Global Hemp Seeds Market Size to Grow at a CAGR of 11.20%
Hemp seeds are widely mainly used in textiles, fabrics in the form of fibres, automotive parts, building materials, and other products.
There are many health benefits of hemp seeds, including increasing metabolism, boosting immunity, and reducing inflammation and chronic pain. The market for hemp seeds is anticipated to be driven by the increasing demand for hemp oil in the food, pharmaceutical and personal care markets in the forecast period.
Some of the key regions in the global hemp seeds market are predicted to be Europe and North America. One of the top consumers in the global market is North America, due to its several application industries. In addition, the North America personal care market is anticipated to see a rise in demand for hemp oil. This is due to high consumer disposable income levels, a growing geriatric population, and increasing concerns about skin diseases and UV protection.
Hemp Seeds Industry Definition and Major Segments
A part of the Cannabis Sativa plant, hemp seeds refer to the small and brown seeds of the plant that comprise of a significantly high volume of healthy fats, protein, minerals, and fibres. In the hemp seeds market, the hemp seeds are easily available as whole seeds, hemp oil, shelled seeds, and protein powders.
Based on form, the market is segmented into:
• Seed Oil
• Protein Powder
Based on application, the market is divided into:
• Food and Beverage
• Personal Care Products
• Industrial Products
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
Hemp Seeds Market Trends
The growing awareness regarding the nutritious qualities of hemp seeds is one of the major factors driving the growth of the hemp seeds market globally. Additionally, hemp seeds are used by patients with chronic diseases due to their medicinal benefits, which are contributing to the market growth. The growing shift of people towards vegan lifestyles is expected to propel the demand for food products rich in hemp seeds, which would, in turn, stimulate the growth in the hemp seeds market.
However, many countries do not promote the use of hemp seeds or hemp-based goods and have put restrictions on the usage of industrial hemp because of its similarities with the Cannabis narcotic. This could hinder the market growth in the forecast period. Nevertheless, growing demands from sectors such as food and beverage, personal care, animal feed, and other industrial applications is anticipated to propel the market in the upcoming years.
The growing demand for processed and ready-to-eat food products, particularly among youth and urbanised populations, is driving the consumption of hemp-based food products such as cereals, bars, smoothies, and yogurt. Furthermore, the prevalent vegan trend has resulted in a gradual change from meat and dairy products, moving towards alternatives such as hemp-based food items in order to meet the recommended levels of protein consumption.
Key Market Players
The major players in the global hemp seeds market report include:
- Manitoba Harvest
- Hemp Oil Canada Inc
- Canah International
- Hempflax BV
- BAFA neu GmbH
- Liaoning Qiaopai Biotech Co., Ltd
- North American Hemp & Grain Co
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of the major market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.