Hemp Derivative Market ($20.97Bn by 2028) Growth Forecast at 19.7% CAGR During 2021 to 2028 COVID Impact and Global Analysis by TheInsightPartners.com
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) — Hemp Derivatives Market: Key Insights
According to our new research study on “Hemp Derivatives Market to 2028 – Global Analysis and Forecast – by Type and Application,” the Hemp Derivative Market is projected to reach US$ 20,977.94 million by 2028 from US$ 4,585.43 million in 2019; it is expected to grow at a CAGR of 20.4% from 2022 to 2028.
Hemp Derivatives Market: Competition Landscape and Key Developments
Colorado Hemp Works, Inc; Dun Agro Hemp Group; Ecofiber, Hempflax Group B.V.; Hempoland Sp. Z O.O.; Konoplex; Mh Medical Hemp Gmbh; Plains Industrial Hemp Processing Ltd; South Hemp; and BAFA Neu GmbH. are among the major players operating in the global hemp derivative market.
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In 2021, Asia Pacific held the largest share of the global hemp derivatives market. The growing concern of consumers about their health and hygiene has enhanced the demand for hemp derivative products, such as hemp seed oil and CBD oil, in the region. Such factors compelled manufacturers to improve their product offerings to meet the dynamically changing consumer requirements. Thus, the growth of the cosmetic industry will lead to an increase in demand for hemp derivatives, which can be used in personal care and cosmetic products. Along with this, hemp derivatives are also used as herbal products in the food sector in Asia Pacific. For instance, in Thailand, hemp derivatives are used in herbal products that have applications in the food and cosmetic sector. However, the government of Thailand has removed hemp derivatives having a THC content of less than 0.2% from the list of banned narcotic substances.
There has been an increase in the cultivation of hemp, which has led to an increased supply of hemp fiber and seeds. Hemp cultivation in Europe has increased in recent years, owing to a rise in awareness about the various benefits provided by hemp. In Europe, there has been a development of a strong infrastructure, along with a finished-goods industry, based on using hemp fibers in industrial applications. Paper and pulp, as well as biocomposites, are Europe’s most established uses for hemp fibers. Hemp shivs, a byproduct of the fiber extraction process, are also used in Europe, primarily for animal bedding. It is also increasingly being used in the construction industry, especially for insulation. Along with an increase in the cultivation of hemp, there has been an increase in the use of flowers and seeds, owing to the associated applications of the hemp components. In Germany, the country used 4,508 hectares to produce hemp in 2019, which was a 45% increase over the 3,114 hectares the previous year.
According to The Ministry of Agriculture of Italy, 2,000 hectares of hemp were grown in 2019. With an increase in the cultivation of hemp, there was an increase in the production of hemp seeds in Europe. According to European Industrial Hemp Association, from 2013 to 2018, there was a 70% increase in the number of hectares dedicated to industrial hemp cultivation in Europe. In the US, the passing of the farm bill in 2018 led to increased cultivation of hemp, which resulted in 511,442 hectares of land used across the US in 2019 for the cultivation of hemp which is an increase from the previous year. The farmers in the US can produce three varieties of hemp – hemp cultivated for hemp fiber, hemp cultivated for hemp seeds and oils, and hemp cultivated for CBD. Thus, an increase in the cultivation of hemp across various countries has led to an increased supply of hemp fiber, seeds, and oils, thereby driving the hemp derivatives market.
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Hemp Derivatives Market: Segmental Overview
By type, the hemp derivatives market is segmented into hemp CBD oil, seed oil, hemp fiber, and others. In 2021, the market for the hemp CBD oil segment is growing at the highest rate. Cannabidiol (CBD) is nonpsychoactive and has various properties, which increased the application of CBD hemp oil across various industries. CBD hemp oil contains various nutrients and minerals; therefore, it is used in the treatment of topical skin problems, such as acne. Acne is a highly prevalent skin problem. Thus, the demand for its treatment options is high. CBD hemp oil is available in a variety of forms, including edible options, to make its consumption easier.
Based on application, the hemp derivatives market is segmented into food and beverage, pharmaceutical and nutraceutical, textiles, personal care, and others. The market for the personal care segment is expected to grow at the highest rate during the forecast period. Hemp derivatives have various applications in the personal care and cosmetic industry. They are majorly used in the manufacturing of soaps, cream, oil, lip balm, and shampoo. Hemp seeds are rich in alpha-linolenic acid (omega-3) and linoleic acid (omega-6) and hemp oil have high and balanced fatty acids content, which make them ideal ingredients for beauty care products. The hemp oil is used in cosmetics as it can penetrate through the layers of the skin to promote cell growth. Also, it is an effective moisturizer, which protects skin from pollutants and can smooth muscle aches. The hemp seeds are also used to repair and moisturize the dry and damaged skin along with supporting the health of hairs and nails.
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Impact of COVID-19 Pandemic on Hemp Derivatives Market:
The ongoing COVID-19 pandemic has had a relatively positive impact on the hemp derivatives market. The pandemic helped to develop awareness and interest in the medical sector of hemp. The crisis has been a disagreeable and stressful time for most of the population across the world. Therefore, people worldwide have started consuming hemp derivative products to treat their anxiety and stress. Several significant users have increased their consumption. Consumption to be used for a sleep disorder and depression is conjointly hyperbolic. Due to an increased focus on health and wellness during the pandemic, there has been an increased search on Google about the health benefits provided by hemp derivatives, which is increasing the awareness about these derivatives. Along with this, a lot of countries have been hit with tax shortfalls amid the pandemic. The governments of countries are looking for sources of tax income. The potential source can be the legalization of hemp and its derivatives, which could become progressively engaging. An increase in the sale of hemp and its derivatives by legal sellers can provide a potential tax income gain.
Various research activities have also been carried out during the COVID-19 pandemic that focused on the use of hemp and its derivatives for the treatment of COVID-19. Researchers in Canada carried out a study to ensure whether Cannabis sativa extracts can help in reducing the levels of the host cell receptor that the SARS-CoV-2 virus clings on to gain entry and spread. Along with this, STERO Biotech, a company headquartered in Israel, provides insight into the use of cannabis and CBD as a potential treatment for COVID-19. Thus, various research activities on hemp and its derivates to find out their use in the COVID-19 treatment are having a positive impact on the hemp derivatives market.
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