DataM Intelligence
The size of the industrial hemp market is expected to grow at a CAGR of 16.2% during the forecast period from 2022 to 2027
The European industrial hemp market is expected to have a decent growth rate during the 2022-2027 forecast period.
– DataM Intelligence
CLEVELAND, OH, USA, January 24, 2022 /EINPresswire.com/ –
Industrial hemp market overview:
The size of the industrial hemp market is expected to grow at a CAGR of 16.2% over the forecast period from 2022 to 2027. The CBD oil present in hemp has numerous medicinal properties and has the potential to treat tumors and decrease Pain, diabetes, include chronic pain that is expected to be the main drivers of the growth of the industrial hemp market. Hemp oil includes large amounts of antioxidants that drive its application in the application of cosmetics and personal care. In addition, the drug reimbursement offered by the product is likely to support market demand. Industrial hemp has several environmental and nutritional benefits.
With the unexpected outbreak of COVID-19, a maximum of countries had implemented night-time blockages and curfews that have severely affected human lifestyles, health and well-being, as well as manufacturing industries, growth of the industrial hemp market to a certain level. .
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Promoters of the industrial hemp market:
The industrial hemp market is driven by growing demand for hemp oil and fiber in the automotive, construction, food and beverage, personal care and textile industries. There is a growing demand for hemp oil paints, varnishes, printing inks, fuel, solvents, chain saw lubricants, putty and coatings.
There is an increase in the release of end products derived from hemp. For example, in April 2020, CanaFarma Hemp Products Corp. had launched the new hemp oil cream under its Yooforic brand. Yooforic hemp oil infused cream for joint and muscle support is made up of premium ingredients that address inflammation, chronic joints and muscle pain. It is the light aromatic botanical blend designed to help soothe tired muscles and joints in contact. The gel-like creamy texture is light and airy, and the cream is absorbed at the level of the dermis without leaving any greasy residue.
In addition, strict government rules on tackling textile pollution problems and water scarcity have prompted the textile industry to accept sustained production that is expected to produce business opportunities for industrial hemp fiber thus controlling the growth of industrial hemp market.
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Industrial hemp market segmentation:
1. By product type:
1.1 Hemp seed
1.1.1 Hemp seed oil
1.1.2 Hemp fiber
1.1.3 CBD hemp oil
1.1.4 Others
2. By source:
2.1 Organic
2.2 Conventional
3. By request
3.1 Food
3.1.1 Appetizers and cereals
3.1.2 Soup
3.1.3 Sauces
3.1.4 Condiments
3.1.5 Bakery
3.1.6 Frozen dairy products and desserts
3.1.7 Others
3.2 Drinks
3.2.1 Hot drinks
3.2.2 Sports and energy drinks
3.2.3 Ready to drink
3.2.4 Others
3.3 Personal care products
3.4 Textiles
3.5 Pharmacists
3.6 Others
Geographic market classification:
The global market ranks in North America, Europe, Asia Pacific, Latin America, the Middle East, Africa and the rest of the world.
Asia Pacific Industrial Hemp Market Share:
The Asia Pacific industrial hemp market controls the global market and grows by more than 30.0% by 2020. Increasing global demand for industrial hemp and innovative technologies and new trends are creating an easier harvest for the previous ones, thus altering the face of the industrial hemp. hemp production in the Asia Pacific region.
Growth of the industrial hemp market in Europe:
The European industrial hemp market is expected to have a decent growth rate due to the growing demand for hemp-related products in personal care, food, supplements and cosmetics. Hemp seeds as food are consumed in yogurts, smoothies, bars and cereals. There is an effective awareness of the nutritional positivity of consuming hemp products.
Analysis of the competitive landscape of the industrial hemp market:
The global industrial hemp market is highly competitive with the presence of various international and local markets. Product diversification, revenue generation and opportunities intensify market competition. Ecofibre, Hemp Inc., Gencanna, Hempflax BV, Hemp Oil Canada, Canah International, Hemp Poland are the major market players with a significant market share.
The main players use product development, new product launch, market expansion and product diversification strategies to maintain their market position. For example, in May 2020, Hempyre Holdings Ltd. had launched the global distribution platform for branded canned consumer products formulated with hemp focused on beauty, beverages and wellness.
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January 24, 2022, 11:19 GMT
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