Hemp-based food products have gained immense popularity due to their easy digestibility by dint of being free from gluten, allergens, genetically modified organisms (GMO), lactose, phytoestrogen, and pesticides. Hemp is a good source of fiber and vitamins &minerals including magnesium, vitamin E, zinc, and iron. Consumption of hemp-based food products aids the maintenance of a healthy digestive system which further drives the overall market across developed regions such as North America and Europe. Hemp seeds are a highly nutritious source of protein and are being increasingly used in packaged foods such as granola bars, pretzels, bread, and cereals. The global hemp-based food market is divided by ingredients into the protein, oil, and seed categories. Among these, hemp seeds dominated the global market in 2015 and are expected to retain its leading position over the forecast period. Their growing usage in various foods such asnut butter, corn chips, and snack bars is expected to motivate the hemp-based food products market over the forecast period. In addition to this, hemp seeds are rich with amino acids which made these products an ideal choice for health-conscious and vegan consumers. Hemp-based food is emerging as the ultimate source of protein for vegans due to its better digestibility than that of other plant proteins. Apart from this, hemp seeds could be easily added to baking goods or incorporated into salads or soups.
The hemp-based food market is geographically distributed over North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America held the maximum share in this market in 2015due to a growing consumer preference for healthy food products free of allergens. It was followed by Europe and Asia Pacific. Their gluten-free property has propelled several gluten-sensitive consumers to change their inclination toward these products. Asia Pacific is a highly attractive market, owing to the adoption of Western food habits among this region’s population. Latin America is a potential market with its share likely to rise over the forecast period.
The global hemp-based food market is extremely competitive with the presence of a large number of large-scale and small-scale vendors who compete with each other in terms of product differentiation, quality, price, innovation, distribution, and brand promotion. Key players operating in the market include Hemp co, Naturally Splendid, Mettrum Originals, and Manitoba Harvest. Other prominent ones include Canada Hemp Foods, Braham and Murray, Elixinol, Nutiva, Healthy Brands Collective, Laguna Blends, Hemp Foods Australia, and The Cool Hemp Company. These players dominate the market with their vast geographic presence and large production facilities across different countries. However, the global hemp-based food market is also characterized by the presence of several emerging regional and small manufacturers who lead the market in countries such as the U.K. and China and invest huge amounts of capital in research and development activities and innovation centers in order to expandtheir production capabilities and meet the growing market demands. In addition to this, major players are expanding their market share through new product development, mergers &acquisitions, joint ventures, and expansion, while focusing on their plans to open new retail outlets to strengthen their distribution channels and increase their earnings. In order to meet the growing consumer demands, a variety of different products are launched in the market by various leading as well as emerging manufacturers.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.