Selbyville, Delaware, Dec. 11, 2024 (GLOBE NEWSWIRE) --
The hemp protein powder market valuation is predicted to exceed USD 530 million by 2032, reported in a research analysis by Global Market Insights Inc.
This growth is largely fueled by the increasing demand for plant-based protein options among health-conscious consumers, including vegans and vegetarians. Known for its impressive nutritional profile, hemp protein powder is packed with essential amino acids, fiber, and omega fatty acids, making it a popular choice for individuals focused on fitness, muscle development, weight management, and overall health. Additionally, hemp protein’s appeal is enhanced by its eco-friendly nature, as it has a much lower environmental footprint compared to traditional animal-based proteins, aligning with the rising consumer shift towards sustainability.
The applications of hemp protein powder market are expanding rapidly, moving beyond health supplements to become a versatile ingredient in smoothies, baked goods, functional foods, and even personal care products. This versatility drives its adoption across a wide range of consumer segments globally as more people become aware of hemp protein’s health benefits and sustainability.
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The hemp protein powder market from the conventional hemp protein powder segment, valued at USD 108.2 million in 2023, is anticipated to grow at a CAGR of 14% from 2024 to 2032. This segment dominates due to established farming practices, greater availability, and widespread consumer recognition. Conventional hemp protein is highly sought-after for its affordability, consistent quality, and nutritional benefits, especially among those looking for nutritious plant-based alternatives. Its incorporation into foods like smoothies and protein bars has made it a staple for fitness enthusiasts and those prioritizing a healthier lifestyle.
The dietary supplements segment reached USD 58.1 million in 2023 and is projected to expand at a 13.9% CAGR. Hemp protein’s well-regarded nutritional value, especially for those on vegan or vegetarian diets, has solidified its role in the conventional supplements market. Growing awareness around the health benefits of hemp protein, coupled with its adaptability in various applications, contributes to its strong demand.
The offline retail segment, valued at USD 91.6 million in 2023, is also set to grow at a 14% CAGR. Physical retail remains the preferred channel due to the personalized shopping experience it offers, allowing consumers to assess quality firsthand and seek expert advice. In-store promotions, sampling, and trusted brand selections further boost consumer confidence and foster brand loyalty.
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In North America, the U.S. hemp protein powder market holds a prominent position, valued at USD 39.2 million in 2023 and expected to grow at a 14% CAGR. The country’s advanced agricultural infrastructure and rising consumer awareness of plant-based nutrition drive the growth of hemp protein powder, solidifying the U.S. as a leader in the industry.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry synopsis, 2021-2032
Chapter 3 Hemp Protein Powder Market Insights
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Rising consumer preference for plant-based protein sources
3.6.1.2 Increased awareness of hemp’s nutritional benefits, including high fiber and amino acid content
3.6.1.3 Growth in health-conscious consumer segments globally
3.6.1.4 Expansion of vegan and vegetarian diets
3.6.2 Industry pitfalls & challenges
3.6.2.1 Regulatory restrictions on hemp in various regions
3.6.2.2 High production costs relative to other plant-based proteins
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
