The global industrial hemp market size is anticipated to advance at a significant rate in the future. The global market is boosted by the increasing demand for hemp oil & fibers in the food & beverage, automotive, personal care, construction, and textile industries; particularly in developing regions like the Asia Pacific. The surging demand for varnishes, oil paints, fuel, printing inks, chain-saw lubricants, solvents, putty, and coatings is likely to further impel the product demand. Also, development in the speculation for the production of hemp-based products is predicted to pitch the market growth. The lower prices of the hemp as a crop support farmers to expand their crop options, which have augmented the number of manufacturers.
The key players in the global market aim at the full utilization of the crop to obtain a higher market share. The intensifying consciousness related to the dietary advantages of its oil, along with the increasing demand from the personal care & cosmetics industries is likely to propel the market growth. The introduction of helpful regulations related to the cultivation and utilization of hemp-based products in the U.S. is anticipated to impel the market growth in the upcoming years.
Industrial hemp is an extremely regulated crop globally and licenses from various regional & national authorities are needed to cultivate, process, share out, and use these products. Based on the liberalization in policies, the countries are cultivating and consuming a noteworthy amount of this product, which is likely to drive the global industrial hemp market in the future. The enforcement of policies such as the “2018 Farm Bill,” which withdraws the need for DEA (Drug Enforcement Administration) registration for cultivating or manufacturing specific types of cannabis is projected to drive the market growth.
Additionally, the latest approval of USDA (United States Department of Agriculture) hemp regulations by the White House is also likely to positively impact the demand for the product. Hemp seeds and oilcakes are utilized in the food & beverage industry as a substitute for food & feed protein. The oil gained from crushed seeds is utilized in lotions, soaps, bath gels, shampoos, and cosmetics. The increasing demand for industrial hemp across the construction, textile, personal care, food, and animal care industry is likely to stimulate the growth in the coming years.
Seeds are mainly utilized to produce oil that is used in personal care, food & beverages, and animal feed industries. The oil is also utilized in therapeutic & medicinal and nutritional supplements products like pharmaceuticals. The insulation materials and bio-composites utilize a considerable amount of hemp fibers due to their high strength, lightweight, biodegradable, and thermodynamic characteristics. Hemp bio-composites are mainly utilized for casting in automotive applications. The fibers are strong, contain high hemicelluloses, and good absorbent capacity which makes it a functional crop for the textile industry. The market for seeds is likely to surge on the account of increasing demand from application industries. Similarly, recently Aurora Cannabis was in news for focusing on the U.S. CBD (cannabidiol) market. Chair Michael Singer stated, “We plan to have a significant footprint across the U.S. in the upcoming years.” The company has a “laser-focused” perspective on the hemp-derived CBD market.
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