The Global Hemp Protein Market was valued at USD 576.5 Mn in 2020 and is expected to reach USD 1,494.8 Mn by 2027, growing at a CAGR of 12.9% during the forecast period.
Hemp Protein Market Definition
Hemp powder protein contains omega-3 and omega-6 heart-healthy fatty acids at a ratio of 3:1, which stimulates energy production, makes the immune system stronger and builds a cholesterol-fighting compound called phytosterols. Hemp protein is a rich source of amino acids that are essential to fulfil the protein need of the human body.
Hemp Protein Market Dynamics
The various concerns have surrounded animal-based proteins in recent years, including the carcinogenicity of red meat and antibiotic residues found in meat. Veganism's growing popularity has also aided the market's revenue growth. For instance, according to Vegan Society, Type 2 diabetes risk is reduced by 23% when you eat a plant-based diet. In January 2021, the United Nations estimated that 7.9 billion world’s population is vegans. Furthermore, vegans are thought to account for 8% of the world's population. In addition, the increased demand for healthy food products and new product developments are driving up the overall need for hemp protein. The hemp protein has a variety of applications in food, cosmetics, nutraceuticals, medicines, and the beverage industry, which has fuelled the growth of the global hemp protein market.
The Global Hemp Protein Market Segmentation:
By Grade Type
By Distribution Channel
Company Profiles and Competitive Intelligence
The key players operating in the hemp protein market are:
Based on form, powder segment holds the largest market share owing to its convenience for consumption and easy availability of powdered form hemp protein
Based on the form, the global hemp protein market has been segmented into seeds and powder. The powder segment is the highest growing segment over the forecast period due to its easy availability and it is easy to consume in the form protein. The demand for powdered form hemp protein has increasing because it contains the high fiber level that helps to widen its applications in different segment of food & beverage industry that includes juices, drinks, smoothies, and shakes. Powdered form of hemp protein is also applicable in the pharmaceuticals industries and cosmetics industries.
Based on applications, nutraceuticals segment is the largest growing segment during the forecast period due to increased adoption of nutraceuticals among the population for the weight/fat loss
Based on applications, the nutraceuticals segment holds the highest share of the global hemp protein market over the forecast period. Due to its high fiber content, the demand for hemp protein in nutraceuticals has increased significantly owing to growing health-conscious population is accelerating the usage of hemp protein over the forecast period. Nutraceutical makes balance diet and eliminate the toxins through fat loss are the boosting factors for the growth of the hemp protein market. However, the food & beverages segment shows fastest growth over the forecast period due to rising scope of application of hemp protein for shelf-stable grocery.
Based on distribution channel, supermarket segment holds the largest share in the hemp protein market over the forecast period due to increased preference of purchase and rising distribution of hemp proteins from the supermarket
Based on distribution channel, the global hemp protein industry is segmented into online store, supermarket, specialty stores, and independent groceries. The supermarkets are the highest growing segment over the forecast period owing to easy availability of hemp protein seeds and as well as powdered form hemp protein. The various discounts are offered in supermarket as compared to the other distribution channel for the hemp protein and more convenient to purchase from supermarket. These are the factors that are responsible for purchase of hemp proteins from the supermarket.
The report also provides an in-depth analysis of the global hemp protein market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Global Hemp Protein Market
The outbreak of COVID-19 pandemic has slowed the expansion of industry, causing widespread inconvenience for both consumers and sellers. Hemp protein markets and production units around the world have been shut down, effectively halting the product's production, sale, and promotion. People are taking additional protein supplements to boosts their immune systems as a result of the COVID-19 pandemic. For instance, as per the two-week survey conducted in 2020 by Glanbia plc., the percentage of population who eat protein bars to boost immunity and stay healthy has been raised from 21% to 23% in 2 weeks in March 2020 to track the impact of COVID-19 on consumer spending on food and nutrition products in the United States. After the Covid-19 outbreak, demand for ready-to-drink protein shakes increased which also projected to drive the hemp protein market.
The report also provides an in-depth analysis of key trends in global hemp protein market
|1||Increased demand for the high-quality plant-based safe protein among the population||Positive|
|2||Rising awareness about the use of skin care products that has essential amino acids and fibers content||Positive|
The report also provides an in-depth analysis of recent news developments and investments
The unique insights provided by this report also includes the following:
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