Global Hemp-Based Foods Market 2018-2022
About Hemp-Based Foods
Hemp is a sustainable crop, which is usually cultivated at the end of May or early June. Hemp plants are grown close together and have large and broad leaves. Hemp-based foods are basically hemp food products that are directly consumed or used as ingredients in the food and beverages industry.
Technavio’s analysts forecast the global hemp-based foods market to grow at a CAGR of 24.09% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global hemp-based foods market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hemp-Based Foods Market 2018-2022
Technavio recognizes the following companies as the key players in the global hemp-based foods market: Compass Diversified Holdings, Hempco, Hemp Foods Australia, Canopy Growth, Naturally Splendid Enterprises, and Nutiva.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing demand for organic hemp-based foods. The demand for organic food products is increasing at a fast pace. However, organic food products are usually priced higher than the conventional ingredients. The premium price is due to the comparatively higher production costs as well as consumer's willingness to pay extra for the organic food products.”
According to the report, one driver in the market is growing vegan population and cases of celiac disease. Vegan lifestyle strongly advocates animal rights and environment-friendly lifestyle choices. Vegans diet includes fruits, vegetables, whole grains, legumes, nuts, and seeds as substitutes for meat, dairy, and other traditional sources of protein. Currently, in the US itself, around 2.5% of the population follow vegan diet and lifestyle.
Further, the report states that one challenge in the market is impact of natural disasters and adverse weather conditions. The global hemp-based foods market is highly dependent on the availability of hemp. The uncertain weather conditions affect the production of crops, which impact the market growth. Natural disasters and adverse weather conditions such as floods, earthquakes, droughts, frost, and pestilence often affect the hemp plantations.
Compass Diversified Holdings, Hempco, Hemp Foods Australia, Canopy Growth, Naturally Splendid Enterprises, and Nutiva.
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