According to the report, the Hemp Seed Protein market accounted for USD 5.51 Billion in 2018 and is expected to reach USD 12.30 Billion by 2026, growing at a CAGR of around 10.6% between 2019 and 2026.
The report covers forecast and analysis for the hemp seed protein market on a global and regional level. The research report presents a comprehensive valuation of the market, competition, opportunities, emerging trends, and industry-validated market figures. The study provides historic data of 2016 to 2018 along with a forecast from 2019 to 2026 based revenue (USD Million).
The hemp is called superfood owing to the rich source of essential amino acids. It is a byproduct of hemp seeds containing a proper balance of oil, protein and carbohydrates. Hemp seed has exceptionally high levels of the amino acid arginine. Hempseed typically contains over 30% oil and about 25% protein, with considerable amounts of dietary fiber, vitamins and minerals. Hempseed has been used to treat various disorders for thousands of years in traditional oriental medicine. Recent clinical trials have identified hempseed oil as a functional food, and animal feeding studies demonstrate the long-standing utility of hempseed as an important food resource. Improved economic conditions in well-developed countries along with rising disposable income due to which consumers have shown willingness to spend on food products that are rich in hemp proteins so as to maintain their health are the factors driving the global hemp seed protein market growth.
While considering the form factor, the market has been classified into powdered and liquid form. The powdered form is anticipated to gain substantial value over the forecast period. Hemp seed protein in powdered form is easily digestible and is used as an active ingredient in shakes and smoothies.
Hemp protein powders can contain different amounts of fiber depending on whether they were made from hulled or unhulled hemp seeds and whether additional fiber was added. Most hemp protein powders contain 7–8 grams of fiber per 1/4 cup (30 grams) and provide 18–28% of the recommended daily intake (RDI) of fiber for men and women respectively. As compared to other plant-based protein powders such as soy, pea and rice are highly refined and contain very little fiber. Hemp protein powder is a great way to add both protein and fiber to the diet.
The global hemp seed protein market is further classified into food & beverages, pharmaceuticals, cosmetics, and others. There is a high demand for hemp protein in foods owing to its high fiber content. Studies have shown that consuming plant-based protein can help in reducing the risk of diseases such as cardiovascular diseases and cancer. Moreover, it has various other benefits such as immune-system booster, weight suppressant, and its ability to lower blood pressure and cholesterol.
Based on the region, North America is anticipated to gain traction over the forecast timeline. This can be attributed to the strong demand for hemp seed protein from the United States. The trends of hemp products came in the U.S. in 2014 with the passage of U.S. farm Bill that allowed states to conduct hemp pilot programs. Still, hemp is a species of the cannabis plant, its production in U.S. is restricted.
The hemp seed protein market is highly consolidated, with major players including Hemp Oil Canada, Navitas Organics, NOW Foods, North American Hemp & Grain, Manitoba Harvest, GFR Ingredients, and Z-Company. The major strategies implemented by these leading companies in the market are new product launches, mergers & acquisitions and partnerships. These companies are more focusing on making an investment in innovations, collaborations, and expansions, in order to increase their market share.
This report segments the global hemp seed protein market as follows:
Global Hemp Seed Protein Market: Form Segment Analysis
Global Hemp Seed Protein Market: End-Use Segment Analysis
Global Hemp Seed Protein Market: Regional Segment Analysis