Cannabis
Europe Medical Cannabis Oil Market Set to Reach Valuation of USD 2,395.83 Million by 2032 | Astute Analytica
New Delhi, July 22, 2024 (GLOBE NEWSWIRE) — According to Astute Analytica, the Europe medical cannabis oil market was valued at US$ 905.56 million in 2023 and is projected to hit the market valuation of US$ 2,395.83 million by 2032 at a CAGR of 12.8% during the forecast period 2024–2032.
The medical cannabis oil market in Europe is poised for substantial growth due to the increasing legalization of cannabis for medicinal use and the evolving perception of cannabis-based treatments among consumers. The prevalence of chronic diseases and the acceptance of cannabis-based medicines are key factors contributing to this market expansion. Furthermore, advancements in clinical trials and regulatory approvals in countries with developed healthcare systems are expected to bolster the market’s growth trajectory.
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Germany and the United Kingdom are at the forefront of this burgeoning market. Germany, which currently dominates the European medical cannabis sector, is expected to maintain a robust CAGR of 13.10% throughout the forecast period. Meanwhile, the UK is witnessing significant growth, with the number of medical cannabis patients projected to increase by 124% by 2028, reaching approximately 141,000 patients. This growth is anticipated to generate around €240 million in sales, driven by high per-patient consumption and the expansion of private clinics. The strong economic conditions and diverse consumer base in these countries create a favorable environment for the medical cannabis oil market.
Other European nations are also making strides in the medical cannabis oil market. Italy, the Netherlands, and Spain are developing medical cannabis programs, enabling patients to access cannabis products for therapeutic purposes. The European Union’s supportive regulatory framework and investment in medical cannabis research are further accelerating market development and innovation. This dynamic market shift is underpinned by increasing legalization, shifting consumer preferences, and technological advancements in the cannabis industry.
Key Findings in Europe Medical Cannabis Oil Market
| Market Forecast (2032) | US$ 2,395.83 million |
| CAGR | 12.8% |
| Largest Region (2023) | Germany (59.15%) |
| By Derivatives | CBD (82.82%) |
| By Source | Natural (92.21%) |
| By Route of Administration | Oral Solutions and Capsules (53.31%) |
| By Application | Pain Management (26.46%) |
| By End User | Pharmaceutical Industry (51.02%) |
| By Distribution Channel | B2B (57.2%) |
| Top Trends |
|
| Top Drivers |
|
| Top Challenges |
|
CBD Remains the Most Consumed Derivatives of Medical Cannabis Oil in Europe, Holds over 82.82% Market Share
The consumption of CBD in Europe’s medical cannabis oil market has been on the rise, driven by shifting public perceptions and increasing awareness of its potential benefits. Recent studies highlight that CBD is perceived as a natural product with fewer harmful effects compared to other substances. In France, a national survey indicated that well-being was a major reason for CBD use, with some consumers also using it to alleviate disease symptoms. The perceived harmfulness of cannabis-derived products, including CBD, has been decreasing, contributing to its growing acceptance. Additionally, CBD has shown promise in treating various medical conditions, particularly severe childhood epilepsy, pain, insomnia, and anxiety. For example, a Canadian medical cannabis clinic found that CBD-rich oils, containing approximately 0.5-1 mg of THC/mL and 20-25 mg of CBD/mL, were commonly prescribed, illustrating its medical applications.
Despite its growing popularity, the European medical cannabis oil market faces several challenges, including high costs and regulatory issues. The price of CBD remains significant, with costs around $CAD 520 per 100 mg in some regions. Regulatory complexities also persist, as the legal status of CBD varies across different countries. The European Union classified CBD as a novel food in January 2019, indicating limited consumption before 1997. In the UK, the Food Standards Agency recommends restricting the daily dose of CBD to 70 mg. These regulatory challenges, coupled with the need for more comprehensive research on CBD’s long-term effects, present both hurdles and opportunities for the European medical cannabis oil industry as it continues to evolve and expand.
