Renub Research's latest report titled "Global Industrial Hemp Market, Size, forecast 2023-2028 Share, Growth, Industry Trends, Opportunity, "Global Industrial Hemp Market Size will reach US$ 15.01 Billion by 2028. Industrial hemp is a type of Cannabis sativa plant that is specifically grown for industrial purposes and contains minimal levels of tetrahydrocannabinol (THC) compared to marijuana. They cultivate it for its strong and durable fibres that produce various items, such as textiles, paper, biodegradable plastics, and construction materials. Moreover, industrial hemp has multiple uses, such as in food, supplements, and the extraction of CBD and other cannabinoids, and utility in wellness and medicinal products.
The industrial hemp market is thriving due to increased awareness of its versatility, sustainability, and potential health benefits, along with the legalization of hemp in 2018 at the federal level in the US. Hemp is highly sustainable, requires minimal resources to grow, and is in demand by environmentally conscious consumers seeking sustainable products. In addition, hemp-derived CBD products are famous for their potential health benefits, and technological advances are creating new applications, driving growth in the industry.
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Seeds of Industrial Hemp dominate the Hemp Industry due to their High Nutritional Value and Versatility
Hemp seeds are rich in protein, healthy fats, and essential vitamins and minerals, making them popular in health foods and supplements. These seeds are eaten raw or topped with cereals and yogurt. Industries can also press seeds to produce hemp oil, which has a variety of uses in cooking and personal care products. In addition, hemp seeds also find their usage to cultivate new hemp crops, providing an essential source of income for farmers and ensuring the industry's sustainability.
Escalating demand for Plant-based Diets and Natural/Organic Ingredients drives the rise of Food and Beverage Applications
Hemp seeds are a rich means of protein, fibre, and vital fatty acids, making them a nutritious addition to various food and beverage products, such as smoothies, energy bars, and snacks. Additionally, hemp-derived ingredients, such as CBD, are being incorporated into multiple beverages, including teas, coffees, and energy drinks, due to their potential health benefits and calming effects. Legalizing hemp at the federal level has also opened up opportunities for innovation and investment in the industry, leading to the development of new food and beverage products using hemp-derived ingredients.
Asia-Pacific Market for Industrial Hemp will grow Substantially
Rising demand for natural and sustainable products is adding to the need for industrial hemp in Asia-Pacific. Legalizing hemp cultivation in several countries, such as China, Japan, and South Korea, has opened up opportunities for the industry. Additionally, the region's large population and growing middle class have created a significant market for hemp-based products, including food, textiles, and personal care. Furthermore, increasing research and development activities and using advanced technologies for cultivating and processing industrial hemp also contribute to market growth in the Asia-Pacific region.
Competitive Landscape.
Some major companies operating in the market are Marijuana Company of America Inc., American Cannabis Company Inc., Ecofiber Limited, Aurora Cannabis, Agropur, and Darling Ingredients Inc. Various factors influence competition in the industrial hemp market, including the availability and quality of raw materials, government regulation and support, technological advancements, marketing strategies, pricing, and distribution networks. Competition in the industrial hemp market may also be influenced by new players entering the market, mergers and acquisitions among existing players, and changes in consumer preferences and demands. As the industrial hemp industry grows and evolves, these factors will continue to shape the market's competitive landscape.
Market Summary:
- Key Players- All the major players have been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue) Marijuana Company of America Inc., American Cannabis Company Inc., Ecofiber Limited, Aurora Cannabis, Agropur, and Darling Ingredients Inc.
By Products – Global Industrial Hemp Market will divided into four types:-
- Seeds
- Stalks
- Fibres
- Others
By Application – Global Industrial Hemp Market will divided into nine types:-
- Textiles
- Personal Care
- Food & Beverages
- Animal Care
- Paper
- Automotive
- Construction Materials
- Furniture
- Others
By Regions – Global Industrial Hemp Market will divided into four types:-
- North America
- Europe
- Asia Pacific
- Rest of the World
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