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, “HempSeeds Market Size, Share & COVID-19 Impact Analysis, By Form (Whole HempSeed, Hulled Hemp Seed, Hemp Seed Oil, and Hemp Protein Powder), Application(Food & Beverage, Personal Care Products, Industrial Products, and Others),and Regional Forecast, 2020 – 2027,” states that thevalue of this market was USD 710.7 million in the year 2019.
TheCOVID-19 pandemic has created a major dent on the world economy. Most of thebusinesses are temporarily shut owing to the imposition of lockdown by thegovernments of various nations. Other businesses operating within the fourwalls of their homes are barely able to manage meager revenue.
FortuneBusiness Insights is offering special reports describing the impact of COVID-19on various markets. These reports will help investors analyze the variousmarkets and accordingly prepare for future competition.
Drivers & Restraints:
Increasing Number of Health Conscious Consumers to Augment Growth
Hempseeds are derived from the hemp plant, a different variety of the cannabis ormarijuana family. They are highly nutritious and rich in minerals, healthyfats, proteins, and others. The increasing awareness about the nutritionalproperties of these seeds are considered the key factors promoting the globalhemp seeds market growth. Besides this, they are also used by patientssuffering from chronic diseases for its medicinal properties, therebyaccounting to its growth.
Onthe flipside, most of the nations do not approve the use of hemp seeds orproducts based on hemp and have imposed complex regulations on the use ofindustrial hemp. This may hamper the growth rate in the coming years. This,coupled with the current spread of the novel coronavirus is also causing majorhindrance to the market in the coming years.
Despitethis, the increasing demand from various applications such as personal careproducts, animal feed, food and beverage, and other industrial products arelikely to create lucrative growth opportunities for the market in the comingyears.
Segmentation:
Food & Beverage Segment Covered Major Shares Due to RichNutritional Properties
Amongall segments in application type, the food & beverage segment accounted forthe highest hemp seeds market share. In 2019, this segment earned 44.52% andemerged dominant on account of its high nutritional properties.
Regional Analysis:
Asia Pacific Held the Largest Share Owing to High Consumption byDeveloping Nations
Regionally,Asia Pacific earned USD 238.7 million in 2019 and emerged dominant accountingto the increasing demand for personal care products and high demand fromemerging nations such as India, Australia, China, and Japan. Furthermore, thelegalization of industrial hemp for use in food supplements will also aid inexpansion of the market in the coming years.
Onthe other side, the market in Europe is expected to rise at a CAGR of 12.01%and emerge as the fastest growing region. This is accounting to the increasingconsumption of these seeds in food products such as cereals, bars, smoothies,yogurt, and others from nations such as the U.K., Italy, Germany, andNetherlands.
Competitive Landscape:
Players Focusing on Innovative Product Launches to Gain Momentum
Mostof the players functioning in the global hemp seeds market are engaging inresearch and development to produce innovative products. Manufacturers with alarge base are also engaging in merger and acquisition, and joint ventures withsmaller companies in order to maintain a strong foothold in the marketcompetition.
Industry Developments:
February 2019 – Tilray Inc., a companybased in Canada signed a pact with Manitoba Harvest to allow the entry ofNanaimo, a company growing pot based in British Columbia into the market in theUnited States.
Browse Detailed Research Insights with Table of Content:
https://www.fortunebusinessinsights.com/hemp-seeds-market-103478
