Hemp Protein Market - Forecasts from 2024 to 2029

Hemp Protein Market - Forecasts from 2024 to 2029

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

Hemp protein is a protein extracted from hemp seeds, which are obtained from the cannabis plant. It lacks THC, the psychoactive ingredient present in marijuana. It's a very sustainable plant that can thrive in several climates, and its many components can be utilized in various ways. Its flavor is nutty and earthy, and it can be used in smoothies, shakes, pancake batter, brownies, or cupcakes.

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.Click here

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.

Market Developments:

April 2023- JOI, a plant milk firm in the United States, announced the launch of Hemp Milk Concentrate, the company's first vegan milk concentrate made from organic hemp hearts. The Hemp Milk Concentrate, available only in family-size 8-pound pails, can be used for cooking or combined with water to make instant hemp milk.
June 2022- GYM WEEDTM, a hemp-infused energy drink, debuted in the United States with three distinct flavors: Pear Pineapple, Stone Fruit, and Tropical Berry. GYM WEED gives you balanced energy without the nervous, agitated sensation you get with energy drinks. It contains Lion's Mane and L-Theanine for an alert and concentrated feeling, as well as B vitamins and electrolytes, and has zero sugar and just 10 calories per can.
June 2022- Applied Food Sciences (AFS) of Texas introduced PurHP-75TM, a hemp seed protein ingredient. The organic ingredient is made from hemp hearts and includes 75% protein, containing all nine necessary amino acids. PurHP-75TM is stated to be appropriate for use in meat substitutes, giving a juicy, firm, and authentic feel. The protein may also be found in plant-based and keto-friendly baked goods and non-dairy alternatives.

Market Segmentation:

By Source
Organic
Conventional
By Application
Functional Food
Functional Beverage
Dietary Supplements
Pharmaceuticals
Personal Care
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
UK
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Indonesia
Thailand
Others