Industrial Hemp is an agricultural commodity that is cultivated for use in a wide range of products, including foods and beverages, personal care and cosmetics products, nutritional supplements, fabrics and textiles. Also yarns and spun fibres, paper, construction and insulation materials—supplementary manufacturing goods. Hemp can be grown up as a fibre, seed, or another dual-function crop. Conversely, Hemp is also from the same species of plant, Cannabis sativa, as marijuana. According to Renub Research, The Global Industrial Hemp Market will grow and reach US$ 17.4 Billion by 2027.
The dynamic chemical present in the plant is tetrahydrocannabinol (THC). The cannabis plant has several medical as well as recreational usages. In medicine, cannabis will treat nausea, asthma, vomiting, chronic pains, and many other diseases. The plant also has physiological and psychoactive effects when taken into the body. The market size for Hemp Industry World over was US$ 5.6 Billion in 2020.
Industrial Hemp (seed) is a highly nutritious plant globally; it creates a massive protein and minerals resource. It has the majority concentrated balance of proteins, vitamins, essential fats and enzymes combined with a comparative absence of sugar, starches and saturated fats. The overall benefits from Industrial Hemp Growth Trends will create room for players and its market will grow with a staggering CAGR of 17.58% during 2020-2027.
• Efficient properties of industrial hemp seed (hemp seed oil) and their increased use in different food applications
• Fundamental Transformation in Beverages Industry to Support Growth
• Shifting Customers Preferences Towards Organic Healthcare Pet Products
• The complex regulatory structure and the usage of industrial Hemp
• Deficiency of processing facilities and planting & harvesting equipment
Country prospects: In the United States, Hemp production has seen a resurgence in the past several years. High prices for hemp products are obsessed primarily by the need to produce CBD and increase plant relatives to other crops. Producer interest in hemp production has driven mainly by the potential for high returns from sales of hemp flowers to be processed into CBD (Cannabidiol) oil.
United States Demand for Hemp with Change in Laws:
In 2018 Farm Bill was approved, Hemp has categorized under the same regulations that covered cannabis, Hemp’s psychoactive cousin, since the Marijuana Tax Act of 1937. Congress explicitly approved in 2018 the shift of hemp derivative products across state lines for commercial or additional purposes. The bill also lifts limitations on the transportation, sale or possession of hemp-derived products.
COVID-19 Impact On The Global Industrial Hemp Market:
Due to COVID-19, all industry worldwide has impacted and thus this has affected the industrial hemp industry. Across the globe, transportation restrictions, lockdowns stopped products and supply chains. Canada, France, China are the country’s leading manufacturer of industrial cannabis. But recently some studied has suggest that cannabis oil has positive effect on COVID patients. This use of Hemp in the advancement of COVID 19 vaccines has increased market demand.
Renub Research latest report “Global Industrial Hemp Market” By Application (Textiles, Personal Care, Food & Beverages, Animal Care, Paper, Automotive Construction Materials, Furniture and Others), By Regions(North America, Europe, Asia Pacific, South America and Middle East and Africa), Company Analysis ( Naturally Splendid Enterprises Ltd., Darling Ingredients inc, Agropur and Aurora cannabis) This report provides a complete analysis of Global Industrial Hemp Market.
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Application – This Segment covers 9 Viewpoints from the Market
- Personal Care
- Food & Beverages
- Animal Care
- Construction Materials
Regions – This Segment covers 5 Viewpoints from the Market
- North America
- Asia Pacific
- South America
- Middle East and Africa
All the Company Analysis have covered 3 Viewpoints
• Recent Developments
• Revenue Analysis
Company – This Report covers 4 Companies Analysis
• Naturally Splendid Enterprises Ltd.
• Darling Ingredients inc
• Aurora cannabis
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