Hemp Protein Market Size

Hemp Protein Market Analysis

The hemp protein market size is expected to grow from USD 65.71 million in 2023 to USD 83.15 million by 2028, at a CAGR of 4.82% during the forecast period.

• Hemp proteins are easily digestible and are used as an active ingredient in various industry applications, including food and beverages, pharmaceuticals, personal care, and other industries. Additionally, the health benefits of hemp proteins, including anti-fatigue properties, enhancement of the immune system, and protective effects for the kidney, are attracting consumers to include hemp protein-based foods in their diets, which is eventually raising the industrial usage of hemp protein.
• Similarly, the growth of the hemp protein market is also being propelled by improved economic conditions, coupled with an increase in household wealth, due to which consumers have shown a willingness to spend on food products that are rich in hemp proteins to maintain their health.
• Moreover, plant-based bakery consumption is on a consistent rise and is estimated to be growing year-on-year. The trend is considered to be a typical offshoot of all-natural and clean-label eating shifts observed among consumers. This, on the other hand, is paving the way for potential ingredients that have been untapped by the market.
• In line with this, hemp protein often falls under the clean protein plant-based source that allows products to be made with organic and non-GMO ingredients and free from artificial sweeteners, colors, and preservatives. Hemp is naturally gluten-free, non-GMO, free of trypsin inhibitors, and virtually free of any form of residual chemicals. In addition, the hemp protein in the powdered form witnesses high demand as compared to the liquid form due to its increased shelf life, convenience, and other associated factors.
• Furthermore, the emerging trend of veganism has also helped in boosting the revenue of the market. Factors like minimally processed and chemical-free vegan food consumption patterns have also opened up opportunities for the market, allowing players to innovate and develop ingredients with multiple application capabilities.
• For instance, according to the Institute for Demoscopy Allensbach (IfD), in 2022, about 7.9 million people in Germany were either vegetarians or largely forgo meat consumption. Since 2014, the number of people identifying as either complete or nearly complete vegetarians has grown by approximately 2.51 million individuals.
• Hence, key players are focused on investing in researching hemp seeds to make them a good source of proteins, which is further expected to drive the market's growth. Furthermore, expanding the use of hemp seed protein in several industries may offer key opportunities for growth in the global market.