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The global hemp market is predicted to remarkably benefit from increase in legalization and liberalization of hemp cultivation with permitted level of tetrahydrocannabinol (THC) content. Hemp fiber gains massive demand in the textiles industry, especially for the manufacture of various industrial and consumer textiles, spun fibers, and yarns. Shivs are another type of hemp products that are adopted for the manufacture of insulating and construction materials and for animal bedding.Hemp manufacturers are prophesied to make themselves stand out from the rest of the competition by setting new quality standards. In June 2019, US producer of cannabidiol (CBD) hemp, GenCanna received the Current Good Manufacturing Practices and Brand Reputation Compliance Global Standard for Food Safety certificates. Earlier that year, the company unveiled its first patentable THC-free non-genetically modified organisms (GMO) hemp genetics.
Favorable Government Policies to Bode Well for Global Market
The global hemp market is foreseen to gain growth with the increase in demand for hemp-based food products such as salad dressings, flour, dairy alternatives, and cooking oil. Demand for hemp could be driven by increased consumption of cookies, bread, and other bakery items. High awareness among consumers regarding the various benefits of hemp is expected to further push the demand in the global market. The allowance of THC content in hemp consumption, distribution, marketing, processing, and cultivation according to legislative procedures set as per the Industrial Hemp Act 2017, the 2014 Farm Bill, and U.S. Drug Enforcement Agency (DEA) policies is predicted to create opportunities.
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Players to Concentrate on Vertical Integration to Expand Growth
Some of the leading hemp manufacturers are Hempco, Ecofibre, Hemp Inc., GenCanna, HempFlax BV, Elixinol Global Limited, Konoplex Group, Canopy Growth Corporation, Hemp Oil Canada, Cannoid, BAFA, ENDOCA, Hemp Poland, MH Medical Hemp, Dun Agro, Plains Industrial Hemp Processing, Colorado Hemp Works, Canah International, and South Hemp Tecno.
Companies may consider adopting vertical integration as a market strategy to strengthen their position in the industry. In July 2019, Hemp, Inc., a US-based pioneer in the industrial hemp industry, started the renovation of part of its hemp farming and processing facilities in North Carolina. After the completion of the project, the company will be vertically integrated in the market.
By Type
● CBD Hemp Oil
● Hemp Seed
● Hemp Fiber
● Hemp Oil
By Nature
● Organic
● Conventional
By Application
● Food
● Beverages
● Cosmetics
● Textiles
● Pharmaceuticals
On the basis revenue, hemp seed is forecast to rise at a significant CAGR due to increase in demand for nutraceuticals, seedcakes, and oil. The global hemp market is also segmented into conventional and organic by nature. Among applications, textiles are projected to lead the global market in terms of consumption because of their high use in the manufacture of geotextiles, canvas bags, ropes, and twine.
By Region
Regionally, North America is foretold to grow at a telling CAGR while riding on its large consumption of fiber and seed-based items that are mainly used in lucrative industries such as personal care, textiles, and food and beverage. Asia Pacific could also show impressive market growth on the back of rising use of fiber in the manufacture of biodegradable textiles for industrial and consumer applications.
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Table of Contents
Overview of the Report: The report starts with research scope, major players studied by the authors, years considered for the research study, objectives of the study, and analysis of market share by application and market size growth rate by type.
Global Growth Trends: Here, the size of the global Bio-pharma market is studied along with sales and revenue analysis. This section also includes industry trends and analysis of the growth rate of the global Bio-pharma market by region.
Regional Analysis: All of the regions and countries analyzed in the report are studied on the basis of revenue, sales, and share in the global Bio-pharma market.
Company Profiles: Almost all leading companies operating in the global Bio-pharma market are profiled in this section, taking into account their recent developments, market share, and other vital factors.
Market Forecast: Apart from revenue and sales forecast of the global Bio-pharma market, this section provides forecast of all
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