Hemp Seeds Market Size | Growth Report, 2024
IMARC Group has recently released a new research study titled “Hemp Seeds Market Report by Source (Conventional, Organic), Form (Whole Hemp Seed, Hulled Hemp Seed, Hemp Seed Oil, Hemp Protein Powder, and Others), Packaging (Pouches, Jars, Tins, and Others), Application (Food & Beverages, Nutritional Supplements, Pharmaceuticals, Cosmetics, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, and Others), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global hemp seeds market size reached US$ 1,038.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 2,409.0 Million by 2032, exhibiting a growth rate (CAGR) of 9.8% during 2024-2032.
Global Hemp Seeds Market Trends:
The incorporation of hemp seeds into beauty and skincare products, leveraging their rich content of essential fatty acids and antioxidants that are beneficial for skin health, is fostering the market growth. Moreover, the increasing interest in hemp seeds within the pet food industry, as pet owners seek natural and nutritious ingredients for their pets, is catalyzing the market growth.
Additionally, the development of hemp seed supplements and snacks that cater to various dietary trends as health-focused consumers look for convenient and nutrient-dense options is creating a positive outlook for the market growth.
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Factors Affecting the Growth of the Hemp Seeds Industry:
· Rising Consumer Awareness About Health Benefits:
The growing awareness of the nutritional benefits of hemp seeds is one of the major factors contributing to the market growth. Hemp seeds are rich in essential fatty acids, including omega-3 and omega-6, which are known to support heart health and reduce inflammation. They also contain a high amount of protein, fiber, vitamins, and minerals, making them an attractive option for health-conscious consumers.
Moreover, the ongoing shift in consumer preference towards plant-based diets, boosting the use of hemp seeds as a valuable addition to daily nutrition due to their complete protein profile, which includes all nine essential amino acids, is fostering the market growth.
· Expanding Applications in Food and Beverage (F&B) Industry:
The innovative use of hemp seeds in the food and beverage (F&B) sector is another major driver catalyzing the market growth. Moreover, the increasing incorporation of hemp seeds into a wide range of products, including snacks, smoothies, protein powders, baked goods, and dairy alternatives, is supporting the market growth.
Additionally, the rise of functional foods, accelerating the inclusion of hemp seeds in various formulations owing to their potential to enhance wellness and improve overall health, is fostering the market growth.
Furthermore, the increasing consumer preference for clean labels and simple ingredients, boosting the inclusion of hemp seeds as they align with these trends by being minimally processed and free from artificial additives, is enhancing the market growth.
· Growing Interest in Sustainable and Eco-Friendly Products:
The rising consumer interest in sustainability and eco-friendly products is fostering the market growth. Hemp is a highly sustainable crop that requires fewer pesticides and herbicides compared to other conventional crops, making it an environmentally friendly choice. It also has a low water footprint and can be grown in various climates, further enhancing its appeal as a sustainable agricultural option. Besides this, the increasing focus on reducing carbon footprints and promoting sustainable agricultural practices, positioning hemp seeds as a desirable product for environmentally conscious consumers, is stimulating the market growth.
Hemp Seeds Market Report Segmentation:
By Source:
· Conventional
· Organic
Based on the basis of source, the market has been divided into conventional and organic.
By Form:
· Whole Hemp Seed
· Hulled Hemp Seed
· Hemp Seed Oil
· Hemp Protein Powder
· Others
Whole hemp seed accounted for the largest market share due to its versatility and popularity in culinary uses and direct consumption.
By Packaging:
· Pouches
· Jars
· Tins
· Others
On the basis of packaging, the market has been classified into pouches, jars, tins, and others.
By Application:
· Food & Beverages
· Nutritional Supplements
· Pharmaceuticals
· Cosmetics
· Others
Food & beverages (F&B) represented the largest segment owing to the increasing incorporation of hemp seeds into health foods, snacks, and beverages.
By Distribution Channel:
· Supermarkets and Hypermarkets
· Convenience Stores
· Specialty Stores
· Online Stores
· Others
Based on the distribution channel, the market has been categorized into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others.
Regional Insights:
· North America
· Asia Pacific
· Europe
· Latin America
· Middle East and Africa
Asia Pacific’s dominance in the hemp seeds market is attributed to the growing consumer awareness and demand for plant-based protein sources.
Competitive Landscape with Key Players:
The competitive landscape of the hemp seeds market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· BAFA Neu GmbH
· Canah International Srl
· Deep Nature Project GmbH
· GFR Ingredients Inc.
· Green Source Organics Inc.
· Hempco Food and Fiber Inc. (Aurora Cannabis Inc.)
· HempFlax Group B.V.
· Liaoning Qiaopai Biotech Co. Ltd.
· Manitoba Harvest Hemp Foods (Tilray Inc)
· Naturally Splendid Enterprises Ltd.
· Navitas LLC
· North American Hemp & Grain Ltd.
· Yunnan Hua Fang Industrial Hemp Co. Ltd.
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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