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.
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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.
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.
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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.