The Global Hemp Protein Market is expected to reach USD 1,494.8 Mn by 2027, growing at a CAGR of 12.9% during the forecast period.
Consuming plant-based protein has been demonstrated to reduce the risk of several chronic diseases such as cardiovascular disease and cancer in studies. It also offers a number several advantages, including being an immune system booster, a weight suppressant, and the capacity to lower blood pressure and cholesterol. The significant use of hemp protein in the creation of various protein fortified foods and protein supplements is a major growth factor for the hemp protein market. The increased need for hempseed oil, as well as rising consumer health consciousness, are the primary factors driving demand for hemp protein. For instance, according to IBISWorld, health consciousness is raised by 0.4% in 2020-21, reaching 109.4 index points.
Furthermore, the improved supply chain, which ensures product availability, are major driving factors for the growth of the market. The demand for hemp protein increased on a global scale owing to its high fibre content, that are used in food and beverage business. Hemp protein also provides a variety of health benefits, that’s why it is becoming more popular in the pharmaceutical industry.
The minimally processed and chemical-free consumption patterns have created commercial opportunities. High production costs and strict regulations and rules are expected to limit the growth of the market, while fluctuating raw material prices may pose a threat to the industry's expansion.
Global Hemp Protein Market, by Region Outlook (Revenue, USD Million, 2021-2027)
The North America is projected to dominate the hemp protein market during the forecast period due to an ever-increasing vegan population as well as growing protein alternative demand in this region. In the North American region, the United States is the key market for hemp protein. The passing of the US Farm Bill in 2014, which permitted states to operate hemp pilot programs, was a huge step forward for the hemp business in the United States. Hemp production is forbidden in the United States because it comes from the same plant species as marijuana, cannabis sativa. The simplicity with which rules can be implemented will boost the entire hemp protein market in the United States. For instance, JD Farms is one of New York's largest and first legal hemp farms this increase the production of hemp protein in the North America. This factor drives the growth of hemp protein market.
However, the Asia Pacific is estimated to grow at the fastest rate over the forecast period. The increasing demand of hemp protein due to growing awareness among the countries of Asia Pacific such as India and China which are the propelling factors for the growth of hemp protein market in the Asia Pacific.
The Global Hemp Protein Market Segmentation:
Global Hemp Protein Market, by Form Outlook (Revenue, USD Million, 2021-2027)
Global Hemp Protein Market, by Grade Outlook (Revenue, USD Million, 2021-2027)
Global Hemp Protein Market, by Applications Outlook (Revenue, USD Million, 2021-2027)
Global Hemp Protein Market, by Distribution Channel Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the hemp protein market are: