Hemp protein is the industrial byproduct of hemp seeds. Hemp seeds are composed of 35 percent protein, 10 percent carbohydrates, and 45 percent oil. At the same time, hemp seeds are grown without any pesticides, fungicides, and herbicides, which make them eco-friendly. Hemp protein is a rich source of amino acids that are essential to fulfill the protein need of the human body. Hemp protein also lowers the risk of diabetes, heart diseases, diverticular disease, and constipation.
The global hemp protein market was valued at approximately US$ 518 million in the year 2018 and is expected reach US$ 1310.3 million by the year 2026, growing at a CAGR of approximately 12.3%. In terms of volume the market was valued at 13 KT in the year 2018 and is expected to reach 35.8 KT by the year 2026, growing at a CAGR of approximately 13.5%. Increase in health concerns such as obesity coupled with rising application of hemp protein in food & beverage products is driving the growth of hemp protein market in the forecast period. However, allergies caused due to excess use of hemp proteins and availability of substitutes: soy protein and whey proteins is restraining the growth for the market. Furthermore, increase in use of hemp proteins by health food manufacturers is generating opportunity to the market during the forecast period.
Hemp protein may help to decrease the cholesterol level. A high cholesterol level is an indicator of cardiovascular disorders. Hydrolyzed hemp protein contains small chains of amino acids which act as antioxidants. These antioxidants may protect cell membranes and blood vessels from free radicals that are responsible for causing cardiovascular diseases. An increase in economic condition and rising disposable income are some of the major factors that are driving the growth of the hemp protein market. At the same time, various health food manufacturers consider hemp protein as the future of the nutritive market, which will further create opportunities for the market in the coming years.
Global hemp protein market is segmented on the basis of form. Hemp proteins are sold in powdered and liquid form. Among these, powdered protein accounted for the largest share. It accounted for 73% of market share in 2018 and will register double digit CAGR during the forecast period to help industry players generate high profits. Liquid form is moderately gaining market space and are priced higher compared to powdered form.
On the basis of application, global hemp proteins market is segmented into pharmaceuticals, cosmetics, personal care products and food and beverage. Among these, around 55% of sales was from food and beverage sector. Consumption of hemp protein is increasing with more and more consumers shifting towards healthy lifestyle. This has greatly boosted the overall sales in the segment. Its application in pharmaceuticals is also increasing. It has been found to be effective when it comes to chronic diseases such as diabetes, heart diseases etc.
Regionally, North America will lead the global hemp proteins market throughout the forecast period. North America accounted for 38% share in 2018, with most of the sales generating from U.S. Consumers in North America spends relatively higher on food and beverage compared to rest of the world. Daily consumption will further increase with rise in population. While North America was the market leader globally in2018, Asia Pacific will register fastest growth during the forecast period. Various small and midsize companies are active in china and supply products locally. In addition, China and India are prospective countries for hemp protein suppliers.
Global hemp protein market key players are Green Source Organics, Hemp Oil Canada, Navitas Naturals, Hempco, Manitoba Harvest Hemp Foods, North American Hemp & Grain Co., CHII Naturally Pure Hemp, GFR Ingredients Inc., Cosucra Groupe Warcoing SA.
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