Dominance of Oral Solutions and Capsules in European Medical Cannabis Oil Market Holds over 53% Market Share
The prevalence of medical cannabis oil in Europe, primarily consumed as oral solutions and capsules, can be attributed to several factors. Firstly, these forms offer precise dosing and ease of administration, which is crucial for medical applications. The oral route is generally preferred by patients and drug developers, making it a natural choice for cannabis-based medications. Additionally, the European regulatory landscape has been more accepting of these formulations. For instance, Epidyolex, an orally administered cannabidiol solution, has been approved in Europe for certain medical conditions. The dominance of these forms is further enabled by their compatibility with existing pharmaceutical standards and the ability to ensure consistent delivery of active ingredients. As of 2023, it’s estimated that over 60% of medical cannabis prescriptions in Europe are for oral solutions or capsules.
Recent developments in the Europe medical cannabis oil market have seen a diversification of products and an increase in potency. While cannabis herb and resin still dominate the overall cannabis market, there’s a growing trend towards high-potency extracts, vaping products, and edible. In terms of production, there are signs that cannabis resin production within the EU may be on the rise, potentially challenging Morocco’s position as the largest supplier. Quality control has become a significant focus, with recent studies showing that many CBD products did not contain the levels of CBD claimed in advertising. This has led to increased scrutiny and calls for better regulation. In response, the industry has been investing in advanced extraction and formulation techniques. For example, a 2018 study developed a novel preparation method for cannabis oil that showed improved stability, with active molecule concentrations in oils and capsules varying less than 10% over 180 days. The market has also seen a surge in research on improved delivery methods, with recent studies focusing on overcoming the low oral bioavailability of CBD, currently estimated at only 6%. These developments are driving innovation in the sector and are likely to shape the future of medical cannabis products in Europe.
Most of European Consumers Cannabis Oil for Pain Management, Contributes Over 26.46% Market Revenue
The surging demand for medical cannabis oil market for pain management across Europe stems from a confluence of factors, including evolving regulatory landscapes, growing scientific evidence, and shifting public perceptions. As of 2023, 22 European countries have legalized medical cannabis in some form, with Germany, Italy, and the Netherlands leading in patient access. The European medical cannabis market reached a value of €403 million in 2023, with projections estimating growth to €3.2 billion by 2025. Pain-related conditions, particularly chronic pain, represent the primary reason for medical cannabis prescriptions in Europe, accounting for over 60,000 prescriptions in Germany alone last year. The United Kingdom saw a 425% increase in medical cannabis prescriptions from 2019 to 2023, with pain management being the top indication. In France, where a two-year medical cannabis pilot program began in 2021, 1,500 patients were enrolled by mid-2023, with chronic pain patients representing the largest group. The Czech Republic reported 130,000 medical cannabis prescriptions in 2023, a 32% increase from the previous year.
The rise in demand is further fueled by promising clinical research and patient testimonials in the medical cannabis oil market. A 2023 study involving 1,200 European patients across 6 countries found that 72% of those using cannabis oil for chronic pain reported significant improvement in their quality of life. The European Pain Federation endorsed cannabis-based medicines for chronic pain treatment in specific cases, influencing 15,000 pain specialists across the continent. In Spain, medical cannabis oil prescriptions for pain management increased by 280% between 2021 and 2023, with 8,500 patients now registered. Poland saw a 150% growth in medical cannabis imports for pain-related conditions in 2023 compared to 2022. Denmark’s pilot program, initiated in 2018, has now treated over 10,000 patients, with chronic pain being the primary indication. In Switzerland, where low-THC cannabis products are legally available, sales for pain management purposes reached CHF 150 million in 2023. These statistics underscore the growing acceptance and utilization of medical cannabis oil for pain management across Europe, driven by both patient demand and evolving medical practices.
