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Industrial hemp is a type of Cannabis sativa plant species that is defined based on their tetrahydrocannabinol (THC) content. The versatile nature and the increasing demand in various application sectors is the primary driving force for the industrial hemp. The industrial hemp is used in products such as cosmetics, beverages, dietary supplements, and textile industries. The hemp seeds are a complete protein source, which means it consists of all the nine amino acids, which makes it an ideal choice to be added in the diet. The incorporation of hemp leaves in functional beverages such as ready-to-drink teas owing to its medicinal properties, such as improving gastrointestinal functioning and strengthening the bones, has led to its market expansion.
The use of industrial hemp in textile industries has been a prominent factor in boosting its market presence. The use of industrial hemp as fiber in the textile industry is prominent. Hemp is comparatively better and stronger than the other substitutes like cotton and is renewable. These factors have pushed the consumers to shift towards industrial hemp-derived products.
Key Market Driver -
Functional Properties of Industrial Hemp
Key Market Restraint -
High Manufacturing Costs
The industrial hemp,owing to its antioxidant properties are utilized in cosmetics and personal care products. Thus, helping in its market expansion. The use of hemp seed oil in salads and dressings on account of its favorable nutrient profile paired with the steady growth of the food & beverage sector globally is likely to contribute to its further market penetration.
The industrial hemp, since being a raw material in various products like food and cosmetics, its demand is surging and the production is comparatively less. The inability to meet the requirements is leading to incurring losses by the farmers. Thus, raising the overall price of the industrial hemp. The amount of cannabidiol(CBD) and THC produced is much lower as compared to the number of plants harvested that leads to an expensive extraction process. Thus, increasing its manufacturing cost, which is impeding its global market.
The leading players operating in the global industrial hemp market are Hempco Food and Fibre Inc., Ecofibre Ltd., Hemp Inc., Bafa Neu GmbH, Gencanna Global USA, Inc., Hemp Oil Canada Inc., Konoplex Group, Dun Agro Hemp Group, Colorado Hemp Works, LLC., Canah International, and MH Medical Hemp GmbH.
The global Industrial hemp market is segmented by source, type, application, and geography. The preference for organic industrial hemp is growing among the developed and developing regions with the ongoing trend for natural products, coupled with consumers spending capacity. The organic hemp oil which is grown without using any synthetic agricultural manures has positively driven the organic segment. The textile industries are one of the leading sectors that use industrial hemp for producing apparel, bags, shoes, denim, and others that have driven the market.
Europe is the leading market for industrial hemp. Germany and Switzerland are the prominent industrial hemp importing countries in the region. The growing awareness among the consumers of the various benefits associated with industrial hemp as an effective personal care product and helping in curing ailments like insomnia has led to its increase in production affecting the market positively.
North America is projected to witness noticeable growth in the industrial hemp market in the forthcoming years. The incorporation of hemp-infused beverages as health and wellness products, coupled with the legalization by the U.S. government for its commercial use as an agricultural commodity, has driven its consumption rate. The incorporation of industrial hemp seeds in fortified foods such as smoothies, cereal bars, yogurt has led to the overall market expansion.
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The Asia Pacific is witnessing a gradual awareness about the industrial hemp uses, aiding in the market growth. China is one of the largest producer and exporter of industrial hemp, followed by South Korea and Japan. Furthermore, the extensive use of industrial hemp for textile and paper manufacturing in the region has driven the market.
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