Dublin, May 27, 2024 (GLOBE NEWSWIRE) -- The "Hemp Protein Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The Hemp Protein Market is poised for unprecedented growth with a robust CAGR of 15.58%, growing from US$604.07 billion in 2022 to a projected US$1,664.86 billion by the year 2029.
As a substantial source of plant-based protein, hemp protein is increasingly sought after in various industries. This comprehensive market growth is attributable to heightened consumer awareness about health and sustainability, alongside evolving dietary preferences and innovative product developments.
Market Drivers Propelling Growth:
The augmenting vegan demographic and the escalating number of individuals with gluten sensitivities are two pivotal drivers stimulating the market. Hemp protein, recognized for its pure plant-based, vegan, and gluten-free nature, has become an integral part of these dietary lifestyles.
Moreover, the multitude of health benefits it offers, including a full amino acid profile and the absence of cholesterol or saturated fats, amplifies its appeal. Additionally, the nutritional value of hemp protein, which aids in digestion and metabolism and is rich in essential minerals like iron, magnesium, and manganese, is expected to continue propelling consumer demand.
Confronted by Regulatory Landscapes:
Despite the promising outlook, the market must navigate the complexities of legal restrictions and the dearth of hemp processing facilities and equipment. This set of challenges, along with a knowledge gap, could potentially hinder market expansion over the assessment period.
Diverse Market Applications:
The versatility of hemp protein allows it to permeate through multiple market segments from functional foods and beverages to dietary supplements, pharmaceuticals, and personal care products. It also finds utilization in novel applications such as pet food formulations, demonstrating the wide-ranging utility of this sustainable protein source.
North America Leading the Charge:
The North American region emerges as a considerable contributor to the global hemp protein market. Factors including a soaring vegan population, an increased incidence of gluten allergies, and robust hemp production underpin the region’s dominant stance. Innovation and product availability have significantly influenced market growth within key countries such as the United States, Canada, and Mexico.
Significant Market Developments:
The market has seen noteworthy advancements such as the launch of hemp-based products, like the vegan Hemp Milk Concentrate by JOI and GYM WEEDTM's hemp-infused energy drinks. Applied Food Sciences (AFS) has also introduced a new organic hemp seed protein that caters to the rising demand for plant-derived foods.
The hemp protein market's segmentation reveals diverse avenues for usage and geography, indicating a global recognition and integration of hemp protein across varied sectors. With such a promising trajectory, the hemp protein market is continuing to make a significant impact on the health and wellness landscape.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 147 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $604.07 Billion |
| Forecasted Market Value (USD) by 2029 | $1664.86 Billion |
| Compound Annual Growth Rate | 15.5% |
| Regions Covered | Global |
Companies Featured
- 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
Market Segmentation:
By Source
- Organic
- Conventional
By Application
- Functional Food
- Functional Beverage
- Dietary Supplements
- Pharmaceuticals
- Personal Care
- Others
For more information about this report visit https://www.researchandmarkets.com/r/59zadr
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