Hemp protein is the industrial by-product of hemp seeds and extensively used in the production of different types of protein supplements and protein-enriched foods. Hemp seeds contain approximately 30% fat and considered a great protein source. In addition, they are rich in omega 3 and omega 6 essential fatty acids that strengthen the immune system and promote energy production in the body. All these factors are expected to increase the market attractiveness of hemp-based protein across the world during the forecast period.
Driving and Restraining Factors
An increase in awareness about the health benefits related to hemp protein is accelerating the global hemp protein market across the world
Moreover, the high rate of obesity among children and adolescents is fueling the demand for whey protein
Hemp is being widely recognized as a superfood with its high content of protein, vitamins, minerals, fiber, and fatty acids. This is expected to increase the demand for hemp protein across the world.
The inclination of youth toward natural and organic products is expected to increase the demand for hemp protein across the world
Several countries are facing restrictions on the import and export of hemp seeds and products. This factor is likely to hamper market growth during the forecast period.
The evolution of e-Commerce has created huge opportunities for producers and distributors in the industry
Companies operating in the hemp protein are focusing on increasing their geographic presence using strategic acquisitions and collaborations with leading players in their respective domains and geographies
The global hemp protein market can be segmented based on product type, form, flavor, end-user, distribution channel, and region
Based on product type, hemp protein has been bifurcated conventional and organic
In terms of form, the market has been segmented into powder, capsule, bar, liquid, and others
Based on flavor, the market has been classified into flavored and unflavored. The flavored segment is further segmented into chocolate, strawberry, mango, vanilla, peanut butter, and others.
Based on end-user, the hemp protein market has been segregated into individual and commercial
In terms of distribution channels, the market has been divided into online and offline. The online distribution channel is segmented into company-owned websites and e-Commerce retailers. The offline distribution channel is further segmented into hypermarkets/supermarkets, pharmaceutical stores, departmental stores, and others.
The global hemp protein market can be divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., Germany, France, Italy, and Rest of Europe), Asia Pacific (Japan, India, China, and Rest of Asia Pacific), Middle East & Africa (GCC Countries, South Africa, and Rest of the Middle East & Africa), and South America (Brazil and Rest of South America)
North America is the largest market for hemp-based products in the world, followed by Europe and the Asia Pacific
The North American region, especially the U.S., has an established market for hemp-based products, and many companies offer hemp protein. The U.S. market witnesses maximum penetration of hemp protein as compared to other countries. This is due to increased health consciousness and high obesity rate across the U.S.
Key players operating in the global whey protein market include Plix, Nutiva Inc., Manitoba Harvest Hemp Foods, Nature's Way Products, LLC., Jarrow Formulas, Inc., Sunwarrior, Onnit Labs, Inc., MRM Nutrition, Elixinol global ltd, KANNAWAY LLC., Isodiol International Inc., HempMeds, and others
These market players are focused on business strategies such as mergers & acquisitions and geographical expansion. Furthermore, market players are engaging in product development and enhancement to have a competitive advantage over others.
By Product Type
By Distribution Channel