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Competitive Landscape of the European Medical Cannabis Oil Market: Top 5 Players Control Over 43% Market Share
The European medical cannabis oil industry is predominantly controlled by a few key players, including Tilray, Aurora Cannabis Inc., GW Pharmaceuticals, Almirall, and Bedrocan, which collectively hold over 43% of the market share. This concentration is largely due to the significant investments these companies have made in research and development, strategic partnerships, and regulatory compliance. For instance, Tilray has established a robust presence by supplying medical cannabis products to over 20 countries and launching initiatives to destigmatize medical marijuana use in women’s healthcare. Similarly, GW Pharmaceuticals has become a major player by focusing on the development and export of cannabis-based medicines like Epidiolex and Sativex, which have gained approval for treating specific medical conditions.
- Strategic Alliances and Market Expansion
Strategic alliances and acquisitions have been pivotal in consolidating Europe medical cannabis oil market positions for these companies. Aurora Cannabis Inc., for example, has expanded its footprint through collaborations and acquisitions, such as its partnership with MedReleaf Australia to introduce new medical cannabis brands. Additionally, the company’s restructuring efforts and cost reductions have been aimed at enhancing operational efficiency and market reach. Almirall, on the other hand, has leveraged distribution agreements with companies like Jazz Pharmaceuticals to boost its presence in major European markets. These strategic moves have enabled these companies to navigate the complex regulatory landscape and cater to the growing demand for medical cannabis products.
Investment in research and development (R&D) has been a critical factor in maintaining a competitive edge in the European medical cannabis oil industry. Companies like Bedrocan have made significant strides in the research and development of pharmaceutical-grade cannabis, which has positioned them as leaders in the market. GW Pharmaceuticals’ focus on developing high-profile licensed medicines has also contributed to its dominance. The emphasis on R&D not only helps in creating innovative products but also ensures compliance with stringent regulatory standards, thereby fostering trust and credibility among healthcare providers and patients. This focus on innovation and quality has been instrumental in establishing these companies as dominant players in the European medical cannabis oil market.
Europe Medical Cannabis Oil Market Key Players
- Aurora Cannabis Inc.
- Bedrocan
- Biocann
- BIOTA Biosciences LLC
- Cannamedical
- Mary Jane CBD
- Sanity Group GmbH
- Tilray
- Valcon Medical
- Other Prominent Players
Key Segmentation:
By Derivatives
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Cannabicyclol (CBL)
- Cannabichromene (CBC)
- Others
By Source
- Natural
- Synthetic
By Application
- Alzheimer’s Disease
- Appetite Loss
- Cancer
- Inflammatory Bowel Diseases
- Autism
- Mental Health Conditions
- Multiple Sclerosis
- Pain Management
- Nausea
- Muscle Spasms
- Depression and Sleep Disorders
- Others
By Route of Administration
- Oral Solutions and Capsules
- Vaporizers
- Topicals
- Others
By End User
- Pharmaceutical Industry
- Research and Development Centers
- Homecare Setting
- Hospitals
- Rehab Centers
By Distribution Channel
By Country
- The UK
- Germany
- The Netherlands
- Italy
- Spain
- Poland
- Rest of Europe
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Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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Cannabis
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) — The “Europe Medical Cannabis Oil Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2032.” report has been added to ResearchAndMarkets.com’s offering.
The Europe Medical Cannabis Oil market is poised for significant growth, projected to escalate from US$ 0.91 billion in 2023 to US$ 2.40 billion by 2032, advancing at a CAGR of 12.08%. In this comprehensive research report, the market is analyzed by:
- Derivatives;
- Source;
- Application;
- Route of Administration;
- End-user;
- Distribution Channel; and
- Country.
Market Highlights Identified in the Report
- Progressive legalization across Europe is creating a favorable regulatory environment, enhancing market expansion for medical cannabis oil products.
- Germany leads the market with a robust infrastructure and supportive regulations, while other countries like the UK, Italy, and Spain show significant growth potential based on evolving regulatory landscapes and market dynamics.
- Key players such as Tilray, Aurora Cannabis Inc., and GW Pharmaceuticals dominate the market, emphasizing research, strategic partnerships, and innovation to maintain competitive edge amidst evolving industry dynamics.
