Hemp is considered to be a protein that packs a punch, it is also as one of the most nutritious and beneficial proteins available for vegetarians and vegans. Hemp is called super food, as it contains a good balance of essential fatty acids, amino acids, protein and fiber.
Changing Source of Consumer Perception
Consumer perception is everything for the growth of a nutritive product. Over time, due to various studies published, the product gained an immense reputation among consumers.
Carpathian Journal of Food Science & Technology published a study examining the effect of hemp food consumed in the morning and evening. After three weeks, the group receiving hemp protein had significantly higher levels of hemoglobin, serum protein and prealbumin.
Professional athletes also endorsed the product and mentioned it was a vital product to maintain their fitness.
MMA fighters like Ronda Rousey and Kyle Kingsbury have discussed the role of hemp protein in their regimens.
Hemp is a variety of the cannabis plant and is derived from cannabis sativa L species. Initially, it had negative consumer perception as it was a byproduct of cannabis, a flowering plant that is commonly known by its street name marijuana or weed.
An Underdog that is Expected to Change the Nutritive Food Market
Traditionally, conventional go-to protein powder has been whey protein, for the past two decades. However, over time, consumers who used the product have seen its side-effects. Consumers in the health & fitness field often referred whey protein as “Gas & Blast” due to the unfortunate effects of causing more bloat, digestive distress, and gassiness. Few consumers prefer soy proteins, but it also has few defects as most of the soy proteins are hexane extracted. Consumers are looking for plant-based protein products that are high in nutrients and safe to consume. Over time, hemp protein is expected to capture the whey protein, soy protein and other proteins market. Hemp protein stands head and shoulders above all other conventional protein powders in digestibility, assimilation, safety, and nutrient density, making it the most sort after product.
Many health food manufacturers understand that hemp is the future of the nutritive market and have started investing in the product
Hempco raised about USD 4 million last year, most of which was funneled back into the growing business. Hmpco put out a bold statement that investing in hemp means investing in the future, revenue generated by the company validates the statement.
Based on geography, the hemp protein market is segmented into five different regions, namely North America, Europe, Asia-Pacific, South America and Africa.
North America is expected to have the highest market share for hemp protein during the forecast period. The high market share can be attributed to the strong demand from the United States.
Asia-Pacific is expected to be the fastest-growing region for the hemp protein market, owing to the high demand from China and India.
Major players - BIOORIGINAL FOOD AND SCIENCE CORP., CHII NATURALLY PURE HEMP, GFR INGREDIENTS INC., GREEN SOURCE ORGANICS, HEMP OIL CANADA, HEMPCO, MANITOBA HARVEST HEMP FOODS, NAVITAS NATURALS, NORTH AMERICAN HEMP & GRAIN CO., Z COMPANY, among others.
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- Analyzing outlook of the market with the recent trends and Porters five forces analysis
- Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
- Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
2. Research Approach and Methodology
2.2 Research Design
2.3 Study Timeline
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering & Econometric Modelling
2.4.4 Expert Validation
3. Key Findings
4. Market Dynamics
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. Market Segmentation
5.1 By Application
5.1.1 Dietary Supplements
5.1.2 Functional Food
5.1.3 Functional Beverage
5.1.6 Other Industrial
5.2 By Form
5.3 By Geography
5.3.1 North America
18.104.22.168 Rest of North America
22.214.171.124 Rest of Europe
126.96.36.199 Rest of APAC
5.3.4 South America
188.8.131.52 Rest of South America
184.108.40.206 South Africa
220.127.116.11 Rest of Africa
6. Competitive Landscape
6.1 Strategies Adopted by Key Players
6.2 Most Active Companies in the Past Five Years
6.3 Market Share Analysis
7. Company Profiles
7.1 Biooriginal Food and Science Corp.
7.2 CHII Naturally Pure Hemp
7.3 GFR Ingredients Inc
7.4 Green Source Organics
7.5 Hemp Oil Canada
7.7 Manitoba Harvest Hemp Foods
7.8 Navitas Naturals
7.9 North American Hemp & Grain Co
7.10 Z Company