Hemp Protein Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2022 |
| CAGR | 15.90 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hemp Protein Market Analysis
The Global Hemp Protein Market is expected to register a CAGR of 15.9% during the forecast period.
Hemp proteins are easily digestible and are used as an active ingredient in shakes and smoothies. Health benefits of hemp proteins include anti-fatigue properties, enhancement of the immune system, and protective effects for the kidney. Growth of the hemp protein market is being propelled by improved economic conditions, coupled with an increase in household wealth, due to which consumers have shown a willingness to spend on food products that are rich in hemp proteins to maintain their health. Hemp has many special characteristics that make it stand out in the plant industry. Plant-based bakery consumption is on the consistent rise and is estimated to be growing year-on-year. The trend is considered to be a typical offshoot of all-natural and clean-label eating shifts observed among consumers. This on the other hand is paving the way for potential ingredients that have been untapped by the market. Hemp Protein is the nutritional powerhouse that is integrated with a unique fatty acid profile combined with high-quality, digestible edestin and albumin protein.
Hemp is naturally gluten-free, non-GMO, free of trypsin inhibitors, and virtually free of any form of residual chemicals. Hemp protein is highly nutritious and easily digested. The hemp protein in the powdered form witnesses high demand as compared to the liquid form due to its increased shelf life, convenience, and other associated factors. The emerging trend of veganism has also helped in boosting the revenue of the market. In addition, minimally processed and chemical-free consumption patterns have also opened up opportunities for the market. Moreover, growing research and an increase in the focus of the key players toward hemp seeds as a good source of proteins are driving the market’s growth. Furthermore, expanding the use of hemp seed protein in several industries may offer key opportunities for growth in the global market.
Hemp Protein Market Trends
Rising Preference for Plant-Based Protein
With more focus on the particular forms of protein consumed, consumer interest in increasing protein intake is rising. The need for protein as a food-nutritional component is drastically increasing due to increased population and well-being. The high-protein diet trend is taking off and will keep tickling people's appetites in the future years. The growth of the hemp protein sector is a glaring indicator of the shift in consumer demand from animal protein to plant protein. This propensity toward a plant-based diet has been developing over time and is generally attributed to several factors, including concerns about sustainability, health awareness, ethical or religious beliefs, and environmental and animal rights. Additionally, while having a high protein concentration, animal sources of protein can cause chronic diseases like diabetes, obesity, and cardiovascular disease if consumed in excess. 7.3% of Canadians claimed in 2021 that they had been diagnosed with diabetes by medical testing, according to StatCan.
Consumers are now more aware of how important protein is for maintaining an active lifestyle. Hemp protein is receiving more attention due to consumer demands for clear labeling, simple digestion, the need or desire to avoid allergens, compatibility with vegetarian and vegan diets, and concerns about sustainability. Additionally, consumers want complete transparency regarding the components that are responsible for these advantages. Although consumers anticipate concise ingredient lists with recognizable substances, the demand for clean-label products is still growing. The companies are launching new goods that may meet consumer needs in the market as a result of the growing preference for plant-based protein products, which will increase the industry's sales of hemp protein in the upcoming years.
Asia-Pacific is a Major Market for Hemp Protein
The hemp protein market has been growing across the region owing to various factors such as an inclination toward plant protein, increasing fitness trends, and other such reasons. Cannabis-derived hemp protein is a good source of plant-based protein. It is devoid of THC, the euphoric ingredient in marijuana. It is a very resilient plant that thrives in a range of temperatures and whose various parts can be utilized in a variety of ways. The awareness among consumers has been driving the demand for hemp protein products. Hence, many manufacturers have come forward with hemp protein product innovations in turn driving the demand for hemp protein ingredients across the region.
Furthermore, Hemp protein became legal in Australia in 2017. The Food Standards Australia New Zealand has approved to the sale of hemp protein in the country. Owing to its increased protein content and its applicability in various end-user segments, it is gaining market share in the country. These proteins help protect the heart, maintain lean body mass, and maintain brain function. These also contain all essential fatty acids. One of the most important benefits of hemp protein is that it can help lower one's risk of cardiovascular disease, cancer, high blood pressure, and high cholesterol. These beneficial factors have highly supported the market growth.
