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.
For More Information, Click on the Link
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Related Reports:-
Hemp Products Market Research: Global Status &
Forecast by Geography, Type & Application (2015-2025)
Contact Us:-
Ken Research
Ankur Gupta, Head
Marketing & Communications
+91-9015378249
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