INDUSTRIAL HEMP MARKET OUTLOOK:
Industrial Hemp, generally known as Hemp, is an agricultural product. Industrial Hemp is an annual broad-leaved plant consisting of a taproot which is capable of rapid growth under perfect growing conditions. Industrial Hemp also includes the byproducts of hemp plants and plant parts, examples of byproducts that are considered as Industrial Hemp include hemp flour and hemp seed oil. Industrial Hemp is harvested for use in producing a large number of products, including construction and insulation materials, paper products, fiberglass, textiles, biofuel, nutraceuticals, bio-plastics, etc. Industrial Hemp can be grown for food and non-food products without relying on toxic chemical pesticides, herbicides, and fertilizers. Basically, every part of the plant can be put to a worthy use: flowers, stalks, seeds, and oils all have applications. Consumed universally, Indian Cannabis or Industrial Hemp is counted amongst the best grades available at a reasonable price.
Growing Demand for Hemp Based Food is Driving Market for Industrial Hemp:
Industrial Hemp is an extremely renewable resource. Once harvested, the crop has a high yield of edible proteins and fibers with more than 50,000 product applications. The demand for Industrial Hemp products is increasing by the day, owing to the increasing awareness towards health among the consumers. The growing shift of consumers towards the natural product is a significant driver for the Industrial Hemp global market. Industrial Hemp has large number of end uses like in paper making, textiles, biodegradable plastics, fuel, construction, and health food. Industrial Hemp can be used as a substitute for many products, like tree paper (which contributes to deforestation), and can be used as raw material in producing other product types such as cosmetics and plastics. Industrial Hemp is produced in many countries around the world. Key producers include China, Canada, and France U.S. is one of the top importers of Industrial Hemp. Furthermore, the demand for healthy lifestyle offers significant opportunities for players active in Industrial Hemp market.
Global Industrial Hemp Market - Key Players:
- Bombay Hemp Company
- E Hemp
- Industrial Hemp Manufacturing, LLC
- Hemp Eyewear
- Badische Naturfaseraufbereitung
- Blue Sky Hemp Ventures Ltd.
- Bluebird Botanicals
- Aliments Trigone Inc.
- Hanf Farm GmbH
- HempFlax Group
- Hempoil Canada
- Hempoint Ltd.
- Isolate Extraction Systems Inc.
- Kannabio Hemp Cooperative
- Natural Good Medicines
- UAB Agropro
- Livity Foods LLC
- Hemp Food Australia
- Earth Science Tech
Global Industrial Hemp Market - Market Segmentation:
By Nature, the Industrial Hemp market is segmented into:
By Application, the Industrial Hemp market is segmented into:
- Food Industry
- Protein Powder
- Energy Bars
- Hot Dogs
- Hemp Flour
- Seed Oil
- Health Care
- Animal Feed
By Region, the Industrial Hemp market is segmented into:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Middle East and Africa
Key Developments in the Industrial Hemp Global Market:
Hemp is the common name for plants of entire genus Cannabis. Industrial hemp has many uses such as textiles, paper products, pharmaceuticals, food products, beverages, clothing and accessories, and healthcare products. Earth Science Tech Inc. is a key player in the Industrial Hemp, it is an innovative biotech company emphasized on cannabinoid, and pharmaceutical fields announced the launched date on the company’s highly awaited new restored Industrial Hemp products in early 2018. Also, another key player in the industry, Hemp Inc. announced that the company is set to expand its capacity to 25,000 acres of Industrial Hemp in 2018, the vast amount of area is likely to increase farmer profitability and also to boost the overall economy.
Opportunities for Industrial Hemp Participants:
Due to its wide range of uses in certain products, Industrial Hemp global market is expected to grow at a substantial rate in the years to come. More and more people are expected to demand products containing Industrial Hemp. Despite a lack of Industrial Hemp production in the United States, there is an active market for Hemp based foods In 2013 the US hemp market was approximately more than US$ 500 million with the projection of double-digit growth in the years to come.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.