Hemp Derivatives Market is anticipated to grow at a rate of 32.3% CAGR and reach USD 56.8 billion by 2030

Hemp Derivatives Market Research Future Insights
The Global Hemp Derivatives Market is estimated to be worth USD 56.8 Billion by 2030, registering a 32.3% CAGR during the forecast period (2022- 2030).

Hemp derivatives refer to commercial products derived from the Hemp plant (Cannabis sativa L.). Industrial Hemp is different from Cannabis because it has a THC content of less than 0.3 % by dry weight. The environmental advantages of hemp cultivation for its being a resource-conserving crop and excellent properties of hemp products are leading to an upsurge in the total cultivation area. Hemp fibers acquired from the bark of the hemp plant are utilized for making quality textiles, ropes, etc and inner herds are utilized for making paper and Biocomposites. Additionally, Hemp seeds are plenteous in nutrients and hemp oil also has various pharmaceutical uses.

The augmenting area of industrial hemp cultivation is the major factor pushing the growth of the Global hemp derivatives market. This upsurge in the area is due to an increase in demand for hemp products, particularly hemp fiber and CBD oil. The economical and environmental benefits of hemp plants are leading governments around the world to make changes to existing stringent laws on hemp cultivation. The demand for hemp-based textiles and other hemp fiber products is boosting rapidly owing to their superior quality like strength, durability, and texture. Similarly, the growth in the usage of modern construction materials in the automotive and construction sectors is generating massive demand for stronger hemp biocomposites. Moreover, the impending concept of hemp paper and bioplastic from hemp plants is likely to boost market growth. Furthermore, new advancements in nutrient-rich food and feed from hemp seeds are also participating in the demand generation. The rising pharmaceutical application of hemp CBD oil is one of the promising segments of the global hemp derivatives market.

The Global Hemp Derivatives Market report provides an integrated evaluation of the market. The report provides a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that play a significant role in the market.

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Regional Analysis
The Global Hemp Derivatives Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Asia-Pacific is the largest regional segment of the worldwide hemp derivatives market counting for about 30% of the total market share. China is the dominant producer and exporter of home products globally.

Europe also holds a significant share of the global market. There is a vast demand for hemp biocomposites for usage in the automotive and construction industries.

There is a significant demand for hemp derivatives in the American market. The market for Hemp food and hemp oil having a nutritional and medical benefit is boosting significantly.

The market in the Middle East and African segment is anticipated to grow at a moderate rate over the forecast period.

Market Segmentation

The Global Hemp Derivatives Market is segmented into the following types;

By Type

• Hemp Oil
• Hemp-Derived CBD Oil
• Hemp Fiber
• Others

By Application

• Food & Beverages
• Pharmaceuticals
• Personal Care
• Textile
• Others

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Key Players
The Global Hemp Derivatives Market’s prominent key players are Hemp Oil Canada (Canada), GenCanna Global USA Inc. (US), Ecofibre (Australia), MH Medical Hemp GmbH (Germany), Konoplex LLC (Russia), Canopy Growth Corporation (Canada), HempFlax Group B.V. (Netherlands), HemPoland (Poland), Bafa Neu GmbH (Germany), Hempco Inc. (Canada).

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