Hemp is an agricultural product, also known as industrial hemp. It is an annual broad-leaved plant containingtaproot that is capable of rapid growth under impeccable growing conditions. It also includes the by-products of hemp plants &plant part.It is used in producing a huge number of products, including paper products, fiberglass, construction & insulation materials, textiles, biofuel, nutraceuticals, bio-plastics, etc. It can be grown for food & non-food products without relying on toxic chemical pesticides, fertilizers and herbicides.
According to study, “Global Hemp Products Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global hemp products market are Bombay Hemp Company, Industrial Hemp Manufacturing, LLC, E Hemp, Blue Sky Hemp Ventures Ltd., Hemp Eyewear, Hempoil Canada, BadischeNaturfaseraufbereitung, Isolate Extraction Systems Inc., Bluebird Botanicals, Kannabio Hemp Cooperative, Aliments Trigone Inc., Natural Good Medicines, Hanf Farm GmbH, Livity Foods LLC, HempFlax Group, Hemp Food Australia, Hempoint Ltd., Hempster, UAB Agropro, Mollerup, Earth Science Tech. The key companies are implementing the strategies for instance product innovations, recent developments, joint venture, mergers & acquisitions (M&A), collaborations, and partnership to maintain their presence in the global market.
Based on nature, hemp products market is segmented into conventional and organic. The conventional source segment dominates the market as they are inexpensive than organic hemp products. In addition, based on application, market is segmented into food industry, energy bars, protein powder, burgers, tea, hot dogs, butter, hemp flour, milk, textile, seed oil, health care, cereal, animal feed, cosmetics and others (paper, construction & materials, furniture, and automobiles). Textile industry is expected to witness higher CAGR as it is used in manufacturing apparel, fine textiles, fabrics, denim, and others during the forecast period. It is also used in manufacturing numerous industrial textile products for instancecanvas bags, twine, rope, tarps, nets, carpets, and geotextiles.
The hemp products market is driven by rise in shift of consumers towards the natural product, followed by surge in usage of non-psychotropic cannabinoid cannabidiol (CBD), increase in awareness towards health among the consumers,and rise in demand for oil paints, printing inks, fuel, varnishes, solvents, putty, chain-saw lubricants, and coatings. Moreover, rise in demand for healthy lifestyle and growth in concerns about skin diseases & ultra violet (UV) protection are key opportunities for market.
Based on geography, the North-American region holds major share in hemp products market owing to rise in awareness regarding the dietary advantages of its oil, Introduction of conducive regulation pertaining to the cultivation & use of hemp based products and growth in demand from person care & cosmetic industries in the region. Whereas, the Asian-Pacific and European regions are estimated to exhibit considerable growth rate due to increase in investment for the production of hemp based products over the forecast period. In near future, it is predicted that the market will be reached at rapid pace as a result of rise in consumer awareness related to preventive healthcare along with increase in disposable income and aging population during the forecast period.
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Ankur Gupta, Head Marketing & Communications