Hemp-Based Food Market to Soar to Over $8B by 2029, Report Forecasts

in Culture

Thanks to the rise in gluten-free and plant-based food products popularity, as well as hemp-based protein powders, hemp as a food source is growing rapidly and is projected to continue its path. The hemp-based food market size is expected to reach nearly $8.09 billion USD by 2029 with a compound annual growth rate (CAGR) of 6.9% during the forecast period.

According to a May 9 press release, Maximize Market Research forecast significant growth in the hemp-based food sector.

“The study methodology used a mix of primary and secondary research techniques to compile market data,” the report reads. “The primary research techniques, such as questionnaires, interviews, and market observations, would have given the researchers access to first-hand market data, which is usually beneficial. The researchers might have gathered background knowledge and market data by using secondary research techniques including industry studies, business websites, and news articles.”

Hemp-based food market was segmented  by product type: hemp seed oil, hemp protein powder, whole hemp seed, hulled hemp seed (hemp hearts), or others. While the seeds are the main driver of the hemp-based food industry, people have also fried fan leaves and made other snacks out of hemp. 

“The study examines the hemp-based food market through a market-focused and commercial analysis that takes into account the market’s revenue, financial situation, portfolio, technical advancements, and mergers and acquisitions. This strategy aids in giving a complete picture of the market, which stakeholders, investors, and market participants may use to create investment strategies and marketing strategies.

Hemp-based foods are celebrated for their nutritional “completeness.” Hemp’s nutritional profile shows that it’s rich in omega fatty acids and gamma-linolenic acid. Even without THC, hemp is believed to have therapeutic properties, such as its antioxidant properties, making hemp-based foods an attractive option for health-conscious consumers. Hemp is a complete protein, containing …

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Author: Benjamin M. Adams / High Times

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