It has become essential to increase the utilization of plant-based proteins in order to fulfill the growing demand for plant-rich food that can replace animal-based proteins. As per the historical documents, hemp seeds are used as a food source for thousands of years and are a rich source of nutrients. It is an excellent source of plant-based protein and in hemp seeds over 25 percent of the calories come from proteins.
An increase in preference for a plant-based diet and the growing trend of veganism are some of the important factors that are fostering the growth of the global hemp seed protein market. Further, growing focus on better health, growing demand for natural & organic food, and rise in spending on healthy & nutritious foods are also some of the crucial factors that are fueling the growth of the global market. Additionally, hemp seeds are a lean source of proteins that make them a perfect supplement to a plant-based diet. Also, as many of the animal-based proteins, hemp seed proteins do not contain any saturated fats or cholesterol. This makes it most popular among the fitness lover population. Moreover, growing research and an increase in focus of the key players towards hemp seeds as a good source of proteins is driving the market growth. Furthermore, expanding the use of hemp seed protein in several industries may have key opportunities for the growth of the global market.
The global hemp seed protein market is divided based on form, application, and region. The different forms of hemp seed protein available in the market are liquid and powder. Among these, powder form is estimated to lead the global market. The application segment is categorized into personal care & cosmetics, pharmaceuticals, food & beverages, and others. Among these, the food & beverages sector is projected to account for the maximum share in the global market over the forecast period.
Region-wise, North America is predicted to grow as a major market player in the global hemp seed protein market during the forecast period. This is majorly due to the passage of the US Farm Bill in 2014 that permitted the states to carry out hemp pilot programs. Though the cultivation of hemp is restricted in the US, as it’s a species of cannabis plant, ease in restrictions will boost the growth of the market in this region.
Some of the prominent players that are operating in the global hemp seed protein market include Z-Company, GFR Ingredients, Manitoba Harvest, North American Hemp & Grain, NOW Foods, Navitas Organics, Hemp Oil Canada, and Hempco.
In May 2016, Hempco Canada had launched a new range of snacks, supergreens, superfoods, seeds, and hemp oil under its first consumer-facing hemp brand, PlanetHemp.
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