The medical cannabis oil market has experienced substantial growth as legalization and acceptance of cannabis-based treatments expand globally. Cannabis oil, derived from the cannabis plant through extraction methods, contains cannabinoids such as THC and CBD, known for their therapeutic properties. Increasing recognition of cannabis oil’s potential in alleviating symptoms of various medical conditions, including chronic pain, epilepsy, and anxiety disorders, has driven its adoption in medical settings.
Governments in several countries are progressively legalizing medical cannabis, creating a conducive regulatory environment for market expansion. Additionally, growing consumer awareness about alternative and natural therapies has fueled the demand for cannabis oil products. The market is characterized by diverse product offerings, including full-spectrum and CBD-isolate oils, catering to different therapeutic needs and preferences.
Despite regulatory challenges and stigma associated with cannabis, the medical cannabis oil market continues to evolve, driven by ongoing research, favorable legislative changes, and shifting attitudes toward cannabis-based therapies in healthcare.
Regional Insights
Germany is likely to maintain its leadership position in the European medical cannabis oil market due to its established infrastructure, supportive regulations, and strong healthcare system. Germany legalized medical cannabis in 2017, giving the market a head start compared to many other European countries. This established infrastructure and experience position Germany as a leader in the field. As awareness and acceptance of medical cannabis increase, the number of patients seeking treatment in Germany is steadily rising. This fuels market growth and incentivizes further investment in research and development.
Germany’s regulatory framework for medical cannabis is considered relatively patient-friendly compared to some other European countries. This facilitates access for patients with qualifying conditions. The UK legalized medical cannabis in 2018 and is experiencing an increase in patient access programs. This, coupled with ongoing research, could lead to significant market growth. Italy legalized medical cannabis in 2006 but has faced challenges with availability. As regulations become more streamlined and patient access expands, the Italian market holds significant growth potential. Spain has a well-established medical cannabis industry with a focus on domestic production. As regulations evolve and export opportunities increase, the Spanish market could see a boost.
Competitive Landscape
The Medical Cannabis Oil market is characterized by a vigorous competitive landscape, with prominent entities like Tilray, Aurora Cannabis Inc., GW Pharmaceuticals, Almiral, Bedrocan, and others at the forefront, collectively accounting for approximately 41 % of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings.
The primary competitive factors include pricing, product caliber, and technological innovation. As the Medical Cannabis Oil industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry’s fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector’s comprehensive growth and transformation.
Key Topics Covered
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Europe Medical Cannabis Oil Market
Chapter 4. Europe Medical Cannabis Oil Market Overview
Chapter 5. Europe Medical Cannabis Oil Market Analysis, by Derivatives
Chapter 6. Europe Medical Cannabis Oil Market Analysis, by Source
Chapter 7. Europe Medical Cannabis Oil Market Analysis, by Application
Chapter 8. Europe Medical Cannabis Oil Market Analysis, by Route of Administration
Chapter 9. Europe Medical Cannabis Oil Market Analysis, by End-user
Chapter 10. Europe Medical Cannabis Oil Market Analysis, by Distribution Channel
Chapter 11. Europe Medical Cannabis Oil Market Analysis, by Country
Chapter 12. The UK Medical Cannabis Oil Market Analysis
Chapter 13. Germany Medical Cannabis Oil Market Analysis
Chapter 14. The Netherlands Medical Cannabis Oil Market Analysis
Chapter 15. Italy Medical Cannabis Oil Market Analysis
Chapter 16. Spain Medical Cannabis Oil Market Analysis
Chapter 17. Poland Medical Cannabis Oil Market Analysis
Chapter 18. Rest of Europe Medical Cannabis Oil Market Analysis
Chapter 19. Company Profiles (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
A selection of companies mentioned in this report includes, but is not limited to:
- Aurora Cannabis Inc.