Hemp Protein Industry Overview
The global hemp protein market is concentrated in nature with top players owing significant market shares across the globe. The major strategies adopted by the players include expansions and acquisitions to establish their position in the market studied. Furthermore, different companies operating in the market have been partnering with various regional distributors to supply their products across their markets. Some prominent players in the market include A. Costantino & C. spa, Axiom Foods, Inc., Bioway (Xi'An) Organic Ingredients Co., Ltd, Tilray Brands, Inc., and ETChem. Furthermore, companies like Bioway (Xi'an) Organic Ingredients Co. Ltd. have been offering organic hemp protein ingredients to suit the growing demand for organic ingredients such offerings also aid in the growth of the market studied.
Hemp Protein Market Leaders
A. Costantino & C. spa
Axiom Foods, Inc.
Bioway (Xi'An) Organic Ingredients Co.,Ltd
Tilray Brands, Inc.
ETChem
*Disclaimer: Major Players sorted in no particular order
Hemp Protein Market News
- June 2022: Applied Food Sciences (AFS), a Texas-based company, introduced PurHP-75TM, a hemp seed protein component. The organic component derived from hemp hearts is 75% protein and provides all nine essential amino acids.
- April 2022: By combining hemp powder with green tea leaves and other greens, Manitoba Harvest, a wholly-owned subsidiary of Tilray, intends to introduce a new line of hemp products at Whole Foods Market. A distribution agreement combines matcha, a caffeinated powder made from green tea leaves, with other "on-trend plant-based ingredients" including crushed hemp protein.
- July 2021: Manitoba Harvest, a division of Tilray Brands Inc., announced a new research collaboration with Protein Industries Canada to advance innovation in hemp and pea protein. The partnership aims to create new hemp and pea varieties with boosted protein content, variable starch content, and enhanced texture.
Hemp Protein Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Source
5.1.1 Organic
5.1.2 Conventional
5.2 By Application
5.2.1 Functional Food
5.2.2 Functional Beverage
5.2.3 Dietary Supplements
5.2.4 Pharmaceuticals
5.2.5 Personal Care
5.2.6 Other Industrial Uses
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 Italy
5.3.2.4 France
5.3.2.5 Russia
5.3.2.6 Spain
5.3.2.7 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Australia
5.3.3.5 Rest of Asia Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East & Africa
6. Competitive Landscape
6.1 Strategies Adopted by Leading Players
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 A. Costantino & C. SpA
6.3.2 Axiom Foods, Inc.
6.3.3 Bioway (Xi'An) Organic Ingredients Co.,Ltd
6.3.4 Cooke Inc
6.3.5 ETChem
6.3.6 Green Source Organics
6.3.7 MB-Holding GmbH & Co. KG
6.3.8 Tilray Brands, Inc.
6.3.9 Foodcom SA
6.3.10 GFR Ingredients Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Hemp Protein Industry Segmentation
The cannabis plant produces hemp protein, which is extracted from hemp seeds. The two highly digestible globular kinds of proteins, 2S albumin, and edestin, make up the protein in hemp seeds; edestin is particularly enriched in important amino acids. The hemp protein market is segmented by source, application, and geography. By source, the market is segmented into organic and conventional. By application, the market is segmented into functional food, functional beverage, dietary supplements, pharmaceuticals, personal care, and other industrial uses. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| By Source | |
| Organic | |
| Conventional |
| By Application | |
| Functional Food | |
| Functional Beverage | |
| Dietary Supplements | |
| Pharmaceuticals | |
| Personal Care | |
| Other Industrial Uses |
| Geography | |||||||||
| |||||||||
| |||||||||
| |||||||||
| |||||||||
|
Hemp Protein Market Research FAQs
What is the current Hemp Protein Market size?
The Hemp Protein Market is projected to register a CAGR of 15.9% during the forecast period (2023-2028).
Who are the key players in Hemp Protein Market?
A. Costantino & C. spa, Axiom Foods, Inc., Bioway (Xi'An) Organic Ingredients Co.,Ltd, Tilray Brands, Inc. and ETChem are the major companies operating in the Hemp Protein Market.
Which is the fastest growing region in Hemp Protein Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Hemp Protein Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Hemp Protein Market.
Hemp Protein Industry Report
Statistics for the 2023 Hemp Protein market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hemp Protein analysis includes a market forecast outlook to for 2023 to 2028) and historical overview. Get a sample of this industry analysis as a free report PDF download.
