Hemp Derivatives Market Share, Industry Trends, Analysis, Opportunity and Forecast To 2030
Market Scope
MRFR (Market
Research Future) expects the hemp derivatives market 2022 to be worth more than
USD 56.8 Billion by 2030. The market’s expansion rate is also anticipated to be
32.3% between 2022 and 2030 (evaluation period). We will provide COVID-19
impact analysis with the report, along with all the extensive key developments
in the market post the coronavirus disease outbreak.
Growth Drivers and Deterrents
Hemp
derivatives can be refined into various commercial goods, such as textiles, paper,
biodegradable plastics, clothing, insulation, paint, food, animal feed and
biofuel. Escalating awareness level among consumers with regard to the nutritional
advantage of hemp derivatives along with the surge in the production of industrial
hemp could benefit the hemp derivatives industry. Hemp derivatives like seed
oil, fibers and CBD have extensive applications across multiple end-use
industries including pharmaceuticals, food and beverage, animal feed, personal
care, and others. The demand is especially high in the food and beverage
sector, with hemp-based items gaining major traction and manufacturers spending
considerably on the production of the same.
The Hemp
Derivatives Market Trends also stands to profit from the surging
legalization rate and cultivation on account of the growth in government
approvals. Cannabidiol in particular, has emerged as the new consumer trend, thanks
to the increase in social media influencers hyping the benefits associated with
cannabis, marketing initiatives taken by players and the expanding application scope.
As a result, soaring number of products such as cosmetics, skincare, intimate
lubricants, haircare, gummies, pharmaceuticals, infused beverages, pills, and more
are leading to higher demand for the global market. Additionally, considering
the escalating preference for biodegradable plastic has been fostering the
sales of hemp fiber, which benefits the hemp derivatives industry.
Companies
are exploring potential application markets including hemp-based pet products,
which include pet treats that are hemp-based. Partnerships, acquisitions and product
launches are some of the chief strategies adopted by renowned firms to capture
a bigger Hemp
Derivatives Market Share. A case in point, in December 2020, Aleafia Health
Inc. launched its latest high potency CBD 50 oils in Canada. The oil is
expected to be sold to patients as EmblemTM CBD 50 and adult consumers as
SymblTM High CBD 50. CBD 50 has full spectrum and contain supercritical CO2 derived
from CBD oils that help preserve the natural qualities of the cannabis plant.
Segmental Study
Type and
application are considered in the MRFR report as the key segments, based on
which the global market study has been carried out.
Types of
hemp derivatives are hemp fiber, hemp-derived CBD oil, hemp oil, and more. Hemp-derived
CBD oil can zoom ahead at the fastest pace due to the amplified demand in
industries like pharmaceuticals, food & beverages and personal care. On the other hand, hemp
fiber enjoys the highest demand and is therefore, the biggest shareholder in
the global market.
Applications
included in the report are food & beverages, pharmaceuticals, personal care,
industrial, and others. Food & beverages can expect the fastest growth over
the forecast timeline. Hemp derivatives are a primary source of minerals, vitamins,
essential fatty acids and protein, and thereby, observe massive demand in the
food & beverage sector. The industrial segment can however emerge on top,
given the widespread utilization of hemp fiber in the automotive and construction
industries.
Regional Outlook
Europe, APAC
or Asia Pacific, MEA or Middle East and Africa and North America are the key
regions across which the global market can witness varying degrees of growth
during the appraisal period.
Europe is
the market leader, in view of the large-scale hemp cultivation and consumption.
Germany, Netherlands and France are the key markets in the region, where hemp
is legalized. Hemp cultivation in Europe accounts for roughly 25% of the worldwide
cultivation, wherein France is responsible for over 40% of the total hemp
cultivation. Increase in consumer awareness level with regard to the health
benefits of hemp derivatives has also bolstered the demand for these products
in the region.
The fastest
growth of the hemp derivatives market is observed in APAC, with countries like China
and India in the lead. China stands as a prominent exporter of hemp to the US
and Europe. Global vendors across end-use industries including cosmetics and personal
care are increasingly targeting developing countries to boost their sales and profitability,
which helps foster the market growth in the region. Plus, rising legalization
encouraging cannabis’ use in medical applications in the region also acts as a
major growth booster.
Renowned Industry Contenders
Some of the
highly renowned contenders in the global market are Konoplex LLC (Russia), Colorado
Hemp Works, LLC (US), Bafa Neu GmbH (Germany), HempFlax Group B.V.
(Netherlands), Hempco Inc. (Canada), HemPoland (Poland), Hemp Oil Canada
(Canada), Ecofibre (Australia), Dutch Hemp Group (Netherlands), GenCanna Global
USA, Inc. (US), MH Medical Hemp GmbH (Germany), Canopy Growth Corporation
(Canada), to mention a few.
Comments
Post a Comment