Hemp Based Foods Global Market Report 2022: Ukraine-Russia War Impact
Key players in Hemp-based Foods Market are Agropro, Nutiva Inc, Compass Group Management LLC, Canopy Growth Corporation, Hempco Inc, Canada Hempfoods Ltd, Elixinol LLC, Cool Hemp Ltd, Hemp Foods Australia Pty Ltd, Liaoning Qiaopai Biotech Co Ltd, Naturally Splendid Enterprises Ltd, Navitas Organics, Yunnan Hua Fang Industrial Hemp Co Ltd, Mettrum Originals, Braham & Murray Ltd and Manitoba Harvest Ltd.
NEW YORK, December 20, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report, “Hemp Based Foods Global Market Report 2022: Ukraine-Russia War Impact” – https://www.reportlinker.com/p06374555/? utm_source=GNW
The global hemp-based food market is expected to grow from US$4.60 billion in 2021 to US$5.01 billion in 2022 at a compound annual growth rate (CAGR) of 8.74%. The Russia-Ukraine war has, at least in the short term, disrupted the chances of a global economic recovery from the COVID-19 pandemic. The war between these two countries has resulted in economic sanctions against several countries, a surge in commodity prices and supply chain disruptions, affecting many markets around the world. The hemp-based edibles market is projected to reach US$7.02 billion in 2026 at a compound annual growth rate (CAGR) of 8.81%.
The hemp-based food market consists of the sale of hemp-based milk and cheese substitutes. Values in this market are “factory” values, meaning the value of goods sold by the manufacturers or creators of the goods to other companies (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes the related services sold by the creators of the goods.
Hemp-based foods are foods derived from the hemp plant, the seeds of which contain all the amino acids our bodies need. In general, hemp seeds and oils are used to make a variety of food products such as hemp milk, hemp oil, hemp cheese substitute, and hemp-based protein powder.
North America was the largest region in the hemp-based food market in 2021 and is expected to be the fastest growing region during the forecast period. The regions covered in Hemp-based Foods market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Market value is defined as the revenue earned by companies from goods and/or services sold within the specified market and region through sales, grants or donations in currency terms (in USD ($) unless otherwise noted). will.
The revenue for a specific region is a consumption value – that is, it is revenue generated by organizations in the specific region within the specific market, regardless of where it is produced. This does not include proceeds from resales along the supply chain or as part of other products.
The main products of hemp-based foods are hemp seed oil, hemp protein powder, whole hemp seeds and hulled hemp seeds. Hemp seed oil can be used in cooking or as an ingredient in cosmetics.
The seeds of hemp plants are pressed to make hemp seed oil. It has a distinctive nutritional profile that includes omega fatty acids and gamma linolenic acid.
It also has therapeutic properties due to its high antioxidant content. The hemp-based food products are sold through supermarkets and convenience stores.
The growing vegan population is fueling the market for hemp-based foods. The vegan population consists of people who avoid all animal products such as leather and foods such as meat, dairy products, eggs and honey and largely avoid food. realizable goods that have been subjected to animal testing.
Health, weight management, animal welfare, and environmental concerns are some of the reasons people are moving to a vegan diet. All nine necessary amino acids, as well as fiber, healthy fats, and minerals are present in hemp, making it a premium vegan protein source.
According to the survey by Veganuary, an annual campaign called Veganuary run by a non-profit organization in the UK that encourages participants to adopt a vegan diet and lifestyle throughout January, 4 million people signed up for the campaign in 2020, which rose to more than 5 million in 2021. Enrollments continued to grow to 6.29 million in 2022. Therefore, an increase in the vegan population will drive the hemp-based edibles market.
The strategic partnership is a major trend in the hemp-based edibles market. Large corporations partner with hemp-based food companies to expand their market and leverage each other’s resources.
In July 2022, Victory Hemp Foods, a US-based hemp-based food manufacturer, partnered with Applied Foods Sciences (AFS). ONETM hemp heart oil as well as for its food and beverage ingredients.
This commitment will further expand the range of products in which hemp seed can be used as an ingredient. Applied Food Sciences (AFS) is a US-based provider of innovative, functional and organic ingredients.
In June 2020, Healthy Food Ingredients (HFI), a US-based specialty ingredient supplier, partnered with KND Labs. The partnership provides clean-label extraction, open third-party testing, and grower-direct supply security for food, beverage, pet, nutraceutical, and cosmeceutical companies. These services are backed by advanced food safety and quality certifications. KND Labs is a US-based producer of high-quality native hemp-derived cannabinoids such as CBD, CBG, and CBN.
In August 2019, Aurora Cannabis, a Canada-based cannabis producer, acquired Hempco Food and Fiber Inc. for an undisclosed amount. Through this acquisition, Hempco gives Aurora access to low-cost, high-volume raw hemp material for the extraction of cannabidiol (“CBD”) and other cannabinoids that are growing in importance for their health benefits. Hempco Food and Fiber Inc. is a Canada-based manufacturer and distributor of hemp-based food products.
The countries covered in the Hemp-based Foods market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the US.
The Hemp-based Foods Market Research Report is one of a series of new reports that provide hemp-based foods market statistics, including global hemp-based foods industry market size, regional shares, competitors with hemp-based foods market share, and in-depth details of hemp-based foods market segments , market trends and opportunities and any other data you might need to succeed in the hemp-based food industry. This Hemp-Based Foods Market Research Report provides a complete overview of everything you need with an in-depth analysis of the current and future scenario of the industry.
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