Industrial hemp is a kind of agricultural good, utilized in the creation of a large number of products including construction material, yarn & spun fibers, paper, nutritional supplements, personal care products, cosmetics, food & beverages, fabric, and textiles. Industrial hemp is a different variety of Cannabis Sativa L. A large number of countries allow hemp cultivation.
The growing applications of industrial hemp in the food & beverages sector will steer the growth of the global industrial hemp in food market. Furthermore, the transforming sedentary lifestyle of the people is causing several chronic medical ailments. Hemp oil is known to possess high essential fatty acid content which elevates and prevents various ailments. Hemp oil promotes joint health, improves cardiac functions, and reduces anxiety & stress. Therefore, there is a significant surge in the consumption of hemp oil globally. Hemp crops consist of a high yield of edible protein after harvesting. Furthermore, the demand for industrial hemp is growing every day due to the growing awareness among people regarding their health. Industrial hemp possesses several dietary advantages.
The low prices encourage farmers to widen their crop options. Nowadays, restaurants and cafes are experimenting with innovative combinations of flavors in hemp-based food products to offer unique and healthy dishes to customers. Also, the premiumization of organic food and beverages along with gluten-free meals are some of the aggressive marketing strategies adopted by manufacturers to boost the consumption of hemp food products globally.
The global industrial hemp in food market can be segmented into distribution channels, products, and regions.
By distribution channels, the market can be segmented into online stores, convenience stores, supermarkets, hypermarkets, and others.
By products, the market can be segmented into hemp seeds, hemp seed oil, hemp protein powder, and seeds.
North America accounts for the largest share in the global industrial hemp in food market due to the growing investments in cultivating different varieties of industrial hemp with tetrahydrocannabinol (THC) content. Furthermore, its growing demand due to the rising awareness among people regarding the health benefits associated with hemp oil will also accentuate the growth of the regional market. The transforming government policies in the region for hemp cultivation are also likely to support the growth of the regional market in the forthcoming years.
Asia Pacific is expected to witness a significant growth rate in the forthcoming years due to the fact that China is the largest exporter of processed and raw hemp food products.
Some of the significant players in the global industrial hemp in food market are Yunnan Industrial Hemp, Jinzhou Qiaopai Biotech, Nutiva and T12 Holdings Pty Ltd., Navitas Organics, Isodiol International Inc., Naturally Splendid Enterprises, Hempco Food and Fiber Inc., Hemp Foods Australia Pty Ltd., GFR Ingredients Inc., Fresh Hemp Foods Ltd., Canada Hemp Foods Ltd., and Deep Nature Project. To cite, Tilray Inc. in February 2019 announced to acquire Manitoba Harvest. The initiative will boost the Nanaimo, a B.C.-based pot grower’s position in the US market as hemp food manufacturer.
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