- Bedrocan
- Biocann
- BIOTA Biosciences LLC
- Cannamedical
- Mary Jane CBD
- Sanity Group GmbH
- Tilray
- Valcon Medical
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Cannabis
Cannabis Cultivation Market – Global Food Additives, Oils, Tinctures, Cannabis Indica, Cannabis Sativa Forecast 2024-2030
Dublin, Aug. 28, 2024 (GLOBE NEWSWIRE) — The “Global Cannabis Cultivation Market by Product (Food Additives, Oils, Tinctures), Type (Cannabis Indica, Cannabis Sativa), Source, Application – Forecast 2024-2030” report has been added to ResearchAndMarkets.com’s offering.
The Cannabis Cultivation Market grew from USD 3.64 billion in 2023 to USD 4.15 billion in 2024. It is expected to continue growing at a CAGR of 14.09%, reaching USD 9.17 billion by 2030.
This process requires careful attention to the plant’s life cycle, from germination to harvesting, including the control of environmental factors such as light, temperature, humidity, soil pH, and nutrients. The proliferation in cannabis cultivation has been primarily fueled by the expanding legalization of cannabis for both medical and recreational use, which has driven demand and facilitated the establishment of a legal market. Innovations in cultivation technology, such as hydroponics and LED lighting, have also contributed to the sector’s growth, alongside an increasing social acceptance of cannabis consumption.
However, compliance with diverse state and federal laws and the financial burden of taxation and licensing fees add complexity for cultivators, impeding their development. Thus, the industry is investing in more sustainable practices, such as the use of renewable energy and water recycling systems. Advancements in genetic modification and breeding may lead to new cannabis strains with unique properties, catering to a wider range of consumers. The integration of artificial intelligence and data analytics could further optimize cultivation processes and yield management, enhancing both efficiency and profitability.
Regional Insights
In the Americas, cannabis cultivation has undergone significant transformation, especially in regions where legislation has shifted towards legalization. Canada and certain states of the USA have established robust legal frameworks that govern the production, sale, and consumption of cannabis. These regions host some of the world’s largest cannabis companies, which are heavily regulated, publicly traded, and adhere to strict quality controls. Cannabis cultivation is largely illegal and associated with significant stigma in many APAC countries.
However, locations, including Australia and Thailand, are initiating medical cannabis programs, and there is growing interest in hemp production, typically for CBD oil and industrial uses, in countries such as China. The EMEA region is witnessing a burgeoning medical cannabis market, with countries such as Germany, Israel, and the UK implementing medical programs that have opened doors for cultivation under strict regulations.
Cannabis companies in EMEA often focus on medical-grade products, adhering to pharmaceutical standards such as Good Manufacturing Practices (GMP). The production environment tends towards highly controlled indoor or greenhouse settings. Some African countries, including Lesotho and South Africa, are exploring cannabis cultivation for both medical and economic development purposes, aiming to supply both domestic markets and exports primarily to European countries.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $4.15 Billion |
| Forecasted Market Value (USD) by 2030 | $9.17 Billion |
| Compound Annual Growth Rate | 14.0% |
| Regions Covered | Global |
Market Dynamics
Market Drivers
- Cannabis Legalization and Rise in Trend of Indoor Cultivation
- Potential Use of Cannabis for Medical Treatment and Scientific Research
- Government Support for Legal Cannabis Cultivation and Education Program
Market Restraints
- Environmental Downside of Cannabis Cultivation and Existence of Illegal Cultivation Practices
Market Opportunities
- Use of AI and ML in Cannabis Cultivation
- Growing Application of Marijuana and Hemp in Various Industries
Market Challenges
- Challenges to Scaling Cannabis Cultivation and Regulatory Pressure
Market Segmentation Analysis
- Product: Availability of high-potency CBD oils for patients with specific therapeutic needs
- Type: Preference for Indica in colder climates and for individuals seeking pain relief and relaxation
- Source: Exponential use of CBD flowers for recreational and medicinal use
- Application: Emerging legalization of cannabis to accelerate its industrial consumption
Industry Insights
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- ABcann Medicinals, Inc.
