The global hemp protein market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the growing health consciousness among consumers and increasing demand of nutritional food products across the globe.
Hemp protein is one of the by-products of hemp seeds came from the Cannabis sativa or hemp plant. It is naturally gluten free protein as well as free from trypsin inhibitors and chemical residues, but is not a genetically modified plant. Hemp seed does not contain any amount of THC, a psychoactive compound as well as it nourishes the body in a proper way and is easily digestible. Therefore, it is widely used in the making of different protein supplements and protein-improved nourishments in the form of powder and paste. Hemp seeds contain around 45% oil, 35% protein, and 10% sugar. Hemp protein effectively replaces the meat and has nine essential amino acids that make it a total plant-protein. Consumption of hemp protein offers a several benefits to the consumer as it is rich in amino acid arginine, which has benefit for heart health. Since it is great source of essential fatty acid Omega-3, hemp protein has some amount of antioxidants, which protects the brain cells from damaging. It is a natural source of many minerals, vitamins, and fibers.
The COVID-19 pandemic outbreak had negatively impacted the global hemp protein market. During the pandemic, emergency lockdown imposed by government body had forced to temporary shutdown of manufacturing plant as part of policies to curb the virus spread. As a result, the supply chain of packaging had been completely disrupted and demand from buyers and sellers declined across the globe. Additionally, the pandemic had adversely impacted the overall trade business of hemp seeds. The market is expected to recover soon due to subsiding COVID cases.
Market Trends, Drivers, Restraints, and Opportunities
- Rising awareness among consumers about health benefits of the hemp protein across the globe is one of the key factors driving the market.
- Surging demand for hemp protein from vegetarian and vegan consumers is projected to boost the market during the forecast period.
- Less awareness among consumers about nutritional benefits of hemp protein especially in developing countries act as major challenges that can restrict the market growth in the coming years.
- Stringent government policies in developed economies regarding the use of hemp protein and other nutrients in food products is expected to hamper the market growth during the projected timeline.
- Growing demand of hemp-based products, such as hemp seed oil is anticipated to create significant growth opportunities for the market.
Scope of the Report
The report on the global hemp protein market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Hemp Protein Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Sources (Conventional and Organic) and Applications (Personal Care, Dietary Supplements, Functional Food, Pharmaceuticals, Functional Beverages, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Aurora Cannabis (Hempco Food and Fiber Inc.); Hemp Oil Canada Inc.; North American Hemp & Grain Co. Ltd.; and Navitas LLC
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Market Segment Insights
Organic segment to grow at rapid pace
Based on sources, the global hemp protein market is bifurcated into conventional and organic. The organic segment is expected to grow at a rapid pace during the forecast period due to the growing inclination of consumers towards the minimally processed and chemical free hemp-based products. However, the conventional segment is projected to expand at a substantial growth rate in the coming years attributed to the increasing use of the conventional hemp as superfood as it is rich in insoluble fibers and vitamins.
Growing consumption of hemp protein drives the functional beverages segment
On the basis of applications, the market is segmented into personal care, dietary supplements, functional food, pharmaceuticals, functional beverages, and others. The functional beverages segment is anticipated to expand at robust growth rate during the forecast period owing to the growing consumption of hemp protein by the consumers on beverages such as smoothies and breakfast toppings. On the other hand, the supplements segment is anticipated to expand at a substantial CAGR during the forecast period owing to the high adoption of hemp protein as a supplement instead of animal-based protein.
North America to constitute a key market share
In terms of geography, the global hemp protein market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period attributed to the increasing consumer awareness about health benefits of hemp protein. Moreover, supportive government initiative, such as US Farm Bill that allowed states to conduct hemp pilot programs presents another key factor for boosting the regional market. However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the changing lifestyle of consumer, rapidly increasing consumer base for hemp protein, especially younger generation, and changing consumers’ preference towards plant-based protein over dairy protein in the region.
Segments
The global hemp protein market has been segmented on the basis of
Sources
Applications
- Personal Care
- Dietary Supplements
- Functional Food
- Pharmaceuticals
- Functional Beverages
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global hemp protein market are Aurora Cannabis (Hempco Food and Fiber Inc.); Hemp Oil Canada Inc.; North American Hemp & Grain Co. Ltd.; and Navitas LLC. Companies are focusing on the manufacturing of more hemp-based products to maintain their competitive position in the market. Companies have been widely engaged in collaborations, strategic partnership, new product launch, and merger & acquisition to boost their market share and acquire new buyers.
For instance, in August 2019, Aurora Cannabis, a Canada-based licensed cannabis cultivator announced the acquisition of all remaining and issued common shares of Hempco Food and Fiber Inc. as a part of the previously announced plan of arrangement. As a part of their agreement, Hempco agreed to provide Aurora with high-volume and low-cost raw hemp material for the extraction of primarily cannabidiol. In July 2019, Aurora Cannabis announced that it entered into a partnership with UFC, the world's premier mixed martial arts organization for the joint clinical research program. The announced research program aimed at focusing on the use of hemp-based cannabidiol, as an effective treatment for recovery, pain, wound-healing, and inflammation on mixed martial arts athletes.
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