Increasing consumption of plant-based protein & growing popularity regarding veganism drives the hemp protein market

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)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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)

• Seeds
• Powder

Global Hemp Protein Market, by Grade Outlook (Revenue, USD Million, 2021-2027)

• Food Grade
• Industrial Grade
• Pharmaceutical Grade

Global Hemp Protein Market, by Applications Outlook (Revenue, USD Million, 2021-2027)

• Food & Beverages
• Nutraceuticals
• Pharmaceuticals
• Personal Care & Cosmetics

Global Hemp Protein Market, by Distribution Channel Outlook (Revenue, USD Million, 2021-2027)

• Online Stores
• Supermarket
• Specialty Stores
• Independent Groceries

Key Findings:

• Based on the form, the powder segment held the largest market share during the forecast period
• Based on grade, the food grade segment is expected to hold the largest share over the forecast period due to its affordability and preference by the professionals
• Based on applications, the nutraceuticals segment dominated the global market in 2020
• Based on regions, the North America estimated to dominate the hemp protein market in the year 2027

Company Profiles and Competitive Intelligence

The key players operating in the hemp protein market are:

• Navitas Organics
• Green Source Organics
• ET Chem
• North American Hemp & Grain Co., Ltd.
• Hemp Oil Canada
• OPW Ingredients GmbH
• Chii Hemp Industries Inc.
• The Cool Hemp Company Inc.
• Canopy Growth Corporation
• Liaoning Qiaopai Biotech Co., Ltd.
• GFR Ingredients Inc.
• Manitoba Harvest Hemp Foods
• Hemp Foods Australia Pty Ltd
• The Raw Chocolate Pie Company
• Z-COMPANY
• Naturally Splendid Enterprises Ltd.
• OMNI Superfood
• Nutiva Inc.
• POONAM OIL INDUSTRIES
• Elixinol Global Limited

Recent News:

• In October 2021, Nepra Foods Inc. Centennial, Colorado ("Nepra"), launched THPTM (Textured Hemp Protein), a healthier, more environmental friendly protein plant that has the potential to disrupt the roughly USD 1 billion Textured Vegetable Protein (TVP) market. THPTM is a major element in Nepra's direct-to-consumer and commercial that is meat alternatives, and it will be used in product development in the future.
• In July 2021, Manitoba Harvest Winnipeg, Canada has unveiled the hemp PRO 70 is the first water-soluble hemp protein concentrate from Hemp BlissTM, the hemp foods pioneer who introduced the first 50 percent Hemp Protein Powder and the first organic hemp milk. Hemp PRO 70 gives a boost of strong protein and other vital nutrients, and it integrates nicely into beverages, liquid-based foods, and recipes since it is water soluble, has a clean, non-gritty mouthfeel, and has virtually no flavour. This upgrades the position of Manitoba Harvest in the hemp protein and organic milk market.