Worldwide Hemp Seed Market was valued at US$ 388.46 Million in the year 2020 and is expected to be US$ 544.93 Million by 2027
The industry is expected to grow with a CAGR of 4.95% from 2020 to 2027.
Hemp seeds or hemp hearts are seed produced by cannabis Sativa or hemp plants. Hemp is often confused with marijuana as they belong to the same family. Hemp seeds contain 1% of THC, the active ingredient in marijuana. Hemp seed has nutritional benefits; they have the most balanced amino acids, essential fats, vitamins, iron and antioxidants. Its protein offers optimal health and well-being of life.
Fresh hemp helps in weight loss, sustain energy, recovery from injury, lower cholesterol and blood pressure, improved circulation, immune system, reduced inflammation, and control sugar level in the body. Hemp seed used for both pharmaceuticals and industrial purpose and is driving the hemp market globally.
Based on by Product The publisher has segmented Global Hemp Seeds Market into Whole Hemp Seed, Hulled Hemp Seed, Hemp Seed Oil and Hemp Protein Powder. Owing to the surge in research and studies has risen awareness about hemp protein among consumers.
Hemp protein powder has the highest market it is consumed in smoothies and shakes, giving consumers an earthy taste. On the other hand, hempseed oil is getting popular because it helps balance oily skin, calm inflammation, and reduces irritation on the skin.
The government regulates the hemp seed market across the world. There are various strict policy and licenses from different country that control hemp protein products. State authorities are required to grow and distribute these products. These regulations are one of the most significant challenges faced by the global hemp seed market.
Moreover, 2018 farm bill enforcement of rules has removed the requirement to register for Drug Enforcement Administration (DEA) for growing certain kind of cannabis. The United States Department of Agriculture (USDA) recent approval positively impacts the hemp seed products market.
Among countries, the United States is investing in manufacturing various industrial hemp types, and China is the highest exporter of raw and processed hemp to the United States, followed by Romania and Hungry. This small scale hemp industry and consumer are likely to propel the U.S hemp seed market in the forecast period. People worldwide are not much come across the benefits of hemp seed so its market will grow steadily, but its health benefits and nutritional benefits will propel the global hemp seed market.
The various key players have adopted acquisition and blooming strategy to hike profitability and strengthen their foothold in the hemp seed market globally. Besides, players have relied on product launch to improve their product portfolio and stay competitive.
The critical players depicted in the report include Naturally Splendid Enterprises Ltd., Darling ingredients Inc, Agropur, Aurora cannabis. These players concentrate on the development of products which have beneficial uses.