Sarasota, FL -- (SBWIRE) -- 03/16/2019 -- Global Industrial Hemp Market: Overview
Industrial Hemp is a broad-leaved plant comprising of a taproot which is capable of rapid growth under perfect growing conditions. It also includes the byproducts of hemp plants and plant part. For example, by products are considered as industrial hemp market and include hemp flour and hemp seed oil.
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Global Industrial Hemp Market: Growth Factors
Industrial Hemp is harvested for use in producing a large number of products including construction and insulation materials, paper products, fiberglass, textiles, biofuel, nutraceuticals, and bio-plastics. It can be grown for food and non-food products without depending upon toxic chemical pesticides, herbicides, and fertilizers. Generally, every part of the plant can be put to a worthy use: flowers, stalks, seeds, and oils all have applications. These aforementioned factors are likely to drive the growth of the industrial hemp market in the coming years. Escalating demand for industrial hemp products is increasing, owing to the large-scale awareness towards consumer health. The changing consumer trend towards the natural products is substantially steering the growth of industrial hemp market across the globe. The product finds massive application in cosmetics and plastics and can be used as a substitute for paper. Furthermore, lucrative use of the product in paper making, textiles, biodegradable plastics, fuel, construction, and health food will further drive the scope of the business.
Global Industrial Hemp Market: Segmentation
The global industrial hemp market can be classified based on product and application. On the basis of the product, the market is segmented into seeds, shivs, and fiber. Based on the application, industrial hemp market is sectored into textiles, animal care, construction materials, food & beverages, paper, automotive, furniture, and personal care.
Global Industrial Hemp Market: Regional Analysis
Based on regions, the global industrial hemp market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is anticipated to contribute lucratively towards global industrial hemp market revenue over the assessment period, subject to the region being a key consumer of seed- and fiber-based products along with the massive use of these products in food and beverages, textile, and personal care sectors. Rising aging population and rising concerns about skin diseases and UV protection are expected to drive the demand for hemp oil from the personal care industry in the region, thereby further accelerating the business cope in the region.
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Europe is also likely to contribute significantly towards the industrial hemp market size in the foreseeable future, subject to massive product demand in the region. Furthermore, massive use of fibers derived from the product in the manufacturing of construction materials, fiberboards, and auto parts will further spur the regional market earnings.
Asia Pacific industrial hemp market is anticipated to witness a stupendous growth in the coming years, owing to increasing fiber consumption in manufacturing of biodegradable textiles for consumer and industrial applications. Presence of major supplier countries including China, India, Australia, and South Korea, is expected to have a positive impact on the regional growth.
Rise in consumption of oil derived from the product for pharmaceutical and food and beverage industry along with high consumption of hemp-based foods and supplements owing to increased health issues such as cardiovascular diseases is expected to propel growth of the industrial hemp market in Latin America.
Global Industrial Hemp Market: Competitive Players
Some of key players in industrial hemp market are Bombay Hemp Company, E Hemp, Industrial Hemp Manufacturing, LLC, Hempoil Canada, UAB Agropro, Mollerup, and Hemp Food Australia.
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Global Industrial Hemp Market: Regional Segment Analysis
The Asia Pacific
The Middle East and Africa