"Market Intelligence that Adds Flavour to Your Success"
The global hemp seeds market size was valued at USD 710.7 million in 2019 and is projected to reach USD 1,634.6 million by 2027, exhibiting a CAGR of 11.1% during the forecast period.
Hemp seeds are rich in protein, minerals, and fiber and hence, they are considered one of the most nutritious natural foods. They provide exceptional ingredients for human health as they contain high levels of vitamins A, C, and E. According to a 2014 study by the University of Seville, Spain, hemp seed has an ideal ratio of omega-6 to omega-3 fatty acids along with some compounds that help to control high blood pressure. Thus, due to its rich nutritional profile and health benefits, the use of these seeds will be increasing, especially in food & beverage, and nutritional supplements.
Growing consumer awareness regarding health benefits is a key factor driving the growth of the market. Furthermore, different forms of these seeds such as hulled hemp seed, seed oil and protein powder are increasingly preferred in different industries such as food & beverage, personal care products, nutritional supplements, animal feed, and industrial products. The increasing application from these industries is driving the hemp seeds market growth.
Rising Prevalence of Coronavirus to Pose a Serious Threat on the Market
The occurrence of COVID-19 has impacted many businesses across the world due to its various socio-economic effects. With no exception, the novel corona virus has also posed a negative impact on this industry. The heavy reliance on hardware will have major effects on the market; as this hardware is manufactured exclusively in China. The short fall in the availability of hardware will thus, hamper the production of hemp-based products; and the disruption in production would further impact the supply of these products. Along with the disruption in supply chain, the COVID-19 pandemic is hitting vertically integrated companies.
Since there is an ever-growing range of sustainable products using hemp; there are chances that some parts of this plant can be used as a raw material in many industries such as textile and plastic. Thus, there are chances that the spread of COVID-19 would have a slight impact on this industry.
Request a Free sample to learn more about this report.
Increasing Investment by Key Market Players in Product Development to Boost Market
Market players operating in this market are making continuous efforts to innovate and launch new products in the market to establish their prominence. Companies are innovating by launching new products such as protein powder, beverages, milk products, oil, and nutritional supplements. This is further increasing the popularity and demand for these products across countries where hemp production and consumption is legalized.
Rising Demand from Personal Hygiene Industries to Bolster Growth
Hemp belongs to the same family as that of Cannabis; however, it is a multipurpose plant, the seeds of which are used as a source of healthy food. They are superior to chia and flax seeds as it contains both GLA (gamma-linolenic acid) and CLA (conjugated linoleic acid). Additionally, it consists of a balanced ratio of fatty acids, 10 essential amino acids, and is a great source of dietary fibres. The major vitamins present in hemp seeds are phosphorus, potassium, sodium, magnesium, sulfur, calcium, iron, and zinc. Moreover, hemp is considered allergy free when compared to other plant protein sources. It can be eaten raw, or can be used to produce a variety of food products such as milk, oil, cheese substitutes, and hep-based protein powder.
From the medicinal point of view, both the seed and oil helps to lower cholesterol as well as fight blood clots formed as a result of high cholesterol. Furthermore, clinal trails have shown that fatty acids in hemp oil help to treat dry skin and are beneficial for the treatment of conditions such as eczema and psoriasis. Due to these beneficial effects, the hemp oil is considered a good ingredient for use in skin care products.
Strict Regulatory Framework May Pose Restrictions on Market Growth
As hemp belongs to the Cannabaceae family which is the same as that of Cannabis, it is necessary to regulate these products, according to the FDA and the European Food Safety Authority. Hemp-based products take long time for approval and as per many food regulating agencies across the world, the Tetrahydrocannabinol (THC) content present in these products should not exceed 0.3% level. Thus, the ever-changing legal and regulatory scenario for hemp and its usage acts as a major restraint for the growth of the market.
“Demand for Whole Hemp Seed to Remain High owing to its Stable Nature”
At the global level, the whole hemp segment is predicted to lead the market and continue doing so during the forecast years due to its stable nature (in terms of denaturation and oxidative stability) in the air than hulled seed. Also, whole hemp is an excellent source of minerals and comprises of rare insoluble fibre. The hull can also be used to gently cleanse colon and flush toxins from the intestine.
To know how our report can help streamline your business, Speak to Analyst
“Food and Beverage Segment to Earn the Largest Share Owing to its Nutritional Profile”
At the global level, they are largely used in food & beverage industry due to its rich nutrional profile. In 2019, this segment earned 44.52% share. Hemp seeds are eaten in raw form or added in the various food products such as smoothies and as breakfast toppings. Additionally,the seed oil has application in a majority of food items such as salads, margarine, milk, and granola bars. They are also used for beer brewing and baking flour.
Asia Pacific Hemp Seeds Market Size, 2019 (USD Million)
To get more information on the regional analysis of this market, Request a Free sample
“Europe Market to Rise at the Fastest Pace Owing High Demand from Processed Food Sector”
Europe market will register the fastest compound annual growth rate (CAGR)of 12.01% during 2020-2027. This is attributed to the growing consumption of these seeds as food and its use along with other food products such as smoothies, yogurt and cereals bars; especially in countries such as the Netherlands, Italy, Germany, and the U.K.
At present, Asia Pacific holds the largest hemp seed market share accounting for 33.6% in global market and this is attributed to its high consumption in countries such as China, Japan, Australia, and India. Moreover, the growing market for personal care products in the region and legalization of industrial hemp in food supplements is also driving the regional market growth.
To know how our report can help streamline your business, Speak to Analyst
The growth of the North American market is driven by the growing consumption and production of hemp seeds in the U.S and Canada, respectively. Also, the 2018 U.S farm Bill has further cleared the path for hemp-based products by legalizing the use of hulled seed, seed protein powder, and seed oil in the U.S food supply.
“Rising Innovation in the Global Market to Intensify Competition”
Market players are constantly innovating by developing new products to optimum share in the market. For instance, Hello Products LLC, a Colgate Palmolive brand launched hemp-based oil products such as toothpaste, mouth wash, and dental floss. Also, certain big companies in the market are acquiring small key players to maintain a significant position in the market competition.
To gain extensive insights into the market, Request for Customization
The market research report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible market segmentations. Along with this, the global hemp seeds market report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and the global industry trends.
Value (USD Million)
Form, Application, and Region
Fortune Business Insights says that the value of the global hemp seeds market was USD 710.7 million in 2019 and is projected to reach USD 1,634.6 million by 2027.
Growing at a CAGR of 11.1%, the market will exhibit fastest growth in the forecast period (2020-2027).
The whole hemp seeds segment is expected to be the leading segment based on form in the global market during the forecast period.
Growing awareness about health benefits, coupled with the rising demand from personal hygiene industries are the key factors driving the growth of the market.
Hemp Oil Canada, Hempflax BV, and Manitoba Harvest are few of the key players in the market.
Europe is expected to grow at the fastest pace during the forecast period.
Food & Beverage segment is expected to hold the highest share in the global market in 2020.
Growing consumption of innovative and healthy food products is the key market trend that is driving the growth of the market
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry