Industrial hemp, also known as hemp, is a variety of species of cannabis sativa plants that are specially cultivated for commercial purposes. Hemp's high nutritional values and beneficial fatty acid and protein profile are driving demand for hemp products. The high absorbency of hemp fiber is beneficial for livestock bedding, petroleum gas cleaning, and personal hygiene applications. Additionally, the growing demand for products from the textile, paper, and building materials markets due to favorable acoustic and aesthetic properties will support market growth. Products made from hemp are environmentally friendly, renewable, and associated with less harmful preparation methods.
Paper produced with hemp fiber requires fewer chemicals for processing compared to paper produced from wood pulps. Therefore, increasing levels of knowledge about the benefits of the product are expected to benefit market growth. Hemp fibers are used in paper, carpets, home furniture, building materials, insulation materials, and auto parts and composites. Insulating materials and biocomposites consume a significant amount of product due to their low weight, superior strength, biodegradability, and thermodynamic properties. Hemp razors cost half the value of fibers and have several applications in different industries, which is expected to drive growth in the segment during the forecast period.
They are mainly used in animal bedding materials because of their high absorbency, which is about four times their own dry weight. Hemp oil is widely used in the manufacture of food beverages (26%) because of its high nutritional content, which includes fatty acids, proteins, and several other ingredients. Several food manufacturing processes use hemp seeds and oil, which is expected to drive market growth. In addition, increasing consumer awareness of the benefits of the product is likely to drive market growth. The product is widely used in insulating and building materials such as fiberboard, cinder blocks, putty, stucco and mortar coatings and other products as a substitute for fiberglass.
Building materials that use industrial hemp also include roofing bases, acoustic materials, pipe wraps, house wraps, and shingles.North America is among the world's leading consumers due to the presence of several application industries. In addition, the high levels of disposable income for consumers, the growing geriatric population and the growing concern related to skin diseases and UV protection are expected to boost the demand for hemp oil in the personal care industry in the region. In Europe, the product is mainly consumed in automotive parts, building materials, textiles and fabrics in the form of fibers. However, the growing demand for hemp oil in the food supplement cosmetics and personal care markets (26%) is expected to boost the hemp seed market during the forecast period. The key factors driving the growth of the industrial hemp market include the growing demand from application industries along with the benefits of agricultural and environmental products.
Lower consumer demand for lifestyle and wellness products due to social restrictions and lockdown policies will have a negative impact on demand patterns for cosmetic ingredients and certain categories of food additives. However, the easing of restrictions and public discourse about the restart of economic activities in the consumer goods market indicate that a recovery in demand is imminent. The report will consider Covid19 as one of the main contributors to the market. The increase in consumption of hemp seeds in foods and other food products such as milkshakes yogurt cereals and bars is expected to further boost market growth. The bill described actions such as producing a plant with a content greater than 0.3% THC (tetrahydrocannabinol) or growing hemp without a license which would be considered a violation of law. The report contains qualitative and quantitative research on global industrial hemp market as well as detailed information and development strategies employed by major competitors. Industrial hemp as a fast-growing plant provides a sustainable renewable raw material for manufacturing a variety of products including fuel plastic and paper.
Growing consumer demand for sustainable goods together with initiatives and support from companies and government is expected to support growth of hemp-based biofuels and bioplastics. In addition steady growth of small-scale market players for hemp-based industrial and consumer products is expected to boost market in U. S.The growing demand for lightweight cars is driving demand for hemp biocomposites for interior applications such as door panels trunk liners replacement wheel covers hubcaps package trays etc. In addition legislation governing hemp containing tetrahydrocannabinol (THC) cannabidiol (CBD) varies widely adding complexity associated with commodity trading. The introduction of conducive regulation relating to cultivation use of hemp-based products in U.
S. has been instrumental in driving growth industrial hemp market. Industrial hemp market segmented depending on application into food beverages textiles personal care products pharmaceuticals others due wide customer base food nutritional supplements beverages personal care items presence several major competitors market such MH Medical Hemp GenCanna Colorado Hemp Works Dun Agro Hemp Group Hempo Oil Canada Konoplex Group HempFlex GroupB. Report also contains additional information characteristics hemp growers including years which farm operates age breed.
