Hemp Protein Market Competitive Environment and Higher Growth Rate with Forecast to 2029
Hemp refers to a wide variety of the cannabis sativa plant and it is grown to optimize the use of fibers in the stalk of the plant or to maximize production of seed. In addition to its medical uses, hemp is also used in the production of a large number of products. It comes with a very high tensile strength, which makes it ideal for use in the making of thread, rope, and string. It is also used in the making of fiberglass like material, which is light yet strong and safe. Such multiple uses of hemp support growth of the global Hemp Protein market.
Source, application, and region are the three key parameters based on which the global hemp protein market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
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Global Hemp Protein Market: Notable Developments
The global hemp protein market has come across some major developments over the last few years. One of such developments that have played an important role in influencing the course of the market is mentioned below:
In February 2019, Canada-based cannabis and pharmaceutical firm, Tilray, Inc, acquired Manitoba Harvest, hemp food maker. The acquisition is likely to diversify and expand the product portfolio of Tilray into the category of natural food items. It will bring forth the knowledge and skill of Manitoba Harvest when working with cannabinoids in Tilray.
Some of the key players in the global hemp protein market comprise the below-mentioned:
North American Hemp & Grain Co. Ltd
Navitas LLC, Hemp Oil Canada Inc
Cosucra Groupe Warcoing SA
Aurora Cannabis (Hempco Food and Fiber Inc.)
CHII Naturally Pure Hemp
Global Fragrances Market: Key Trends
The following drivers, restraints, and opportunities characterize global hemp protein market over the assessment period, from 2019 to 2027.
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Demand to Ride on the Back of Burgeoning Demand from Food and Beverage Industry
The global hemp protein market is likely to observe notable growth in the times to come, thanks to its burgeoning demand from the food and beverage industry. This increased demand for hemp protein is ascribed to the rising consumer awareness about the benefits associated with the use of hemp-based products. Some of the hemp protein-based products are hemp seed oil, whole hemp seed, hemp protein powder, and hulled hemp seed.
Hemp protein finds use in an extensive range of industries such as personal care, nutraceuticals, pharmaceuticals, beverages, cosmetics, and food industries. The prominent players in the food and beverage sector are relentlessly targeting the recent trends in consumption of food items that come with hemp protein. These players are capitalizing on these trends to come up with products that would cater to the needs of both domestic and national players. The growing imports and exports of hemp products are foreseen to support expansion of the global hemp protein market.
Global Hemp Protein Market: Geographical Analysis
In the global hemp protein market, the US is one of the most promising regions and is expected to retain its lucrativeness throughout the tenure of analysis, from 2019 to 2027. With the introduction of the US Farm Bill in 2014, states were empowered with the ability to run hemp pilot programs. The permission of the federal government, however, is needed to conduct such programs. This bill is likely to work in favor of the hemp protein market in the region.
The global hemp protein market is segmented as:
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