Industry Background:
Hemp protein consists a whole pack of antioxidants, fiber, minerals and others healthy unsaturated fats, and regarded as a good choice to be used in vegetarian foods, bakery and confectionery. There are numerous benefits that it offers which include lowering the risk of constipation, heart diseases, and diverticular diseases. Additionally, these proteins are easily digestible and considered to be safe if taken as prescribed. Rise in demand for plant based protein is the major factors supplementing its growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Hemp Oil Canada (Canada), Navitas Naturals (United States), North American Hemp & Grain (Canada), Hempco Inc. (Canada), Manitoba Harvest Hemp Foods (Canada), CHII Naturally Pure Hemp (Canada) and GFR Ingredients Inc (Canada) |
According to AMA, the market for Hemp Protein is expected to register a CAGR of 4.8% during the forecast period to 2030. This growth is primarily driven by Growing Awareness About Benefits of Hemp Protein Among Consumers and Increasing Demand for Plant Based Protein.
Globally, a noticeable market trend is evident Rise in Demand of Hemp Protein Powder as Compared to Help Liquid
The Food Products sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Hemp Oil Canada (Canada), Navitas Naturals (United States), North American Hemp & Grain (Canada), Hempco Inc. (Canada), Manitoba Harvest Hemp Foods (Canada), CHII Naturally Pure Hemp (Canada) and GFR Ingredients Inc (Canada), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Developments in the Market:
On January 17, 2023, Manitoba Harvest, a prominent hemp food manufacturer, launched its new Hemp YEAH! protein powder line, featuring various flavors and protein blends. This launch caters to the increasing consumer interest in plant-based protein options.
On June 14, 2023, Navitas Naturals, a leading organic superfood company, introduced its new line of hemp protein bars made with sprouted brown rice and organic ingredients. This product caters to the growing demand for convenient and healthy snacks incorporating hemp protein.
Regulatory Insights:
FDA completed three generally recognized as safe (GRAS) notices for hemp seed-derived food ingredients: hulled hemp seed, hemp seed protein powder, and hemp seed oil. The body has no questions regarding the safe use of these ingredients in humans.
Influencing Trend:
Rise in Demand of Hemp Protein Powder as Compared to Help Liquid and Increasing Demand for Non-Genetically Modified Organism (GMO) Hemp Protein
Market Growth Drivers:
Growing Awareness About Benefits of Hemp Protein Among Consumers and Increasing Demand for Plant Based Protein
Challenges:
Side-effect Associated with Over consumption of Hemp Protein and Unsuitable for Consumers with Allergic and Others Diseases
Restraints:
Stringent Regulatory Guidelines Regarding Its Use in Various Food Products and High Cost Associated with Procurement of Hemp Protein
Opportunities:
New Hemp Protein Based Products Development
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Hemp Protein Market
- Analysis about New Entrants in Hemp Protein Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Hemp Protein Study Sheds Light on
The Hemp Protein Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Hemp Protein industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Hemp Protein industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.