LONDON--(BUSINESS WIRE)--The global hemp-based foods market is expected to post a CAGR of more than 20% during the period 2016-2020, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global hemp-based foods market for 2016-2020. The report also presents the market segmentation based on the type of ingredient used for manufacturing hemp-based food and beverages into three main categories which are hemp seed, hemp protein, and hemp oil.
“The demand for hemp-based foods is rising, primarily due to the emergence of hemp as a superfood owing to high content of the two essential fatty acids (EFAs), omega-3 and omega-6. These fatty acids are essential for tissue growth and metabolism. These essential EFAs cannot be produced by the body and must be obtained through diet,” says Manjunath Reddy, a lead food research expert from Technavio.
Nowadays, doctors and dieticians are recommending hemp-based food and beverages to their protein-deficient patients. Asia-Pacific (APAC) is anticipated to emerge as a lucrative market for hemp-based foods during the forecast period owing to the growing consumer preference for non-meat sources of protein. Specialists are also recommending hemp oil as it aids in curing terminal cancer, depression, and anxiety.
Technavio’s food and beverage research analysts segment the global hemp-based foods market into the following regions:
- North America
- Europe
- ROW
North America: high gluten sensitivity in the region to boost growth
The market in North America is expected to post a CAGR of over 18% during the forecast period. The market is driven by growing consumer preference for better-for-you food products due to the rise in the number of people suffering from food allergies, including gluten and lactose intolerances. According to Technavio analysis, North America dominated the global gluten-free food market accounting for a market share of approximately 55% in 2014. The demand for hemp-based foods will rise consistently in North America as hemp-based foods are gluten-free and the number of people switching to gluten-free diet owing to gluten sensitivity in this region is comparatively higher than in other regions.
Switching to a gluten-free diet is challenging as it leads to higher risk of having deficiency of a number of nutrients such as zinc, vitamin D, magnesium, iron, and fiber. Foods containing hemp seeds and oil aid in countering such deficiencies and are gluten-free. Hemp is a good source of a number of vitamins and minerals, including zinc, magnesium, vitamin E, and iron. In addition, it is high in fiber, and thus supports the digestive system.
In North America, hemp seeds are now used in a wide array of food products. Hemp seeds can be mixed into smoothies and sprinkled on salads and yogurt and hemp oil can be utilized to prepare gluten-free sauces and dressings.
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Europe: customer preference for healthier and nutritious food to promote growth
The market in Europe is expected to post a CAGR of over 23% during the forecast period. Owing to increasing customer preference for healthier and nutritious food, food manufacturers in Europe are expanding their product lines with hemp-based foods. Hemp based foods are believed to have allergen-free and gluten-free qualities along with a high nutritional profile.
During 2010-2015, Europe saw approximately 8% growth in the naturally healthy food and beverages market. Manufacturers such as JKT Foods supply hulled hemp seeds as a baking ingredient. In addition, hulled hemp seeds are used in large quantity in Germany by bakeries for specialty breads and pastries. As hemp is gluten-free, the demand for hemp-based foods is anticipated to rise during the forecast period. In 2015, about 12% of the new food and drink products launched in Europe were with gluten-free claim.
In Europe, the number of people choosing to include more vegetarian items in their diet is rising. This is leading to an increase in the demand for hemp-based foods as hemp gets easily digested and absorbed by the body and contains EFAs in the ratio that best meets the body's requirements.
In Europe, there is significant demand for drinks that act as substitutes for dairy-based drinks. In the UK, Braham and Murray's Good Hemp Milk Original and Good Hemp Milk Unsweetened are popular as they are made from 100% natural ingredients and are suitable for use in tea, coffee, shakes, and with cereals.
ROW: APAC to emerge as the leading market for hemp-based foods
The market in ROW is expected to post a CAGR of over 23% during the forecast period. In ROW, APAC is expected to emerge as the leading market for hemp-based foods during the forecast period. South Korea, Japan, China, Taiwan, Indonesia, and Malaysia are expected to emerge as the target markets in this region. Consumers in South Korea and most Asian nations are looking for alternative sources of protein and healthy oils as now they have become wary of fish after the 2011 Fukushima nuclear power plant accident in Japan. Therefore, hemp-based foods are becoming popular. China, India, Japan, South Korea, Thailand, and Malaysia are a few countries in Asia where hemp cultivation is legalized.
“Rise in per capita household income levels along with the rising number of health-conscious consumers will fuel market growth. Urbanization, with its influence on consumer lifestyles, has brought about changes in diet patterns,” says Manjunath. Consumers now prefer more protein and EFAs-based products of hemp. Canada Hemp Foods, Hempco, and Naturally Splendid are a few manufacturers supplying hemp-based foods to Japan, China, South Korea, and other Asian nations.
The top vendors in the global hemp-based foods market highlighted in the report are:
- Hempco
- Manitoba Harvest
- Mettrum Originals
- Naturally Splendid
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