hemp-based Foods Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive hemp-based foods market growth during the next five years
• Precise estimation of the hemp-based foods market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the hemp-based foods market industry across North America, Europe, APAC, South America, and MEA
• A thorough 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

Browse through some of other related market research reports for more insights:

• CBD-infused Cosmetics: The CBD-infused cosmetics market is set to grow by $ 3.07 billion, accelerating at a CAGR of almost 21.42% during the forecast period.
• CBD Market: The CBD market and it is expected to grow by $ 29.91 billion, accelerating at a CAGR of almost 26.93% during the forecast period.
• Global Cannabis-infused Edible Products Market: The global cannabis-infused edible products market and it is expected to grow by $ 25.27 billion, accelerating at a CAGR of almost 21.74% during the forecast period.
• Legal Cannabis Market: The legal cannabis market is set to grow by $ 34.91 billion, accelerating at a CAGR of almost 21.39% during the forecast period.
• Industrial Hemp Market: The industrial hemp market is set to grow by $ 5.95 bn, accelerating at a CAGR of almost 16.10% during the forecast period.

Hemp-based Foods Market Size to Grow by $ 364.98 mn During 2020-2024

Technavio has been monitoring the hemp-based foods market and it is expected to grow by $ 364.98 million, accelerating at a CAGR of almost 12% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report

Hemp-based Foods Market: APAC to lead market growth during the forecast period

• 35% of the market growth will originate from North America during the forecast period.
• Growing demand for organic hemp-based foods will be a key trend that will influence market growth significantly.
• The Growing vegan population and cases of celiac disease will be a significant factor in driving the growth of the hemp-based foods market.

Hemp-based Foods Market: Key Competitors

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. 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 make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. For more insights on this market: Download a Free Sample Report