Hemp Protein Market Is Expected to Grow at a Healthy CAGR
Knowledge Sourcing Intelligence releases the publication of a new analysis report on the market “Hemp Protein Market – which is projected from 2023 to 2028”.
The increasing demand for plant-based proteins is the key factor contributing to the global hemp protein market expansion. In addition, rising awareness regarding the benefits of hemp protein and its products is also positively contributing to the market prospects. Moreover, a shift towards vegan and vegetarian diets is anticipated to contribute to the global market growth during the analysis period.
However, the stringent regulatory landscape, negative public perception & stigma coupled with complex supply chain and sourcing issues are hindering the growth of the global hemp protein market during the analysis period. Additionally, potential applications in sports performance, gut health, disease prevention, and rising investment are likely to open new avenues for innovation and growth.
As per the report, the market for Hemp Protein Market is anticipated to rise at a steady pace.
Hemp protein is a type of plant-based protein derived from the seeds of cannabis sativa or hemp plants. It is a good alternative to animal-based proteins as it is a complete protein, which means it contains all nine essential amino acids. Hemp protein is also abundant in fiber, vitamins, and minerals. The rising prevalence of vegan and vegetarians have pushed the demand for plant-based products. Hemp protein is easily digestible and is free from common allergens such as dairy, soy, nuts, and gluten, making it an ideal choice among vegans and vegetarians. It is packed with protein, boasts an impressive nutritional profile, and is a rich source of fiber, essential fatty acids, vitamins, minerals, and antioxidants. This unique combination contributes to overall well-being and supports various aspects of health driving its demand even further.
The global market for hemp protein is analyzed by source, application, and geographical region.
On the basis of source, the market classification has been done into organic and conventional. Out of all these types, the organic segment is expected to hold a significant market share during the analysis period. Growing demand for natural, safe, and pesticide-free food products is driving the growth of this segment. Favorable government initiatives and policies to boost organic farming practices are also contributing to the segment’s growth.
Based on end-user, the market is analyzed into functional food, functional beverages, dietary supplements, pharmaceuticals, personal care, and others. The dietary supplement segment is expected to hold a significant market share among the abovementioned segments. Adding hemp protein to dietary supplements boosts protein content and other vitamins and minerals, including omega-3 fatty acids and cannabinoids.
Of all the geographical regions, North America is expected to hold a significant market share in the global hemp protein market. The demand in this region is expanding quickly because of the growing vegan population in countries such as the USA and Canada. The growing popularity and rising awareness of hemp protein products are key factors driving the regional market growth. In addition, the rising prevalence of gluten allergies and increasing industrial hemp production are other factors driving the regional hemp protein demand. The North American hemp protein market is also predicted to rise significantly due to the presence of prominent market players such as Manitoba Harvest, Nutiva, Hemp Yeah!, and Hemp Foods.
Asia Pacific hemp protein market growth is attributed to the rising disposable income, increasing awareness about the health benefits of hemp protein, and growing government support for the hemp industry.
The major players covered in the global hemp protein market are Hemp Oil Canada Inc, Navitas LLC, North American Hemp & Grain Co. Ltd, Aurora Cannabis (Hempco Food and Fiber Inc.), Fresh Hemp Foods Ltd. (Manitoba Harvest Hemp Foods), Naturally Splendid Enterprises Ltd., GFR Ingredients Ltd., and Green Source Organics.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/hemp-protein-market
This analytics report segments the hemp protein market on the following basis:
- By Source
- By Application
- Functional Food
- Functional Beverage
- Dietary Supplements
- Personal Care
- Other Industrial uses
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea