The hemp seed global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Hemp Seed Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The hemp seed market size has grown rapidly in recent years. It will grow from $6.71 billion in 2023 to $7.48 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to growing demand for plant-based protein, increasing awareness of health benefits, rising use in cosmetics and personal care products, expansion of industrial applications, and rising popularity of organic and natural products.
The hemp seed market size is expected to see rapid growth in the next few years. It will grow to $11.67 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to rising consumer demand for sustainable food sources, increasing adoption in nutraceuticals and dietary supplements, expansion of hemp seed oil in skincare and cosmetics, regulatory changes supporting cultivation and production, and a growing trend toward vegan and vegetarian diets. Major trends in the forecast period include expansion of hemp seed applications in functional foods and beverages, technological innovations in hemp seed extraction and processing, development of new hemp seed-based snacks and protein bars, and development of hemp seed as a sustainable ingredient in food packaging.
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Scope Of Hemp Seed Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Hemp Seed Market Overview
Market Drivers –
The rising demand for vegan and plant-based diets is expected to propel the growth of the hemp seed market going forward. Vegan and plant-based diets focus on consuming foods derived entirely from plants, excluding all animal products and by-products. The increasing demand for vegan and plant-based diets is driven by growing health consciousness and concerns about animal welfare and environmental sustainability. Hemp seeds are used in vegan and plant-based diets as a nutrient-dense source of protein, essential fatty acids, and vitamins. For instance, in January 2023, according to the report published by the Plant Based Foods Association, a US-based food and beverage organization, in 2022, the plant-based food sales achieved 6.6% sales growth, up from 5.9% in 2021, with a 10% rise in average retail prices. Therefore, the rising demand for vegan and plant-based diets will drive the growth of the hemp seed market.
Market Trends –
Major companies operating in the hemp seed market are focusing on seed-infused ready-to-use variants, such as energy drinks, to expand their market presence with a unique blend of hemp formulations. Energy drinks infused with hemp seeds provide a natural source of protein, omega-3 fatty acids, and essential nutrients, offering enhanced energy and potential health benefits. For instance, in February 2022, PepsiCo Inc., a US-based food and beverage company, launched a new hemp seed-infused energy drink, Rockstar ‘Unplugged,’ in the US, following its success in Germany. The drink combines hemp seed oil with spearmint, lemon balm, and reduced caffeine (80 mg per 12-ounce can) to promote relaxation without inducing sleep. Unlike some hemp products, it does not contain CBD. This new product aims to offer a more calming energy boost compared to traditional Rockstar drinks, which typically contain higher caffeine levels (160-300 mg).
The hemp seed market covered in this report is segmented –
- By Type: Whole Hemp Seed, Hulled Hemp Seed, Hemp Seed Oil, Hemp Protein Powder, Other Types
- By Source: Conventional, Organic
- By Packaging: Pouches, Jars, Tins, Other Packaging Types
- By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, Other Distribution Channels
- By Application: Food And Beverages, Nutritional Supplements, Cosmetics, Pharmaceuticals, Textiles, Personal Care Products, Other Applications
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Regional Insights –
North America was the largest region in the hemp seed market in 2023. The regions covered in the hemp seed market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the hemp seed market are Nutiva Inc., Konoplex Group, Liaoning Qiaopai Biotech Co Ltd., Manitoba Harvest Fresh Hemp Foods Ltd., Ecofibre Limited, Navitas Organics, PharmaHemp, Z-Company BV, Canah International, GFR Ingredients Inc., North American Hemp & Grain Co, Dun Agro BV, Naturally Splendid Enterprises Ltd., Global Hemp Group Inc., Entoura Inc., HempLand USA, CBD Living, The Hemp Mine, Cannabis Sativa Inc., Valley Bio Ltd., Green Source Organics
Table of Contents
- Executive Summary
- Hemp Seed Market Report Structure
- Hemp Seed Market Trends And Strategies
- Hemp Seed Market – Macro Economic Scenario
- Hemp Seed Market Size And Growth
….. - Hemp Seed Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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