The global hempseeds market size is expected to rise at a CAGR of 11.1% and reach USD1,634.6 million by the end of 2027. This is owing to the increasingavailability of hemp-based products in most nations. A recent report by FortuneBusiness Insights titled, “Hemp Seeds Market Size, Share & COVID-19 ImpactAnalysis, By Form (Whole Hemp Seed, Hulled Hemp Seed, Hemp Seed Oil, and HempProtein Powder), Application (Food & Beverage, Personal Care Products,Industrial Products, and Others), and Regional Forecast, 2020 – 2027,” statesthat the value of this market was USD 710.7 million in the year 2019.
Objectives of theReport:
· A 360-degree overview of this market
· Factors driving, restricting, challenging, andcreating opportunities for the market
· List of key segments and names of the leadingsegments
· Marketing strategies adopted by players to gaincompetitive edge in the market
Drivers &Restraints:
Increasing Number ofHealth Conscious Consumers to Augment Growth
Hemp seeds are derived from the hemp plant, a differentvariety of the cannabis or marijuana family. They are highly nutritious andrich in minerals, healthy fats, proteins, and others. The increasing awarenessabout the nutritional properties of these seeds are considered the key factorspromoting the global hemp seeds market growth. Besides this, they are also usedby patients suffering from chronic diseases for its medicinal properties,thereby accounting to its growth.
On the flipside, most of the nations do not approve the useof hemp seeds or products based on hemp and have imposed complex regulations onthe use of industrial hemp. This may hamper the growth rate in the comingyears. This, coupled with the current spread of the novel coronavirus is alsocausing major hindrance to the market in the coming years.
Despite this, the increasing demand from variousapplications such as personal care products, animal feed, food and beverage,and other industrial products are likely to create lucrative growthopportunities for the market in the coming years.
Regional Analysis:
Asia Pacific Held theLargest Share Owing to High Consumption by Developing Nations
Regionally, Asia Pacific earned USD 238.7 million in 2019and emerged dominant accounting to the increasing demand for personal careproducts and high demand from emerging nations such as India, Australia, China,and Japan. Furthermore, the legalization of industrial hemp for use in foodsupplements will also aid in expansion of the market in the coming years.
On the other side, the market in Europe is expected to riseat a CAGR of 12.01% and emerge as the fastest growing region. This isaccounting to the increasing consumption of these seeds in food products suchas cereals, bars, smoothies, yogurt, and others from nations such as the U.K.,Italy, Germany, and Netherlands.
CompetitiveLandscape:
Players Focusing onInnovative Product Launches to Gain Momentum
Most of the players functioning in the global hemp seedsmarket are engaging in research and development to produce innovative products.Manufacturers with a large base are also engaging in merger and acquisition,and joint ventures with smaller companies in order to maintain a strongfoothold in the market competition.
Browse DetailedResearch Insights with Table of Content:
https://www.fortunebusinessinsights.com/hemp-seeds-market-103478
