The "Hemp Protein Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.

The Hemp Protein Market is forecast to grow at a CAGR of 15.58% from US $604.07 billion in 2022 to US$1,664.86 billion in 2029.

According to industry stakeholders, environmental concerns have increased consumer awareness and demand for hemp protein. It is a pure plant protein source that is 100 percent natural, vegan, and gluten-free. Therefore, consumer shifts towards vegan and vegetarian diets, along with rising gluten allergies, are some of the key factors driving the hemp-based protein market growth. Other factors, such as several health benefits and continuous innovative product launches by key and new market players, are also contributing to the market expansion of hemp protein.

The hemp protein market is divided into two segments based on source: organic and conventional. Organic hemp protein is cultivated using certified organic methods, ensuring it is free from synthetic pesticides, herbicides, and fertilizers. This option appeals to health-conscious consumers who prioritize organic and sustainable products, although it may come at a premium price compared to conventional hemp protein.

Conversely, conventional hemp protein is manufactured using traditional farming practices, which may involve the use of approved pesticides and herbicides. It is a more cost-effective choice for both manufacturers and consumers.

Market Drivers:

Growing vegan population

It is a pure plant protein source that is 100 percent natural, vegan, and gluten-free. Therefore, one of the primary factors driving the growth of hemp protein is the rising vegan and vegetarian population worldwide. A vegan diet has never been more popular now. It has been spurred by causes such as sustainability, health, animal cruelty, and the present climate change problem.

Hemp protein has several health advantages, resulting in its high consumer demand. Hemp protein powders are low-carbohydrate sources of plant-based protein, making them an excellent addition to a plant-based diet. It improves digestion and increases metabolism.

Unlike many animal protein sources, hemp protein has no cholesterol or saturated fats. Hemp protein includes all the essential amino acids required to rebuild muscle cells, control the neurological system, and regulate brain function. Hemp products are high in iron, magnesium, and manganese. These minerals aid in the efficient functioning of numerous body components and the prevention of illness and disease.

Market Restraint:

Complex laws and restrictions are restraints of the market

Complex laws and restrictions for hemp-based products use and a lack of processing facilities, planting equipment, and harvesting tools, along with a lack of knowledge, are obstructing the global hemp protein market growth during the analysis period.

Hemp protein market segmentation by application into functional food, functional beverage, dietary supplements, pharmaceuticals, personal care, and other

The hemp protein market is segmented by application into functional food, functional beverages, dietary supplements, pharmaceuticals, personal care, and other applications. In the functional food sector, hemp protein powder is widely incorporated into various products due to its nutritional profile and potential health benefits.

Similarly, in the functional beverage industry, hemp protein powder is increasingly utilized in protein shakes, smoothies, plant-based milk alternatives, and energy drinks. For those seeking plant-based protein supplements, hemp protein powder is a popular choice in the dietary supplements category.

In pharmaceuticals, it serves as nutritional support for patients recovering from illness or surgery and as muscle-building supplements for individuals with muscle-wasting conditions. Additionally, hemp protein hydrolysates may offer hydrating and conditioning benefits for skin and hair in personal care products.

Lastly, hemp protein finds applications in other areas, such as being a source of plant-based protein in pet food formulations.

North America is anticipated to hold a significant share of the global hemp protein market

North America region is anticipated to hold a significant market share in hemp protein. This region will witness high growth during the forecast period due to the growing vegan and vegetarian population. According to the data from Alliance Science, as of 2022, around 10 percent of Americans over the age of 18 identify themselves as vegan or vegetarian. In addition, the rising prevalence of gluten allergies is also propelling market demand during the forecast period, as hemp protein is gluten-free.

According to the CDC, nearly 6 percent of Americans are allergic to gluten. Twenty-three percent of United States consumers shop for gluten-free products. The rising production of hemp is also propelling market demand in this region. According to the United States Department of Agriculture, 54,152 acres were dedicated to open-air industrial hemp production for all purposes in the United States.

In all, 33,480 acres were harvested for all purposes. The total open market value of the hemp harvest in the United States was US$712 million. Canada, the United States, and Mexico are prime markets in the North American region.

Key Attributes:

Key Topics Covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter's Five Forces Analysis

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. HEMP PROTEIN MARKET BY SOURCE

5.1. Introduction

5.2. Organic

5.3. Conventional

6. HEMP PROTEIN MARKET BY APPLICATION

6.1. Introduction

6.2. Functional Food

6.3. Functional Beverage

6.4. Dietary Supplements

6.5. Pharmaceuticals

6.6. Personal Care

6.7. Others

7. HEMP PROTEIN MARKET BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.3. South America

7.4. Europe

7.5. Middle East and Africa

7.6. Asia Pacific

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisition, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

• 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.
• Green Source Organics

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