Global Industrial Hemp Market: Overview
The global industrial hemp market is projected to chart a stellar growth between 2019 and 2029, owing to an impressive CAGR (Compound Annual Growth Rate) of 14.0%. The growth is majorly attributable to rising demand for bakery products like cookies and bread. Besides, its use in a number of products like salad dressings, cooking oil, and dairy alternatives has a positive role to play too.
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Besides, as benefits of using hemp products – rich in proteins, omega-3, amino acids, and omega-6 – make the rounds, raising consumer awareness regarding the same, demand will be driven up further. And, since these are nutrients that are essential to maintain good joint health, skin health, insulin balance, mood stability, and cardiac health.
Also, it is important to note here that only a few countries cultivate hemp – 36 in 2017. Usually hemp cultivation is done following individual agricultural provisions regarding the same in different countries.
Global Industrial Hemp Market: Notable Development
The global industrial hemp market is in the middle of numerous events that are shaping its future and growth prospects for the forecast period. Few prominent ones are outlined below.
In 2017, the Industrial Hemp Act paved for THC in cultivation, consumption, marketing, processing, and distribution. The legislative procedures have had a major impact on the growth of the industry.
The global industrial hemp market is fragmented. And, prominent players in the global botanical supplements market are Hempco (Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA (Germany), Hemp Poland (Poland), Dun Agro (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), Plains Industrial Hemp Processing (Canada), and MH Medical Hemp (Germany), among others.
Global Industrial Hemp Market: Key trends and driver
The Industrial Hemp market is set to witness growth owing to numerous trends and drivers. Some of these trends and drivers are spelled out ahead and a full-fledged examination of the market can be had from the upcoming report prepared by TMR Research (TMR).
- High incidence of diabetes is leading to demand for hemp oil and other products. From 1980 to 2014, cases rose from 108 million to 422 million. And, it has been noted that major damage is seen and middle and low income groups. It is worth noting here that since CBD oil has anti-inflammatory properties, and since it is often used with hemp seed oil, with demand for CBD will increase the demand for hemp see, adding to growth of industrial hemp.
- A wide use in a variety of products such as personal care products, dietary supplements, construction materials, automotive materials, food and beverages and so on. An expansion in any of these industries, will lead to expansion in the industrial hemp market. There is also a wide demand for hemp to be used in bars, yogurt, cereals, and smoothies.
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Global Industrial Hemp Market: Regional Analysis
Between 2018 and 2025, the region that will show remarkable growth statistics is the European region, owing to a large consumer base of products that use hemp as an ingredient. North America will hold a considerable share owing to its being a primary consumer of such products. Besides, the two regions have a rapidly ageing population to cater to.
The report is segmented into the following:
Product Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
Application Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
- Animal Care
- Food & Beverages
- Construction Materials
- Personal Care
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