Industrial Hemp Market Value Projected to Expand during 2022-2032

Posted on 2023-06-16 by Fact.MR in Food & Beverage // 0 Comments

The industrial hemp market refers to the global market for products derived from the industrial hemp plant (Cannabis sativa). Industrial hemp is a variety of the Cannabis sativa plant that contains low levels of tetrahydrocannabinol (THC), the psychoactive compound found in marijuana. Instead, it is primarily cultivated for its industrial uses and the production of various commercial products.

The industrial hemp market encompasses several sectors, including:

Fiber and Textiles: Industrial hemp fibers are strong, durable, and have various applications in the textile and apparel industry. Hemp fibers can be used to make clothing, accessories, upholstery, and other textile products.
Building Materials: Hemp fibers can be processed into construction materials such as hempcrete (a mixture of hemp hurds and lime), which is used as an alternative to traditional concrete. Hemp-based insulation, fiberboards, and other building materials are also gaining popularity.
Paper and Packaging: Hemp fibers can be used to produce high-quality paper and packaging materials. Hemp paper is known for its durability and eco-friendliness compared to traditional wood-based paper.
Food and Beverages: Hemp seeds are rich in protein, healthy fats, and various nutrients. They can be used to produce hemp oil, protein powder, hemp milk, and other food and beverage products. Additionally, hemp-derived CBD (cannabidiol) is used in some food and dietary supplements.
Personal Care and Cosmetics: Hemp seed oil is often used in personal care products such as soaps, lotions, shampoos, and cosmetics due to its moisturizing and nourishing properties.
Supplements and Health Products: Hemp-derived CBD is widely used in dietary supplements, tinctures, oils, and other health and wellness products. CBD is believed to have potential therapeutic benefits, including pain relief, stress reduction, and sleep improvement.

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Key findings of the Industrial Hemp market study:

Regional breakdown of the Industrial Hemp market based on predefined taxonomy.
Innovative manufacturing processes implemented by Industrial Hemp vendors in detail.
Region-wise and country-wise fragmentation of the Industrial Hemp market to grasp the revenue, and growth outlook in these areas.
Changing preferences among consumers across various regions and countries.
Factors (Positive and Negative) impacting the growth of the global Industrial Hemp market.
Industrial Hemp price, market share, and Trends forecast for assessment period 2023-2033

What are the factors that favor growth in the market?

a plant with roots in eastern Asia whose cultivation has long been prohibited in many countries due to the presence of the psychoactive secondary metabolite tetrahydrocannabinol (THC) in numerous plant species.

The cultivation of fibre, seeds, and flowers from certain strains of Cannabis sativa L., commonly referred to as industrial hemp, with a THC content of less than 0.2% w/w has just been allowed by the European Union once again. The Italian government passed a new legislation covering the production, distribution, and use of industrial hemp in response to the European regulation.

It is thus projected that the growing of this crop would increase over the next years due to the favourable legal environment and the unique goods that may be developed from it. Typically, the primary stalk of these plants employed for industrial uses is spindly and covered with leaves. Hemp is a low-maintenance crop that normally grows to a height of 6 to 15 feet. Depending on the crop, the intended use, and the weather, the period between planting and harvesting may range from 70 to 140 days.

Demand for therapeutic applications is fueled by nutritional qualities. As heart attacks and other cardiovascular disorders become increasingly widespread, the market is expected to expand. Arrhythmias and cardiac abnormalities are risk factors for developing heart issues, thus it’s beneficial to mitigate. Moreover, it lowers blood pressure and lowers the likelihood of heart failure. The market is projected to rise as people become more aware of their health and well-being.

Competitive landscape analysis

The report offers in-depth insights into competition prevailing in the market. It profiles companies in terms of tier 1, tier 2, and tier 3. Growth prospects for companies belonging to each of these tiers are studied in detail.

The survey also includes company share analysis to evaluate share held by these companies, respectively. It also underscores some of the winning strategies adopted by the market players. The impact of government regulations on strategies adopted by the market players are evaluated in details.

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