Hemp Seed Market Size Projected to Generate a Revenue of $11,729.3 Million by 2032Download Sample Reports Overview
The Global Hemp Seed Market Size is predicted to be valued at $11,729.3 million by 2032, surging from $5,123.3 million in 2022, at a CAGR of 8.9%.
Impact Analysis of COVID-19 on the Hemp Seed Market
The COVID-19 impact on hemp seed market had a wide-ranging economic impact on numerous enterprises worldwide. The pandemic also had a significant impact on the hemp seed market share. While there has been an increase in consumer demand for health & wellness products, disruptions in the global supply chain and uncertainties in regulations have affected the market expansion. In addition, changes in consumer purchasing behavior and financial constraints during the pandemic influenced the demand for hemp seed products. Overall, the pandemic has presented both opportunities and challenges for the hemp seed industry.
In the post-COVID-19 period, hemp seeds are expected to maintain their significance and continue to thrive in the market. The pandemic has brought about lasting changes in consumer behavior, with an increased focus on health & wellness and sustainable choices.
Global Hemp Seed Market Analysis
Hemp seeds include a lot of proteins, good fats, minerals, and other nutrients. One of the main factors influencing the global market for hemp seeds is the rising knowledge of the nutritive benefits of hemp seeds. In addition, a driving factor behind the increasing popularity of hemp seeds in their remarkable nutritional composition and the sustainable agricultural practices associated with their cultivation. Hemp seeds are now known as a nutritional powerhouse, providing a variety of important vitamins, minerals, proteins, and fatty acids. Vegetarians, vegans, and others looking for alternative protein sources will find them to be a helpful source due to their high protein content, which includes all important amino acids. Furthermore, hemp seeds' well-balanced omega-3 to omega-6 fatty acid ratio promotes heart health, brain function, and general wellbeing. All these factors projected to drive the hemp seed market growth during the forecast period.
The legal and regulatory framework governing their production, sale, and usage is a major obstacle to the widespread adoption of hemp seeds. The legal status of hemp and products generated from it might differ significantly from one jurisdiction to the other, creating inconsistencies and obstacles for the sector. There may be strict laws and licensing requirements in some areas, which makes it difficult for farmers to grow hemp and for manufacturers to create and sell hemp seed products. The availability and accessibility of hemp seeds to customers may also be hampered by limitations on their sale and usage. The hemp seed business is hampered by the inconsistent legal environment, which may prevent it from reaching its full potential as a healthy and sustainable food.
Hemp seed is used to produce hemp biodiesel, which may be utilized in any diesel-powered vehicle. Furthermore, hemp may be used to make ethanol, which is presently made from food crops such as wheat and maize. This would boost the efficiency of crop production. Bioplastic is another product that enables the cultivation of industrial hemp. Hemp bioplastics are manufactured from hemp seeds and byproducts of CBD oil. The increase in consumer demand for environmentally friendly products, along with corporate and government initiatives and assistance, is likely to drive the demand for hemp seed market growth.
Global Hemp Seed Market, Segmentation
The hemp seed market is segmented on the basis of source, form, application, and region.
The source segment is classified into conventional and organic. Among these, the organic sub-segment is anticipated to be the fastest growing during the forecast period. The organic segment has emerged as a significant driver for the growth and popularity of hemp seeds. As consumers increasingly prioritize health-conscious and sustainable choices, there has been a rising demand for organic products, including hemp seeds. In addition, the organic hemp seeds are cultivated without the use of synthetic pesticides, herbicides, or genetically modified organisms (GMOs). This attracts health-conscious consumers who seek to minimize their exposure to potentially harmful chemicals and prefer food produced through environmentally friendly practices. The organic certification ensures that hemp seeds are grown using sustainable agricultural methods, promoting soil health, biodiversity, and natural ecosystems. All these factors are projected to drive the segment growth during the forecast period.
The form segment is further classified into shelled hemp seed, hemp seed protein, hemp seed oil, whole hemp seed, hulled hemp seed, hemp protein powder, and others. Among these, the hemp seed oil sub-segment is projected to witness the highest CAGR during the forecast years. Hemp seed oil has become a significant driver in the health & wellness industry due to its numerous benefits and versatile applications. The increasing popularity of hemp seed oil can be attributed to several key factors. Hemp seed oil is well-known for its high nutritional profile. It is high in essential fatty acids, including omega-3 and omega-6, which are important for heart health, cognitive function, and lowering inflammation in the body. Hemp seed oil has grown in popularity due to its potential skincare and cosmetic advantages. Its moisturizing, nourishing, and relaxing properties make it a popular component in natural skincare products.
The application segment is further classified into food & beverages, nutritional supplements, cosmetics, pharmaceuticals, textiles, personal care products, and others. Among these, the food & beverages sub-segment is predicted to have the fastest growth during the forecast period. The rising consumer interest in plant-based and natural food products has boosted the demand for hemp seeds. Hemp seeds are considered a highly nutritious superfood, rich in protein, essential fatty acids, vitamins, and minerals, making them an attractive ingredient for health-conscious individuals seeking to incorporate more plant-based options into their diet. The increasing awareness of hemp seeds' potential health advantages has contributed to the market expansion. Hemp seeds are considered to benefit heart health, digestion, immunological function, and have anti-inflammatory qualities. The rising desire for plant-based, natural, and functional food alternatives, along with hemp seeds' health advantages and adaptability, has been a key factor driving the food & beverages industry.
The hemp seed market size in Asia-Pacific is projected to show the fastest growth during the forecast period. Hemp seeds are becoming increasingly popular as individuals are becoming more aware of their health advantages. Consumers in Asia-Pacific are increasingly looking for nutrient-dense and natural food alternatives as they become more health-conscious. Hemp seeds, which are valued for their high levels of vital fatty acids, protein, vitamins, and minerals, are becoming more renowned as a superfood that promotes general health. Hemp seeds' nutritional composition is compatible with the dietary tastes and needs of the region's health-conscious people. All these are the major factors driving the regional market expansion.
Key Players in the Global Hemp Seed Market
Some of the leading hemp seed market analysis players are
- MH medical hemp
- Naturally Splendid Enterprises Ltd.
- Manitoba Harvest Hemp Foods
- NAVITAS ORGANICS
- Plains Industrial Hemp Processing Ltd
- Hush Brands Inc.
- Green Source MKT
- HempFlax Group B.V.
- GenCanna Global USA Inc.