Hemp protein refers to the industrial by product of hemp seeds. Hemp seeds have a composition of approximately 45 percent oil, 35 percent protein and 10 percent carbohydrates. Hemp seed is very eco- friendly, as it can be grown without using herbicides, fungicides, and pesticides. Also, it can efficiently absorbs carbon dioxide. Hemp protein is a rich source of all essential amino acids that are necessary to meet the protein needs of humans. Hemp protein cannot be considered as a pure protein supplement owing to its composition of 10% fatty acids and higher fiber content. Owing to the higher fiber content, hemp proteins lowers the risk for constipation, heart disease, type-2 diabetes, and diverticular disease. Hemp proteins are easily digestible, and are used as an active ingredient in shakes and smoothies. Health benefits of hemp proteins includes anti-fatigue properties, enhances immune system, and have kidney protective effects. The growth of hemp protein market is propelled by improved economic conditions coupled with increase in household wealth, due to which consumers have shown willingness to spend on food products that are rich in hemp proteins so as to maintain their health.
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Market Dynamics of Hemp Protein:
Owing to the high nutritional benefits of hemp protein, the market is expected to witness modest growth in coming years. The growth of hemp protein market is driven by increasing demand of hempseed oil, growing health consciousness among consumers, rising demand for nutritional food products, new product developments, and improved supply chain to ensure the product availability. Hemp protein market is characterized by the stringent regulations laid by various regulatory bodies that govern and inspect the food products and issues guidelines for food processing.
Market Segmentation of Hemp Protein:
Hemp protein market is segmented on the basis of form, application and geography. Based upon form, hemp protein market is segmented into powdered form, and liquid form. Hemp protein in the powdered form is expected to witness high demand over the forecast period. Based upon application, hemp protein market is segmented into pharmaceutical, food & beverages, cosmetics, industrial, and others. Food & beverages is expected to be the largest application segment in global hemp protein market. High demand of hemp protein in food & beverages segment can be attributed to its high fiber content. Rise in the health concerns among consumers escalates the demand of hemp protein over the forecast period. Pharmaceutical application segment is poised to witness fastest growth in the global hemp protein market owing to the increased application scope in ailment of various cognitive diseases, diabetes, and health diseases. Owing to the combination of essential fatty acids and fiber, it is used in cosmetic products to maintain healthy skin and hair.
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Regional Outlook of Hemp Protein:
Based on geography, hemp protein market is segmented into seven different regions namely North America, Middle East and Africa, Latin America, Asia-Pacific, Western Europe, Eastern Europe, and Japan. North America is expected to lead the regional market for hemp proteins during the reviewed period. The high market share can be attributed to the strong demand from U.S. Western Europe is expected to hold second largest market share in global hemp protein market over the forecast period while Asia Pacific is projected to be the fastest growing region in the global hemp protein market owing to the increased demand from China and India. Leading manufacturers in the hemp protein market focus to leverage opportunities posed by emerging economies like India and China to expand their revenue base.
Key Market Players in Hemp Protein:
Some of the key players in the hemp protein market include Navitas Naturals, Hemp Oil Canada, North American Hemp & Grain Co., Hempco, Manitoba Harvest Hemp Foods, Cosucra Groupe Warcoing SA, CHII Naturally Pure Hemp, GFR Ingredients Inc., and Green Source Organics among others.