The hemp industry is on the rise, with hemp razors costing half the value of fibers and having multiple applications in different industries. This is expected to drive growth in the segment during the forecast period.
HEMP oilis highly valued by consumers for its nutritional properties and health benefits, as it is a complete source of all essential amino acids and fatty acids. Asia-Pacific dominates the global industrial hemp market, accounting for more than 32% of global sales.
The increasing demand for hemp oil in the food supplement, cosmetic and personal care markets is expected to boost the hemp seed market during the forecast period. Hemp provides a desirable omega-6 to omega-3 PUFA ratio, which helps promote cardiovascular health, reduces symptoms of osteoporosis and relieves symptoms of eczema. THC levels in hemp crops have also risen from 0.2% to 0.3%, allowing European farmers access to more than 500 varieties of hemp. However, companies that offer hemp and hemp-derived products must follow several regulatory standards around the world.
The steady growth of small-scale market players for hemp-based industrial and consumer products is expected to boost the market in the United States. The global industrial hemp market is fragmented in nature, with the presence of several important players. Hemp seeds and oil are used in various food manufacturing processes, which is expected to drive market growth. Hemp has potential uses in paper, textile, composite, biofuel and food industries, as well as new uses as renewable raw materials for seed oils and essential oils.
The high levels of disposable income for consumers, the growing geriatric population and the growing concern related to skin diseases and UV protection are expected to boost the demand for hemp oil in the personal care industry in Asia-Pacific. North America is among the world's leading consumers due to the presence of several application industries. Paper produced with hemp fiber requires fewer chemicals for processing compared to paper produced from wood pulp. Hemp biodegradable compounds are widely used in a variety of industries due to their high nutritional content, antioxidant and antimicrobial qualities, such as personal care products, textiles, animal feed, and others.