Top Factors Driving the Global Hemp-Based Foods Market | Technavio
February 24 2018 - 1:03PM
Business Wire
Technavio market research analysts forecast the global
hemp-based foods market to grow at a CAGR of above 24%
during the period 2018-2022, according to their latest report.
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Technavio has published a new market
research report on the global hemp-based foods market from
2018-2022. (Graphic: Business Wire)
This market research report segments the global hemp-based
foods market into the following product type (hemp seed-based
foods, hemp protein-based foods, and hemp oil-based foods) and key
regions (the Americas, APAC, and EMEA).
This report is available at a USD 1,000 discount for a
limited time only: View market snapshot before
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In this report, Technavio analysts highlight the growing vegan
population and cases of celiac disease as a key factor contributing
to the growth of the global hemp-based foods market:
Growing vegan population and cases of
celiac disease
Vegan lifestyle strongly supports animal rights and
environment-friendly lifestyle choices. A vegan diet consists of
fruits, vegetables, whole grains, legumes, nuts, and seeds as
substitutes for meat, dairy, and other traditional sources of
protein. In countries such as the US, approximately 2.5% of the
population follow vegan diet and lifestyle. This number is expected
to grow during the forecast period which will foster the demand for
hemp-based foods such as hemp seeds. Hemp seeds are good sources of
protein. Several players in the market are adding vegan labels on
the packaging of the hemp products to attract the vegan consumer
base. It is projected that with the rise in the vegan population,
the demand for hemp seeds and hemp proteins will also increase
during the forecast period.
According to a senior analyst at Technavio
for food, “It is estimated that more than 75% of Americans
suffer from celiac disease and most of the cases are still
undiagnosed. Presently, there is no medication available to cure
this disease and the only way to avoid it is to switch to
gluten-free diet. The increase in the number of digestive health
problems, weight management issues, and demand for nutritious food
is also encouraging the demand for gluten-free food items. Hemp is
a natural, gluten-free substance, and this is driving the demand
for hemp-based food ingredients such as hemp seed, oil, and
proteins in the packaged food and beverage, at a high rate. It is
expected that with the rise in the cases of celiac disease, the
demand for hemp seeds and hemp oil will further increase.”
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Global hemp-based foods market
segmentation
Of the three major product types, the hemp seed-based foods
segment held the largest market share in 2017, accounting for
nearly 81% of the market. The market share for this product type is
expected to increase nearly 1% by 2022.
The Americas was the leading region for the global hemp-based
foods market in 2017, accounting for a market share of 57%,
followed by EMEA and APAC. By 2022, EMEA is expected to witness a
growth of nearly 2%.
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version on businesswire.com: http://www.businesswire.com/news/home/20180224005040/en/
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
+1 844 364 1100UK: +44 203 893 3200www.technavio.com