- Acreage Holdings
- AgMedica Bioscience Inc.
- Aleafia Health Inc.
- Atlas Growers Ltd.
- Aurora Cannabis Inc.
- Better Group Holdings
- C3 Industries, Inc.
- Cannabis Sativa, Inc.
- Cannatrek Limited
- Canopy Growth Corporation
- Cresco Labs, LLC
- Cronos Group
- Curaleaf Holding Inc.
- Ecofibre Limited
- Gilead Sciences, Inc.
- Green Thumb Industries Inc.
- Harvest Health & Recreation, Inc
- HEXO Operations Inc.
- Jazz Pharmaceuticals PLC
- Lexaria Bioscience
- Mammoth Farms
- Maricann Inc.
- Medical Marijuana, Inc.
- Organigram Holdings Inc.
- SNDL Inc
- Tilray, Inc.
- Trulieve Cannabis Corp
- Ultra Health
- Verano Holdings LLC
- Village Farms International Inc.
Market Segmentation & Coverage
Product
- Food Additives
- Oils
- Tinctures
Type
- Cannabis Indica
- Cannabis Sativa
Source
- Flower/Buds
- Leaves
Application
- Industrial Consumption
- Medical Consumption
- Recreational Consumption
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/wvy47b
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ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
New York, United States , Aug. 28, 2024 (GLOBE NEWSWIRE) — The Global Hemp Based Food Market Size is to Grow from USD 1.42 Billion in 2023 to USD 4.87 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.12% during the projected period.
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Hemp-based food is derived from hemp seeds, which are high in protein, fiber, and healthy fats. These foods, including hemp seeds, hemp oil, and hemp protein powder, have been linked to improved heart health and digestion. Hemp-based foods are gaining popularity as part of a healthy diet, especially among those looking for plant-based and natural food options. Hemp contains fiber as well as a number of vitamins and minerals, such as magnesium, vitamin E, zinc, and iron. Consumption of hemp-based food products improves digestive health, propelling the global hemp-based food market. Hemp-based foods include nut butter, corn chips, and snack bars. This is also benefiting the hemp-based food industry. Hemp seeds are commonly used as supplements and food ingredients all over the world. Hemp seed contains nonpsychoactive but biologically active cannabinoids, including cannabidiol (CBD), which has strong spasmolytic, anxiolytic, and anticonvulsant properties. CBD dietary supplements represent roughly one-third of the global CBD market. Hemp seed has a nutty flavor and contains essential fatty acids, vitamins, minerals, fiber, and the amino acids found in albumin and edestin, two highly absorbable proteins. Hempseed oil is high in polyunsaturated fatty acids, which have been shown to have anti-inflammatory, cancer-fighting, and cardiovascular properties. However, the antioxidant properties of hemp polyphenols currently prevent their absorption in the gut. Also, there is a shortage of processing and planting facilities and a lack of harvesting equipment.
Browse key industry insights spread across 204 pages with 110 Market data tables and figures & charts from the report on the “Global Hemp Based Food Market Size, Share, and COVID-19 Impact Analysis, By Product (Hemp Protein Powder, Hemp Seed Oil, Hemp Seeds, and Others), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The hemp seeds segment dominates the market with the highest market share of the global hemp based food market during the projected period.
Based on the product, the hemp based food market is divided into hemp protein powder, hemp seed oil, hemp seeds, and others. Among these, the hemp seeds segment dominates the market with the highest market share of the hemp based food market during the projected period. Hemp seeds contain essential nutrients like fatty acids, protein, and fiber. Furthermore, a balanced ratio of omega-3 and omega-6 promotes overall health. Hemp seeds are versatile and can be used in a wide range of recipes. They appeal to a broader audience because they can be eaten raw, cooked, or roasted. They last longer than other hemp-based food products like hemp milk or oil. Furthermore, hemp seeds are easier to cultivate and harvest than other parts of the hemp plant, making them a cost-effective option for farmers.
