Hemp Protein Market Outlook

Hemp protein is one of the industrial by-products of hemp seeds and is very widely used in the production of various protein-enriched foods, and protein supplements. Hemp seeds approximately contain 35% protein, 10% carbohydrates and 45% of oil.  Hemp plants can be cultivated very easily they do not require any other fertilizers, pesticides or herbicides apart from that they also absorb the atmospheric carbon dioxide. Hemp protein is the best substitute for meat and has 9 vital amino acids that make it a complete plant-protein source for those who follow a vegetarian or vegan diet. Hemp protein has the same amount of protein as compared to lamb or beef products. Hemp protein is being very widely used in various sectors like food, cosmetics, beverages, pharmaceuticals, nutraceuticals, and personal care industries. The major players of the food & beverage industries are constantly targeting the recent consumer trends in food consumption based on the hemp protein to develop them as prominent players in their domestic as well as international markets. The growing exports and imports of hemp are stimulating the growth of the hemp protein market. North America followed by Western Europe has very strong market demand for the hemp protein. Though the Asia-Pacific region has the fastest developing hemp protein market due to the rising demand for hemp protein from India, China, and other Asian countries. Prominent players in the hemp protein market are aiming at emerging countries for their business expansion.

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Rise in Protein Requirement among Vegetarians and Vegans has Resulted in Demand for Hemp Protein to Grow

Hemp protein is a one of the plant-based product, hence, vegetarians, as well as vegans are opting it for the protein alternatives for the proteins derived from meats, dairies such as casein and whey and eggs. The market demand for hemp protein is also driven by the lactose intolerant population as it is free from lactose or also by the consumers who are allergic to peanuts, soybeans, and other legumes. There are several applications of hemp protein in food, cosmetics, nutraceuticals, pharmaceuticals, and the beverage sector has directed to the development of the global hemp protein market. The demand for hemp protein is higher in the food & beverage industry due to its high fiber content. The hemp protein has also various health benefits due to which its demand is increasing in pharmaceutical industries. The cosmetic industries are also boosting the market for hemp protein because of the essential amino acid content as well as fibers that are the main ingredient for skin and hair products.

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Hemp Protein Market: Segmentation

The hemp protein market can be segmented based on nature, form, grade type, application, and distribution channel. 

Based on nature, the hemp protein market can be segmented as –

  • Organic
  • Conventional

Based on form, the global hemp protein market can be segmented as-

  • Powder
  • Paste

Based on grade type, the hemp protein market can be segmented as –

  • Food Grade
  • Pharmaceutical Grade
  • Industrial Grade

Based on application, the global hemp protein market can be segmented as –

  • Food
    • Baking
    • Confectionary
    • Infant Food
  • Beverages
    • Alcoholic
    • Non-Alcoholic
  • Pharmaceuticals
  • Nutraceuticals
  • Personal care & Cosmetic

Based on the distribution channel, the global hemp protein market has been segmented as-

  • B2B
  • B2C
    • Convenience Stores
    • Online Stores
    • Hypermarket/ Supermarket
    • Specialty Stores 
    • Independent Groceries

Hemp Protein Market: Regional Analysis

The hemp protein has a higher consumer base in North America and Europe. This due to the increasing vegan population as well as high protein alternative demand.  Apart from that the Asia Pacific region has the growing market for hemp protein and is anticipated to grow in the forecasted period. Hence, the manufacturers should focus on developing countries like India, and China among other countries to increase their regional footprint in the global hemp protein market.

Hemp Protein Market: Key Participants

Key players in the global hemp protein market are:

  • Hemp Oil Canada
  • Navitas Organics
  • Hempco Canada Superfoods Inc.
  • North American Hemp & Grain Co
  • Chii Hemp Industries Inc
  • Manitoba Harvest Hemp Foods
  • Z-Company BV
  • Bioriginal Food & Science Corp 
  • Green Source Organic
  • GFR Ingredients Ltd.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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