Global Industrial Hemp Market: Overview
The products in the global industrial hemp market, manufactured from hemp are considered to be eco-friendly, less harmful in terms of methods of preparation, and renewable. This has greatly motivated for players in a number of end use industry verticals to opt for products in the global industrial hemp market owing to their environmentally friendly nature.
Furthermore, beneficial dietary properties of hempseed as well as hempseed oil are furthering the demand within the global industrial hemp market. The products in the global industrial hemp market are also receiving massive demand from personal care as well as cosmetics industry for the production of various consumer products such as shampoos, body lotions, massage oils, soaps, bath gels, hand lotions, and UV skin protectors.
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Some of the major applications for the solutions and products offered by the manufacturers and players working in the global industrial hemp market include textiles, furniture, paper, personal care, animal care, automotive, food and beverages, and construction materials, among others. Among these, the textiles emerged as the dominant industry segment in recent past.
This trend can be attributed to the increasing demand for consumer textile products made with hemp, such as rope, nets, tarps, geotextiles, twine, canvas bags, and carpets, among others. Furthermore, increasing demand for hempseed and hempseed oil to be used as a substitute protein source in food and beverages industry is also bolstering the demand dynamics within the global industrial hemp market.
Global Industrial Hemp Market: Major Trends and Drivers
One of the major driving factors contributing to the rising demand in the global industrial hemp market is the increasing demand from the food and beverages industry, owing to the dietary benefit offered through the consumption of hemp products.
Furthermore, the rising preference for hemp as an eco-friendly alternative for inorganic compounds used for thermal insulation, fiberglass alternatives, automotive products, and construction materials is also contributing to the growth of the global industrial hemp market in coming years. Moreover, the increase in demand for technical products, such as solvents, printing inks, chain saw lubricants, coatings, varnishes, oil paints, fuel, and putty are also anticipated to influence the development within the global industrial hemp market in near future.
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Global Industrial Hemp Market: Key Players and Manufacturers
Few of the most dominant and prominent players and manufacturers functional within the global industrial hemp market include CBD Biotechnology, Co., Marijuana Company of America, Inc., Terra Tech Corp., HemplFlax B. V., American Hemp, Boring Hemp Company, Ecofiber industries operations, Parkland Industrial Hemp Growers Cooperative Ltd., Botanical Genetics, LLC, HempMeds Brasil, American Cannabis Company, Inc., Industrial Hemp Manufacturing, LLC, Hemp, Inc., Plains Industrial Hemp Processing Ltd., and Valley Bio Limited, among others.
Manufacturers and players operational within the global industrial hemp market are focusing on producing hemp products in various quantities as well as qualities to meet the increasing demand from numerous end use industry verticals.
Global Industrial Hemp Market: Regional Assessment
Geographically, Asia Pacific emerged as the leading regional market within the global industrial hemp market in recent past. The top positioning of the Asia Pacific region in the global industrial hemp market can be attributed to rising regional demand for industrial hemp products, constant advancements in the technologies that make hemp harvest relatively easier for the cultivators, and presence of several leading producers and manufacturers of hemp products in the region.
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The regional economy of China emerged as the most prominent producer as well as exporter of industrial hemp products in the Asia Pacific global industrial hemp market. Some of the dominating producers within the global industrial hemp market in China include Shanxi, Heilongjiang, Anhui, and Yunnan. Rising applications of industrial hemp in construction materials as well as in automotive parts are also boosting the demand within the global industrial hemp market in regions such as Asia Pacific and Europe.
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