Global Hemp-Based Foods Market Growth at 20.3%, 2016-2020 - Key Players are Hempco, Manitoba Harvest, Mettrum Originals & Naturally Splendid - Research and Markets
DUBLIN--(Business Wire)--Research and Markets has announced the addition of the "Global Hemp-Based Foods Market 2016-2020" report to their offering.
The global hemp-based foods market to grow at a CAGR of 20.3% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global hemp-based foods market for 2016-2020. The report analyzes the market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, and market demand and supply scenarios.
According to the report, emergence of hemp as a superfood will be a key driver for market growth. Hemp is free from allergens, gluten, genetically modified organism (GMO), lactose, soy, phytoestrogen, and pesticides. Hemp, as an ingredient, is now being used in nutrition bars, tortilla chips, pretzels, beer, salad dressings, cheese, and ice cream. The market potential for hemp-based foods emerging as superfoods is based on its blending capacity in terms of taste and functionality with other common food ingredients.
Customers prefer to shop online and pay for their orders using their credit or debit cards, which helps them avoid time-consuming journeys and billing queues. Online shopping portals now also provide improved security features for payments and efficient customer service, along with customer-friendly website designs that offer enhanced product visibility. This is a key trend for market growth and is encouraging various hemp-based food manufacturers to focus on the internet-savvy customer segment and venture into the new online retail format. This mode of business will help vendors save operating costs and overheads, which are lower in the online retail format than in the physical store format.
Further, the report states that low awareness rate will be a challenge for the market. The lack of awareness among consumers globally about the health benefits of hemp as an ingredient restricts its use in various food and beverages by the manufacturers. The major reason for the low rate of awareness is the lack of adequate scientific evidence to prove the benefits of these ingredients, which in turn restricts the marketing initiatives of the manufacturers. As a result, most manufacturers shy away from using hemp as an ingredient in their food products.
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