Hemp protein provides the same amount of protein as mutton or beef products. Hemp plants are easy to cultivate; they do not require additional pesticides, fertilizers, or herbicides, and they absorb atmospheric carbon dioxide. Hemp protein is the best meat substitute and contains 9 essential amino acids, making it a complete plant-protein source for vegans and vegetarians. The rising inclination of consumers towards high protein diet and healthy food intake is expected to augment the sales growth of the hemp protein market during the forecast period set between 2021 and 2031.
The Hemp Protein market is categorized on the basis of nature, form, grade type, application, distribution channel, and regions. In terms of nature, the market is bifurcated into conventional and organic. Based on form, the market is divided into paste, and powder. With respect to segmentation by grade type, the market is grouped into personal care & cosmetic, nutraceutical, pharmaceuticals, beverages, and food. Among these, the beverages segment is again divided into alcoholic, and non-alcoholic. The food sector, on the other side, is sub-categorized into infant food, confectionary, and baking. Based on distribution channel, the market is bifurcated into B2B and B2C. Among these, the B2C segment is sub-categorized into independent groceries, specialty stores, hypermarket or supermarket, online stores, and convenience stores.
The report on Hemp Protein market offers an in-depth analysis of the market and its drivers, restraints, challenges, and future growth opportunities. It also highlights the innovations that helped the market grow in terms of revenue generation. List of the players operating in this market and their efforts in the form of innovations and new product launches is also discussed in details. The impact of the novel COVID19 pandemic is also discussed in the report. For more information on this report, log on to the company website.
The nature of competition for the global market is somewhat consolidated with a handful of players. Leading players of the Hemp Protein market are using multiple strategies such as introducing innovative products to attract more revenues to the market. Other players are engaging in joint ventures and collaborative efforts with other end user industries to create revenue generation opportunities for the Hemp Protein market in the coming years.
Some of the key players of the global Hemp Protein market include:
The increasing rate of lactose intolerant population is propelling the demand for hemp protein. This stands as a key growth driver for this market. Besides this, the increasing rate of consumers allergic to soybeans, peanuts, and other legumes will also draw consumer’s interest towards hemp protein products. Additionally, the increasing demand for hemp proteins from multiple industries such as pharmaceutical, food and beverage, confectionery and bakery, cosmetics, and nutraceutical are projected to create lucrative growth opportunities for this market in the near future.
Geographically, this market is widespread into the regions of Latin America, Europe, North America, and the Middle East and Africa. These regions are further categorized as per the nations bringing business. North America emerged as the largest revenue generator for the Hemp Protein market owing to the rising rate of vegan population, coupled with the growing inclination towards high protein food products. Additionally, Asia Pacific is projected to serve as the fastest growing market for hemp protein on account of the increasing rate of manufacturers setting their base in the developing nations. This is further attributed to the availability of raw materials at cost efficient prices.
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Hemp Protein Market
