Hemp Protein Market Outlook
Hemp protein is one of the industrial by-products of hemp seeds and is very widely used in the production of various protein-enriched foods, and protein supplements. Hemp seeds approximately contain 35% protein, 10% carbohydrates and 45% of oil. Hemp plants can be cultivated very easily they do not require any other fertilizers, pesticides or herbicides apart from that they also absorb the atmospheric carbon dioxide. Hemp protein is the best substitute for meat and has 9 vital amino acids that make it a complete plant-protein source for those who follow a vegetarian or vegan diet. Hemp protein has the same amount of protein as compared to lamb or beef products. Hemp protein is being very widely used in various sectors like food, cosmetics, beverages, pharmaceuticals, nutraceuticals, and personal care industries. The major players of the food & beverage industries are constantly targeting the recent consumer trends in food consumption based on the hemp protein to develop them as prominent players in their domestic as well as international markets. The growing exports and imports of hemp are stimulating the growth of the hemp protein market. North America followed by Western Europe has very strong market demand for the hemp protein. Though the Asia-Pacific region has the fastest developing hemp protein market due to the rising demand for hemp protein from India, China, and other Asian countries. Prominent players in the hemp protein market are aiming at emerging countries for their business expansion.
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Rise in Protein Requirement among Vegetarians and Vegans has Resulted in Demand for Hemp Protein to Grow
Hemp protein is a one of the plant-based product, hence, vegetarians, as well as vegans are opting it for the protein alternatives for the proteins derived from meats, dairies such as casein and whey and eggs. The market demand for hemp protein is also driven by the lactose intolerant population as it is free from lactose or also by the consumers who are allergic to peanuts, soybeans, and other legumes. There are several applications of hemp protein in food, cosmetics, nutraceuticals, pharmaceuticals, and the beverage sector has directed to the development of the global hemp protein market. The demand for hemp protein is higher in the food & beverage industry due to its high fiber content. The hemp protein has also various health benefits due to which its demand is increasing in pharmaceutical industries. The cosmetic industries are also boosting the market for hemp protein because of the essential amino acid content as well as fibers that are the main ingredient for skin and hair products.
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Hemp Protein Market: Segmentation
The hemp protein market can be segmented based on nature, form, grade type, application, and distribution channel.
Based on nature, the hemp protein market can be segmented as –
- Organic
- Conventional
Based on form, the global hemp protein market can be segmented as-
- Powder
- Paste
Based on grade type, the hemp protein market can be segmented as –
- Food Grade
- Pharmaceutical Grade
- Industrial Grade
Based on application, the global hemp protein market can be segmented as –
- Baking
- Confectionary
- Infant Food
- Alcoholic
- Non-Alcoholic
Based on the distribution channel, the global hemp protein market has been segmented as-
- Convenience Stores
- Online Stores
- Hypermarket/ Supermarket
- Specialty Stores
- Independent Groceries
Hemp Protein Market: Regional Analysis
The hemp protein has a higher consumer base in North America and Europe. This due to the increasing vegan population as well as high protein alternative demand. Apart from that the Asia Pacific region has the growing market for hemp protein and is anticipated to grow in the forecasted period. Hence, the manufacturers should focus on developing countries like India, and China among other countries to increase their regional footprint in the global hemp protein market.
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Hemp Protein Market: Key Participants
Key players in the global hemp protein market are:
- Hemp Oil Canada
- Navitas Organics
- Hempco Canada Superfoods Inc.
- North American Hemp & Grain Co
- Chii Hemp Industries Inc
- Manitoba Harvest Hemp Foods
- Z-Company BV
- Bioriginal Food & Science Corp
- Green Source Organic
- GFR Ingredients Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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