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.
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.
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.
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).
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)
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