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Hemp Seed Market Outlook, Critical Insights, Trends Analysis, Key Players And Forecast To 2033
Hemp Seed Market Outlook
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According to The Business Research Company's, The hemp seed market size has grown rapidly in recent years. It will grow from $6.71 billion in 2023 to $7.48 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to growing demand for plant-based protein, increasing awareness of health benefits, rising use in cosmetics and personal care products, expansion of industrial applications, and rising popularity of organic and natural products.
The hemp seed market size is expected to see rapid growth in the next few years. It will grow to $11.67 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to rising consumer demand for sustainable food sources, increasing adoption in nutraceuticals and dietary supplements, expansion of hemp seed oil in skincare and cosmetics, regulatory changes supporting cultivation and production, and a growing trend toward vegan and vegetarian diets. Major trends in the forecast period include expansion of hemp seed applications in functional foods and beverages, technological innovations in hemp seed extraction and processing, development of new hemp seed-based snacks and protein bars, and development of hemp seed as a sustainable ingredient in food packaging.
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Market Drivers and Trends:
The rising demand for vegan and plant-based diets is expected to propel the growth of the hemp seed market going forward. Vegan and plant-based diets focus on consuming foods derived entirely from plants, excluding all animal products and by-products. The increasing demand for vegan and plant-based diets is driven by growing health consciousness and concerns about animal welfare and environmental sustainability. Hemp seeds are used in vegan and plant-based diets as a nutrient-dense source of protein, essential fatty acids, and vitamins. For instance, in January 2023, according to the report published by the Plant Based Foods Association, a US-based food and beverage organization, in 2022, the plant-based food sales achieved 6.6% sales growth, up from 5.9% in 2021, with a 10% rise in average retail prices. Therefore, the rising demand for vegan and plant-based diets will drive the growth of the hemp seed market.
Major companies operating in the hemp seed market are focusing on seed-infused ready-to-use variants, such as energy drinks, to expand their market presence with a unique blend of hemp formulations. Energy drinks infused with hemp seeds provide a natural source of protein, omega-3 fatty acids, and essential nutrients, offering enhanced energy and potential health benefits. For instance, in February 2022, PepsiCo Inc., a US-based food and beverage company, launched a new hemp seed-infused energy drink, Rockstar 'Unplugged,' in the US, following its success in Germany. The drink combines hemp seed oil with spearmint, lemon balm, and reduced caffeine (80 mg per 12-ounce can) to promote relaxation without inducing sleep. Unlike some hemp products, it does not contain CB*D. This new product aims to offer a more calming energy boost compared to traditional Rockstar drinks, which typically contain higher caffeine levels (160-300 mg).
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Nutiva Inc., Konoplex Group, Liaoning Qiaopai Biotech Co Ltd., Manitoba Harvest Fresh Hemp Foods Ltd., Ecofibre Limited, Navitas Organics, PharmaHemp, Z-Company BV, Canah International, GFR Ingredients Inc., North American Hemp & Grain Co, Dun Agro BV, Naturally Splendid Enterprises Ltd., Global Hemp Group Inc., Entoura Inc., HempLand USA, CB*D Living, The Hemp Mine, Cannabi*s Sativa Inc., Valley Bio Ltd., Green Source Organics
Hemp Seed Market 2024 Key Insights:
• The hemp seed market size is expected to see rapid growth in the next few years. It will grow to $11.67 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• Rising Demand For Vegan And Plant-Based Diets Fuels Growth In Hemp Seed Market
• Growing Focus On Hemp Seed Infusion In Ready-To-Drink Energy Beverages For Enhanced Mood And Health Benefits
• North America was the largest region in the hemp seed market in 2023
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