Market Forecast
The Global Hemp
Derivatives Market is expected to cross USD 17 Billion by
2025 at a CAGR of 30.0% during the
forecast period of 2019 to 2025. The global smarket is expected to
be lucrative for the active vendors owing to the rising use of hemp derivatives
in animal feed, biofuel, and bioplastics, among others. Market players are
investing in R&D and introducing pet food products such as pet treats made
from hemp. For instance, in September 2018, EastWest Bioscience, a
Canadian hemp-based products manufacturer, launched the hemp-based pet products
brand Natural Pet Science to cater to the rising demand for health-conscious
pet treats. Additionally, the legalization of hemp in several countries has
propelled market players to invest in the market and expand their presence
across the globe.
Key Players
- Hemp Oil Canada (Canada)
- GenCanna Global USA, Inc. (US)
- Ecofibre (Australia)
- MH Medical Hemp GmbH (Germany)
- Konoplex LLC (Russia)
- Canopy Growth Corporation (Canada)
- HempFlax Group B.V. (Netherlands)
- HemPoland (Poland)
- Bafa Neu GmbH (Germany)
- Hempco Inc. (Canada)
- Dutch Hemp Group (Netherlands)
- Colorado Hemp Works, LLC (US)
Market USP
Health benefits associated with
hemp-based products
Growth Opportunities in the
Market
- Growth of the Food & Beverage Industry:
Intensive research on hemp and its effect on human and animal health has
led to the legalization of hemp in several countries. Hemp contains trace
amounts of tetrahydrocannabinol (THC) and has proven to be beneficial as
an anti-depressant, anti-inflammatory, antioxidant, and anti-carcinogenic.
Owing to such benefits, the demand for hemp derivatives such as seed, oil,
powder, and hemp-derived CBD oil is increasing in various food &
beverage applications including snacks, beverages, dairy products, frozen
desserts, and bakery products. The growth of the global food & beverage
industry is expected to offer profitable growth opportunities to the
market players by opening up new investment pockets.
By Application
- Food &
Beverages: It is expected to be the fastest-growing segment during the
forecast period. Being a prominent source of vitamins, minerals, protein,
and essential fatty acids, the demand for hemp derivatives is increasing
in the food & beverage industry. Hemp derivatives in the form of
seeds, oil, and protein powder are widely used in various food &
beverage applications.
- Pharmaceuticals:
It is also a fast-growing segment. The legalization of hemp and rising
awareness regarding the health benefits offered by hemp are contributing
to the growth of the segment. Hemp oil and hemp-derived CBD oil are both
widely used in the pharmaceutical industry to treat various conditions
such as epilepsy in children, cancer, and depression.
- Personal
Care: Personal care is the second-largest revenue-generating segment of
the global hemp derivatives market. Hemp
Derivatives Market are
used in various personal care products such as soap, cream, lotion,
shampoo, and conditioner. It is effective in almost all major product
categories such as hair, skin, body, and face.
- Industrial:
The industrial segment is the largest application segment of the global
hemp derivatives market. The widespread use of hemp fiber in the
construction and automotive industries is driving the growth of the
segment. The expansion of these industries is responsible for the largest
market share of the segment.
- Others: The
other segment includes applications such as animal feed, hemp-based pet
products, and textiles. The textile industry uses fiber derived from hemp;
hemp bast is used in the textile industry as it can be easily spun and
woven. Bast fiber can further be classified as primary and secondary,
based on length. Primary bast fiber is up to 50 mm long with approximately
50%–70% cellulose content, whereas secondary bast fiber is about 2 mm
long.
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