hemp seeds

Global Hemp-Based Foods Market To Reach $8.36 Billion By 2028 Per Report

The global hemp-based foods market is projected to reach $8.36 billion by 2028 according to The Business Research Company’s (TBRC) latest report, “Hemp Based Foods Global Market Report 2024”.

“The hemp based foods market size has grown strongly in recent years. It will grow from $5.45 billion in 2023 to $5.94 billion in 2024 at a compound annual growth rate of 9.1%.” TBRC stated

“The growth in the historic period can be attributed to legalization of hemp cultivation and use in some regions, increase in consumer demand for plant-based and natural products, growth in awareness of hemp’s nutritional benefits, expansion of health and wellness trends, rise in popularity of hemp seeds an oil in culinary applications.” TBRC also stated.

Research and Markets recently conducted a hemp milk sector market analysis and found that, “the global hemp milk market size reached US$ 290.1 million in 2023. The market is projected to reach US$ 812 million by 2032, exhibiting a growth rate (CAGR) of 12.12% during 2023-2032.”

“The global market is mainly driven by increasing health consciousness among consumers resulting in a subsequent shift toward plant-based dietary options. This trend has led to a broadening consumer base for non-dairy milk alternatives, including hemp milk. Moreover, regulatory frameworks advocating for sustainable agricultural practices are further encouraging the cultivation of hemp, thus enhancing its availability for milk production.” Research and Markets also stated.

The overall global industrial hemp market is set to increase in size by a considerable amount in the coming years according to a projection from Technavio. Technavio is a global technology research and advisory company that “focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.”

“The global industrial hemp market size is estimated to grow by USD 6.87 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 17.1% during the forecast period.” Technavio stated in a press release.

The global cannabis edibles market is projected to reach $27.2 billion by 2030 according to a market analysis by Fairfield Market Research. For comparison purposes, the same researchers estimated that the global cannabis edibles market was worth $9.6 billion in 2022.