The Hemp Based Products market is anticipated to grow with a CAGR of 15.6% over the forecast period of 2019-2028. Over time, the utilization of commercial hemp has evolved into a good greater sort of product, including health foods, organic body care, clothing, construction materials, biofuels, plastic composites, and more. Hemp or Cannabis sativa, also called industrial hemp, is a plant of the family Cannabaceae cultivated for its fiber or its edible seeds. Hemp is usually confused with the cannabis plants that function sources of the drug marijuana, and therefore the drug preparation hashish. Hemp may be a term wont to classify sorts of Cannabis that contain 0.3% or less THC content. The rising applications of hemp in textile, food, clothing etc. are expected to drive the market immensely. The growing legalization of hemp and permissions provided to cultivate industrial hemp is expected to primary market driver. Also the rising awareness about the benefits of hemp could also anticipate the market in the future.

Top Driver: Increasing Awareness of Benefits of Hemp is Expected to Fuel the Market

The rising benefits of hemp based products are expected to drive the market immensely. The uses of hemp in sleep disorder and epilepsy has anticipated the market growth widely. The increasing applications of dietary hemp oil and applications of hemp in industries are also fueling the market growth. The furthermore, hemp is useful in preparation of varnishes, paints and inks that are widely useful in urban areas. Rapid urbanization is also expected to fuel the market immensely

Although, hemp is having a huge range of applications, regulatory restrictions in some areas for it cultivation may pose a threat to the market and hamper the market growth.

Hemp Seeds to Contribute Highly to the Growth of the Market

Based on the product the hemp based products market is segmented into seeds, fiber and shives. The seeds segment held the largest share in the market. The hemp seeds are widely used to produce food and beverages. Furthermore, the oil obtained from the seeds is useful to prepare soaps, lotions, shampoos, and other cosmetics. The oils is also used in nutritional supplements and medicinal products in the pharmaceutical industry. The hemp fibers have high strength, high absorbent and hemicellulose in them and so are widely used in the textile industry.

Based on applications the market is segmented into textiles, furniture, food and beverages, paper, personal care and others.

Asia Pacific Expected to Drive the Market Extensively

The Asia Pacific region held the largest market share due presence of major key players in the region and huge investments for the raw hemp, among which China is the largest cultivator and exporter. Hence China’s huge hemp production and export is continuing to drive the market intensely in the forecast period. Various regions in the US have received legalized permission to use hemp and cultivate it. North America is the known to heavily invest in the hemp market for its raw products.

 Players to Focus on Mergers for Expansion

The global Hemp Based Products market is expected to grow with a significant CAGR due to presence of various companies including Hempco, Hemp Inc., Ecofibre, HempFlax BV, GenCanna, Victory Hemp Foods, Blue Sky Hemp Ventures Ltd. Canopy Growth, CHINA LIAHREN CO.,LIMITED, Eco Hemp SRL and others which are developing new products to drive the market growth. Companies usually work by investing in different hemp products such as oil, fibres, seeds etc. according to the companies need and this produces lucrative growth opportunities for hemp producers.

GenCanna: In May 2019, GenCanna entered into a strategic merger with Atalo holdings that would help them to build a vertically integrated hemp processing unit in the US.

Hemp, Inc: In January 2019, Hemp Inc entered into joint venture with Hemp Healthcare, that would increase its hemp based products sales in the US.

Scope of the Report

By Product

• Seeds
• Fiber
• Shives

By Application

• Textiles
• Furniture
• Food & Beverages
• Paper
• Personal Care
• Others

By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.