Published Date : 31 Jul 19 | Views: 44 | Industry : Food & Beverages
The global Hemp market is categorized into three segments such as by nature, by application, and by type. By type, the market is segmented into hemp fiber, hemp seed, hemp oil, and CBD hemp oil. Hemp seed segment is predicted to grow at a telling CAGR owing to increasing demand for seedcakes, nutraceuticals, and oil. By nature, the market is segmented into two segments such as organic and conventional. By application, cosmetics, beverages, pharmaceuticals, food, and textiles are the segments of the market. Textile segment is likely to capture a large share of global Hemp market due to their increasing usage in the production of canvas bags, geotextiles, twine, and ropes.
Geographically, North America is predicted to register a significant CAGR owing to major consumption of seed-based and fiber-based products that are primarily used in industries like textiles, food and beverages and personal care. Apart from North America, Asia Pacific region is also showing remarkable market growth in the forecasted period. Biodegradable textiles are manufactured from Hemp fiber and have consumer and industrial applications. This is one of the main reasons for flourishing market growth in the Asia Pacific region.
The permission of tetrahydrocannabinol (TCH) content in Hemp cultivation, processing, marketing, consumption, and distribution as per the set guidelines by Industrial Hemp Act 2017, the 2014 Farm Bill, and U.S. Drug Enforcement Agency (DEA) policies is expected to generate opportunities for hemp manufacturers. Major market participants functioning in the worldwide Hemp market are South Hemp Tecno, Colorado Hemp Works, Hempco, Ecofibre, Canopy Growth Corporation, Hemp Oil Canada, Canah International, Dun Agro, BAFA, ENDOCA, Hemp Inc., GenCanna, HempFlax BV, Elixinol Global Limited, Konoplex Group, Cannoid, Hemp Poland, Plains Industrial Hemp Processing, and MH Medical Hemp
Shivs are another type of product derived from Hemp and used in the manufacturing of construction and insulating material. Moreover, different companies in the market, function with fiber treatment technology to make fire retardant, fiber water repellent, and absorptive is foretold to propel the demand.
Growing consumption of Hemp infused food items such as cooking oil, dairy alternative, flour, and salad dressings are anticipated to fuel the market growth. Apart from this, the rising consumption of bakery items such as bread and cookies is predicted to drive the demand for Hemp products in the worldwide market. Increasing awareness about the various benefit associated with Hemp is likely to boost the demand in the global market.