The supermarkets and hypermarkets segment is anticipated to grow at the fastest pace during the projected period.
Based on the distribution channel, the global hemp based food market is categorized into supermarkets and hypermarkets, convenience stores, online stores, and others. Among these, the supermarkets and hypermarkets segment is anticipated to grow at the fastest pace during the projected period. Supermarkets and hypermarkets are popular shopping destinations that prominently feature hemp-based food products. These retailers use a variety of marketing and promotional strategies, such as loyalty programs, bundled offers, and discounts. Furthermore, they make hemp-derived food products more accessible to a broader range of customers. Supermarkets and hypermarkets provide a one-stop shopping experience, allowing customers to purchase other grocery items as well as hemp-based foods. These supermarkets and hypermarkets sell a variety of hemp-based products, including oils, seeds, and ready-to-eat snacks.
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North America is expected to hold the largest share of the global hemp based food market over the forecast period.
North America is expected to hold the largest share of the global hemp based food market over the forecast period. The presence of a strong supply chain for sourcing, manufacturing, and distributing hemp-based food items in North America is driving market growth. This streamlines market operations and reduces disruption. Also, hemp-based food products are widely available in offline retail channels throughout the region. This retail presence makes the products more accessible to consumers. Apart from that, increasing health consciousness among North American consumers is driving demand for all-natural, nutrient-dense foods.
Asia Pacific is predicted to grow at the fastest pace in the global hemp based food market during the projected period. The growing popularity of Western diets and the rising demand for hemp-based foods. This surge in popularity is primarily due to hemp products’ gluten-free status, which appeals to health-conscious consumers. As more people in this region adopt Western food trends, they are also looking for healthier, alternative options such as hemp-based foods. This shift in consumer preferences is expected to significantly increase the demand for hemp-based products in Asia-Pacific in the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global hemp based food market are Hempfoods Ltd., Tilray, Inc., GFR Ingredients, Hemp Foods Australia Pty Ltd, Aurora Cannabis Inc., Naturally Splendid Enterprises Ltd., Isodiol International Inc, Navitas LLC, Nutiva, Planet Based Foods Global Inc., T12 Holdings Pty Ltd., Agropro, Compass Diversified, Canopy Growth Corporation, Hempco Inc., Cool Hemp, and Other key vendors.
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Recent Developments
- In March 2023, Planet Based Foods Global Inc. announced that its wholly-owned subsidiary Planet Based Foods has expanded into the non-dairy frozen dessert category by introducing new hemp-based and organic vegan ice cream at Natural Products EXPO West.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global hemp based food market based on the below-mentioned segments:
Global Hemp Based Food Market, By Product
- Hemp Protein Powder
- Hemp Seed Oil
- Hemp Seeds
- Others
Global Hemp Based Food Market, By Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
Global Hemp Based Food Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Global Superfood Market Size, Share, and COVID-19 Impact Analysis, By Type (Superfruits, Superseeds and Supergrains, Edible Seaweed, and Others), By Distribution Channel (Store-Based, Non-Store Based), By Application (Beverages, Snacks, Bakery & Confectionery, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
Global Ginger Oil Market Size, Share, and COVID-19 Impact Analysis, By Nature (Organic and Conventional), By Application (Cosmetics & Personal Care, Pharmaceuticals, Household, and Others), By Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Mass Grocery Stores, Online Retail, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Global Smart Card Materials Market Size, Share, and COVID-19 Impact Analysis, By Material (Polyvinyl Chloride (PVC), Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate-Glycol (PETG), and Others), By Type (Contact Cards, Contactless Cards, and Multi-Component Cards), By Application (BFSI, Government, Telecommunication, Retail, Healthcare, Hospitality, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
Global Pregelatinized Starch Market Size, Share, and COVID-19 Impact Analysis, By Source (Corn, Wheat, Potato, and Others), By Application (Food & Beverage, Pharmaceutical, Cosmetics, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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