Press release
Hemp Seed Market Set to Reach $13.02 Billion by 2029 with 11.7% Yearly Growth
Hemp Seed Market Size
The size of the hemp seed market has experienced rapid expansion in the recent past. It is projected to surge from $7.48 billion in 2024 to $8.38 billion in 2025, exemplifying a compound annual growth rate (CAGR) of 11.9%. The historical growth spurt can be credited to the escalating demand for protein derived from plants, amplified knowledge of health advantages, an increase in utilization in the sectors of cosmetics and personal care products, the growth of industrial applications and an upsurge in the popularity of organic and natural products.
The market size of hemp seed is projected to witness speedy expansion in the coming years, set to increase to $13.02 billion by 2029, with a compound annual growth rate (CAGR) of 11.7%. The surge during the prediction phase is ascribed to escalating consumer preference for sustainable food resources, surging incorporation in nutraceuticals and dietary supplements, snowballing hemp seed oil utilization in cosmetics and skincare, legislative transformations endorsing cultivation and production, and an increasing trend of plant-based diets. Key tendencies for the forecast period encompass widening the use of hemp seeds in functional foods and beverages, technological advancements in hemp seed processing and extraction, the creation of new snacks and protein bars featuring hemp seed, and the evolution of hemp seed as a renewable ingredient in food packaging.
What Are the Forces Behind the Rapid Growth of the Hemp Seed Market?
The surge in the popularity of vegan and plant-based diets is anticipated to boost the hemp seed market's growth. These diets emphasize the consumption of food strictly derived from plant sources, completely excluding any animal products and by-products. The trend towards vegan and plant-based diets arises from heightened health awareness, as well as concerns about animal welfare and preserving the environment. Hemp seeds have become a staple for these diets, being a nutrient-rich provider of protein, essential fatty acids, and vitamins. In a report released by the Plant Based Foods Association, a US-based food and beverage organization, in January 2023, it was noted that there was a sales growth of 6.6% in plant-based food in 2022, an increase from 5.9% in 2021, accompanied by a 10% increase in average retail prices. Hence, the escalating demand for vegan and plant-based diets is anticipated to be a key driver for the growth of the hemp seed market.
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Who Are the Dominant Companies Influencing Hemp Seed Market Trends?
Major companies operating in the hemp seed market are 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, cannabis* Sativa Inc., Valley Bio Ltd., Green Source Organics
How Is the Hemp Seed Market Evolving?
Leading firms involved in the hemp seed market are broadening their scope by focusing on hemp-infused prepared-to-consume options like energy drinks, thereby reinforcing their market footprint with distinct hemp blends. Such energy drinks enriched with hemp seeds serve as a natural source of protein, vital nutrients, and omega-3 fatty acids, facilitating improved energy and probable health benefits. For example, PepsiCo Inc., an American food and beverage corporation, rolled out a novel hemp seed-infused energy drink called Rockstar 'Unplugged' in the US in February 2022, subsequent to attaining triumph in Germany. This drink marries hemp seed oil with reduced caffeine (80 mg per 12-ounce can), spearmint, and lemon balm, providing relaxation without causing drowsiness. Unlike certain hemp-derived products, it lacks CB*D. This fresh offering strives to deliver a more soothing energy lift in comparison to the conventional Rockstar beverages, generally packed with higher amounts of caffeine (160-300 mg).
What Are the Different Segmentations in the Hemp Seed Market?
The hemp seedmarket covered in this report is segmented -
1) By Type: Whole Hemp Seed, Hulled Hemp Seed, Hemp Seed Oil, Hemp Protein Powder, Other Types
2) By Source: Conventional, Organic
3) By Packaging: Pouches, Jars, Tins, Other Packaging Types
4) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, Other Distribution Channels
5) By Application: Food And Beverages, Nutritional Supplements, Cosmetics, Pharmaceuticals, Textiles, Personal Care Products, Other Applications
Subsegments:
1) By Whole Hemp Seed: Organic Whole Hemp Seeds, Conventional Whole Hemp Seeds
2) By Hulled Hemp Seed: Organic Hulled Hemp Seeds, Conventional Hulled Hemp Seeds
3) By Hemp Seed Oil: Cold-Pressed Hemp Seed Oil, Refined Hemp Seed Oil, Unrefined Hemp Seed Oil
4) By Hemp Protein Powder: Organic Hemp Protein Powder, Conventional Hemp Protein Powder, Flavored Hemp Protein Powder
5) By Other Types: Hemp Seed Snacks, Hemp Seed Butter, Hemp Seed Flour
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Which Region Is at the Forefront of the Hemp Seed Market?
North America was the largest region in the hemp seed market in 2024. The regions covered in the hemp seed market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Hemp Seed Global Market Report?
- Market Size Analysis: Analyze the Hemp Seed Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Hemp Seed Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Hemp Seed Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Hemp Seed Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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