Hemp Protein Market - Forecasts from 2023 to 2028

The global hemp protein market was valued at US$517.275 million in 2021 and is projected to expand at a CAGR of 14.59% over the forecast period to reach US$1,441.73 million by 2028

Hemp protein is a protein extracted from hemp seeds that are obtained from the cannabis plant. It lacks THC, the psychoactive ingredient present in marijuana. It's a very sustainable plant that can thrive in several climates, and its many components can be utilized in various ways. Its flavor is nutty and earthy, and it can be used in smoothies, shakes, pancake batter, brownies, or cupcakes.

According to industry stakeholders, environmental concerns have increased consumer awareness and demand for hemp protein. It is a pure plant protein source that is 100 percent natural, vegan, and gluten-free. Therefore, consumer shifts towards vegan and vegetarian diets, along with rising gluten allergies, are some of the key factors driving the growth of the hemp-based protein market. Other factors, such as several health benefits and continuous innovative product launches by key and new market players, are also contributing to the market expansion of hemp protein.

However, complex laws and restrictions for hemp-based products use and a lack of processing facilities, planting equipment, and harvesting tools, along with a lack of knowledge, are obstructing the growth of the global market for hemp protein during the analysis period.

The growing vegan population and health benefits are factors boosting the global hemp protein market growth

It is a pure plant protein source that is 100 percent natural, vegan, and gluten-free. Therefore, one of the primary factors driving the growth of hemp protein is the rising vegan and vegetarian population worldwide. A vegan diet has never been more popular now. It has been spurred by causes such as sustainability, health, animal cruelty, and the present climate change problem. According to Vegan Society data, As of January 2021, there are around 79 million vegans worldwide. Approximately 65,000 goods from over 2,500 firms have been registered globally, including 30,000 cosmetics and toiletries and 18,000 food and beverage items. In addition, the rising prevalence of gluten allergies is also propelling market demand during the forecast period, as hemp protein is gluten-free. According to the CDC, nearly 6 percent of Americans are allergic to gluten. Twenty-three percent of  United States consumers shop for gluten-free products.

Hemp protein has several health advantages, resulting in its high consumer demand. Hemp protein powders are low-carbohydrate sources of plant-based protein, making them an excellent addition to a plant-based diet. It improves digestion and increases metabolism. Unlike many animal protein sources, hemp protein has no cholesterol or saturated fats. Hemp protein includes all the essential amino acids required to rebuild muscle cells, control the neurological system, and regulate brain function. Hemp products are high in iron, magnesium, and manganese. These minerals aid in the efficient functioning of numerous components of your body and the prevention of illness and disease.

Continuous product launches and innovations are spurring up the demand for hemp protein

• In September 2020, an Alternative protein food technology company from New Zealand called Sustainable Foods, popularly known as The Craft Meat Co, launched a new hemp plant-based meat that is abundant in protein and fiber and lightly processed.
• In April 2023, JOI, a plant milk firm in the United States, announced the launch of Hemp Milk Concentrate, the company's first vegan milk concentrate made from organic hemp hearts. The Hemp Milk Concentrate, available only in family-size 8-pound pails, can be used for cooking or combined with water to make instant hemp milk.

North America is anticipated to hold a significant share of the global hemp protein market during the forecast period

North America region is anticipated to hold a significant market share in hemp protein. This region will witness high growth during the forecast period due to the growing vegan and vegetarian population. According to the data from Alliance Science. As of 2022, around 10 percent of Americans over the age of 18 identify themselves as vegan or vegetarian. In addition, the rising prevalence of gluten allergies is also propelling market demand during the forecast period, as hemp protein is gluten-free. According to the CDC, nearly 6 percent of Americans are allergic to gluten. Twenty-three percent of  United States consumers shop for gluten-free products. The rising production of hemp is also propelling market demand in this region. According to the United States Department of Agriculture, there were 54,152 acres dedicated to open-air industrial hemp production for all purposes in the United States. In all, 33,480 acres were harvested for all purposes. The total open market value of the hemp harvest in the United States was US$712 million. Canada, the United States, and Mexico are prime markets in the North American region.

Market Developments:

• In June 2022, GYM WEEDTM, a hemp-infused energy drink, debuted in the United States with three distinct flavors: Pear Pineapple, Stone Fruit, and Tropical Berry. GYM WEED gives you balanced energy without the nervous, agitated sensation you get with energy drinks. GYM WEED contains Lion's Mane and L-Theanine for an alert and concentrated feeling, as well as B vitamins and electrolytes, and has zero sugar and just 10 calories per can.
• In June 2022, Applied Food Sciences (AFS) of Texas introduced PurHP-75TM, a hemp seed protein ingredient. The organic ingredient is made from hemp hearts and includes 75% protein, containing all nine necessary amino acids. PurHP-75TM is stated to be appropriate for use in meat substitutes, giving a "juicy, firm, and authentic" feel. The protein may also be found in plant-based and keto-friendly baked goods and non-dairy alternatives.
• In October 2022, Planet Based Foods, a sustainable foods firm, announced a new production partnership with Cedarlane Natural Foods, a prominent supplier of nutritious frozen and fresh food items. The new collaboration will increase Planet Based's manufacturing capacity as it grows its hemp-based beef product range.

Market Segmentation:

By Source

• Organic
• Conventional

By Application

• Functional Food
• Functional Beverage
• Dietary Supplements
• Pharmaceuticals
• Personal Care
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others