Hemp (Cannabis sativa L.) is an old Asian crop grown and cultivated for thousands of years. Its commercial value is based on its fiber-rich stem, which is used in the preparation of food & beverage, textiles, biofuel, bioplastics and papers among others. Seeds, stalks and flowers are the most widely used plant parts of hemp. Hemp-containing food products are currently experiencing a renaissance. After the legalization of fiber-hemp cultivation, hemp food products are witnessing significant growth in terms of product development, production and sales. Hemp food has increasingly extended into the natural product and is frequently found in natural food stores owing to its positive health and nutritional benefits. Various hemp food products are available in markets, such as hemp leaves, tea, flour, beer, vodka, and milk. Hemp seeds are rich in healthy fats and fatty acids. Fats are identified for enhancing heart health by lessening blood pressure, cholesterol, and triglycerides. Adding hemp oil to the diet reduces the risk of heart problems. The global hemp-based foods market valued USD XX million in 2020 and is estimated to reach USD XX million by 2028, growing at a CAGR of XX%.
Source: DataM Intelligence Analysis (2021)
Medicinal benefits of CBD tea increase its demand
CBD is a chemical that is received from hemp. CBD is known as cannabidiol; CBD tea is very healthy and used in various combinations of CBD to produce relaxation or help other purported CBD health benefits. However, conventional medicine practitioners use hemp and cannabis products for thousands of years to maintain health requirements.
CBD teas develop in a type of formula and flavors. Some people mix extra ingredients with claimed health benefits, such as mint for chamomile or congestion to aid sleep. Like all food, beverages like CBD teas include the ingredients on their labeling, which is helpful for people who are using hemp tea.
Wide use of hemp seeds in supplements and food ingredients boost market growth
Hemp seeds are widely used globally as sources of supplements and food ingredients. Hemp seed is rich in nonpsychoactive yet biologically active cannabinoids, such as cannabidiol (CBD), which uses potent spasmolytic, anxiolytic and anticonvulsant effects. CBD nutritional supplements account for nearly one-third of the global market for CBD. Hemp seed has a delightful nutty flavor and is an important reference for vital fatty acids, vitamins, minerals, fibers, and necessary amino acids in the highly absorbable proteins albumin and edestin. Hempseed oil is included in its greater part of polyunsaturated fatty acids known for its beneficial effects against cardiovascular diseases, inflammatory and cancer conditions.
North America is the largest consumer of hemp-based foods
North America dominates the market of hemp-based foods. Growing awareness towards healthy and plant-based products is increasing the demand for hemp-based foods. The well-established market for dietary supplements with large aging population and interest towards supplement consumption led to promising market in the country. Hemp is a rich source of fibers, vitamins like vitamin E and minerals, including zinc, iron and magnesium. Consumption of hemp-based food helps maintain a healthy digestive system that drives the region's market growth. These factors are diving the sales of hemp based foods in the region
The fast-paced lifestyle of urban U.S. populace creates issues such as depression and anxiety for a majority of population. Also, tiredness and a sedentary lifestyle increase risk of obesity, improper nutrition and physiological issues. The hemp-based food demand is increasing in the U.S. since it provides both relaxation and nutrition.
Source: DataM Intelligence Analysis (2021)
Wide usage of hemp-based foods in tea, coffee and alcoholic beverages made the market competitive
The global hemp-based foods market is fragmented with large number of players. Companies such as Compass Diversified, Nutiva Inc., Aurora Cannabis Inc., Canopy Growth, India Hemp and Co., Naturally Splendid Enterprises LTD., Mettrum Originals, Hemp Foods Australia and The Cool Hemp Company Inc. are some of the key market players
Pandemic increased the demand for hemp-based foods products
Hemp is exponentially growing in U.S. with rapidly growing consumption and developments in terms of new formulations. All the hemp-based food products witnessed growth globally. During COVID period, demand for the product such as tea coffee, milk and snack bars increased. The rise in concerns associated with anxiety and depression among the U.S. and Europe population led to the spike in sales of hemp supplements. The prolonged work from home, ban on recreation and tourism, and health concerns associated with virus triggered mental issues among people
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