Hemp Seeds Market Size to Hit USD 1,634.6 Million by 2027: Increasing Consumer Awareness about Health Benefits of Hemp-based products to Aid in Expansion

The global hemp seeds market size is estimated to reach USD 1,634.6 Million by the end of 2027 attributing to the rise in demand from various industries such as industrial products, animal feed, personal care products, food and beverage, and others. According to a recent report by Fortune Business Insights titled, “Hemp Seed Market Size, Share & COVID-19 Impact Analysis, By Form (Whole Hemp Seed, Hulled Hemp Seed, Hemp Seed Oil, and Hemp Protein Powder), Application (Food & Beverage, Personal Care Products, Industrial Products, and Others), and Regional Forecast, 2020 – 2027,” the value of this market stood at USD 710.7 million in 2019 and will rise at a CAGR of 11.1% between 2020 and 2027.

Launch of New Marketplace for Industrial Hemp Business will Aid in Expansion of Market

In August 2019, PanXchange declared the launch of their first marketplace for exchange and sale of industrial hemp of institutional grade. This new hub will help end-users, trade houses, processors, and producers to participate in a transparent business transaction efficiently. The main objective behind this is to help create an interactive medium for top-tier stakeholders.

The CEO of PanXchange Julie Lerner said, “The ability of producers to negotiate business with end-users and processors is insufficient despite the increasing demand for industrial hemp. We are trying to provide an electronic platform for ensuring a transparent and unmatched level of functionality. The launch of this market for hemp will help create growth opportunities for bigger groups and end users to engage in investment policies to generate better revenues in the coming years. Such initiatives taken by players are expected to add impetus to the market in the near future.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/hemp-seeds-market-103478

Medicinal Properties of Hemp to Bolster Growth

The seeds of the hemp plant are rich in various nutrients such as vitamins, calcium, zinc, iron, sulfur, and others. Additionally, hemp can be consumed raw or used for preparing various food items. Therefore, the increasing demand from the food and beverage industry is the key factor promoting the global hemp seeds market growth. Moreover, hemp is allergy free as compared to other sources of plant protein and has various medicinal properties.

However, since hemp belongs to the cannabis family, it is not legalized in most nations, thereby hampering the overall growth of the market.

Nevertheless, hemp-based products such as hemp seed oil can help to decrease the cholesterol level and treat dry skin with the fatty acids present in the oil. They are also used for manufacturing other food products such as cheese substitutes, milk, protein powder, and others, thereby aiding the expansion of the market in the coming years.

Players Engaging in Innovative Product Launched to Earn the Lion’s Share

Most of the large vendors operating in the market are engaging in collaborative strategies such as merger and acquisition, contracts and agreements and others to hold a significant position in the market. The other players are focusing on the development of innovative products made of hemp seeds such as dental floss, to gain a competitive edge in the market competition.

Some Industry Developments of Hemp Seeds Market include:

• February 2019 – Manitoba Harvest was acquired by Tilray Inc., for helping Nanaimo, a British Columbian company enter into the hemp seeds market of the United States.

List of Key Players in the Market include:

• Manitoba Harvest (Winnipeg, Canada)
• Canah International (Salonta, Romania)
• BAFA neu GmbH (Malsch, Germany)
• North American Hemp & Grain Co. (Vancouer, Canada)
• GFR Ingredients Inc. (Alberta, Canada)
• Hemp Oil Canada Inc. (Manitoba, Canada)
• Hempflax BV (Oude Pekela, Netherlands)
• Liaoning Qiaopai Biotech Co., Ltd. (Jinzhou, China)
• Yunnan HuaFang Industrial Hemp Co. Ltd. (Kunming, China)
• Naturally Splendid Enterprises Ltd.  (Pitt Meadows, Canada)
• Others

Further Report Findings

• Asia Pacific earned a revenue of USD 238.7 million in the year 2019 and gained dominance on account of increasing demand for personalized products from nations such as Australia, Japan, India, and China.
• Among all segments in application, the food and beverage section earned 43.02% and accounted for the largest hemp seeds market share. Growth of this region is attributed to the increasing popularity of hemp products such as smoothies, cereals, bars, and others.

The Global Market is categorized into: