Industrial Hemp Market
Industrial hemp, sometimes known as hemp, is a type of Cannabis sativa plant that is grown specifically for commercial purposes. Industrial hemp is a low-cost, fast-growing plant that is also environmentally benign. It is also one of the world’s most versatile and long-lasting crops.
The market is being driven by an increase in demand for industrial hemp from businesses such as food and beverage, personal care, and animal care all around the world. Consumer awareness of the benefits of industrial hemp is expected to grow, as is legalization of industrial hemp cultivation in many countries. Industrial hemp is also being used in a variety of industries, including textiles, pharmaceuticals, food, beverage, personal care, construction & material, furniture, and paper.
The rising consumption of hemp-based products due to its different health advantages and higher occurrences of ailments such as epilepsy and other sleep disorders are contributing to the market’s growth. The complex legal system for the use of industrial hemp in many nations, on the other hand, is projected to stifle the product’s market expansion.
COVID-19 Impact Analysis:
With the abrupt breakout of the COVID-19 pandemic, a large number of countries enforced lockdowns and curfews, which had a significant influence on people’s lifestyles, health, and well-being, as well as manufacturing industries, limiting the expansion of the industrial hemp industry.
|Segments Covered||Type, Application, Source|
|Key Companies||Hempco, Ecofibre, Hemp Inc, Gencanna, Aurora Cannabis Inc., Agropro, Manitoba Harvest Hemp Foods, Hempro International, Green Source Organics, Hemp Foods Australia|
|Regional Scope||North America, Europe, Asia Pacific, Central & South America, Middle East & Africa|
|Analysis Coverage||Market Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments|
Key Trends and Drivers:
- Only small levels of tetrahydrocannabinol (THC) are found in hemp seeds produced from the plant “Cannabis sativa” . They are high in linoleic (omega-6) and linolenic (omega-3) essential fatty acids (omega-3).
- Hemp seeds have enough protein to be considered a valuable complement to a vegan diet, unlike most other plant-based foods, making it unique.
- Industrial hemp is a tough, durable natural fiber with little elasticity. Hemp fiber has the highest heat capacity ratio of all natural fibers and has excellent heat insulation.
Any Restraints or challenges:
- The laws governing hemp containing cannabidiol (CBD) and tetrahydrocannabinol (THC) vary greatly from state to state and country to country, complicating the commodity’s trading.
- Hemp seed
- Hemp seed oil
- CBD hemp oil
- Hemp fiber
- Snacks & cereals
- Soup, sauces, and seasonings
- Diary & frozen desserts
- Others (cold cereals, pasta, chocolate spreads, and pet food)
- Hot beverages
- Sports & energy drinks
- Ready to drink
- Others (meal replacement drinks, beverage mixes, beverage concentrates, and juice drinks)
- Personal care products
- Hemp Inc
- Aurora Cannabis Inc.
- Manitoba Harvest Hemp Foods
- Hempro International
- Green Source Organics
- Hemp Foods Australia
April 12 2022: Tilray Brands, Inc. a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today announced that the Company has signed a definitive agreement for a commercial and financial partnership with HEXO Corp.
April 13 2022: Greenrise Global Brands has announced the acquisition of a 51 percent interest in CannaCare Health. The acquisition provides immediate sales growth as CannaCare generated unaudited sales of €2,000,000 in 2021 from CBD wellness sales. The maximum sales performance goals for CannaCare Shareholders to earn additional payments are €4,000,000 in FY2022 and €10,000,000 million in FY2023.