Press release
Hemp Seed Market to Generate $11,729.3 Million and Exhibit a CAGR of 8.9% During the Forecast Period from 2023 to 2032
Hemp Seed Market
According to a report published by Research Dive, the global hemp seed market generated $5,123.3 million in 2022, and is anticipated to generate $11,729.3 million by 2032. The market is predicted to grow at a CAGR of 8.9% during the forecast period from 2023 to 2032.
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Market Dynamics
The increasing demand for hemp-based supplements and personal care products, coupled with rising consumer awareness of the nutritional benefits of hemp seeds are driving the growth of the hemp seed market. However, rising production costs and the implementation of stringent regulations are expected to restrain market growth during the forecast period. On the other hand, the increasing consumer demand for environmentally friendly products and the development of novel applications for industrial hemp are expected to unlock rewarding growth opportunities in the global market during the forecast period.
COVID-19 Impact on the Market
The COVID-19 pandemic significantly impacted the global hemp seed market. The pandemic disrupted global supply chains, leading to challenges in production, distribution, and trade, initially hindering market growth. However, the pandemic increased awareness of the nutritional benefits and potential health advantages of hemp seed products, driving increasing demand amidst the crisis. As the world gradually recovered from the pandemic, the market showcased resilience, maintaining high demand for its products, consequently fueling market expansion.
Segments of the Market
The research report segments the global hemp seed market into source, form, application, and region.
By source, the conventional sub-segment dominated the global hemp seed market share in 2022 and is expected to hold a major market share by 2032. This growth is mainly due to its ability to produce more on less land, improving crop health and yield. Additionally, conventional hemp cultivation entails fewer regulatory requirements and inspections compared to organic methods, making it a cost-effective option for both producers and consumers, further fueling its growth trajectory.
By form, thewhole hemp seed sub-segment held the largest market share in 2022 and is expected to witness significant growth during the forecast period. The exceptional nutritional profile and versatility of hemp seeds, coupled with the rising consumer demand for plant-based, nutrient-rich food options, firmly establish them as a top choice among health-conscious consumers, thus driving market growth.
By application, the food & beverages sub-segment dominated the market share in 2022 and is expected to continue its dominance during the forecast period. The growth is primarily attributed to the diverse applications of hemp seeds in snacks, flour, and dairy alternatives, aligning with the expanding trend towards plant-based diets. This surge in demand reflects consumers' increasing preference for healthy and sustainable food options, driving significant demand for hemp seeds.
By region, the North America hemp seed market dominated in 2022 and is expected to observe significant growth during the forecast period. This is mainly due to favorable regulatory environment, increasing consumer awareness of hemp seed products, and a rising demand for health-conscious and sustainable alternatives, positioning the region as a key contributor to the expanding regional market.
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Leading Market Players
The key players of the hemp seed market are MH medical hemp, Manitoba Harvest Hemp Foods, Naturally Splendid Enterprises Ltd., NAVITAS ORGANICS, Hush Brands Inc., Plains Industrial Hemp Processing Ltd, Green Source MKT, GenCanna Global USA, Inc., HempFlax Group B.V., and Ecofibre.
These players are adopting different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Mr. Abhishek Paliwal
Research Dive
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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