According to the latest market study on “Hemp Derivatives Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Hemp CBD Oil, Hemp Seed Oil, Hemp Fiber, and Others) and Application (Food and Beverages, Pharmaceutical and Nutraceuticals, Personal Care, Textiles, and Others),” the market was valued at US$ 5,953.86 million in 2021 and is projected to reach US$ 20,977.94 million by 2028; it is expected to grow at a CAGR of 19.7% from 2021 to 2028. The report highlights key driving factors and prominent market players along with their developments in the market.
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Hemp Derivative Market: Competitive Landscape and Key Developments
Hemp or industrial hemp is a variety of cannabis sativa plant species, which are specifically grown for industrial use. Hemp derivatives, such as CBD, seed oil, and fibers, are derived from hemp and have various applications in several end-use industries, such as food and beverage, pharmaceuticals, personal care, and animal feed.
Hemp seeds and oilcake are used as an alternative source of food and feed protein in the food & beverages industry. Along with this, the oil obtained while crushing the hemp seeds is used in the manufacturing of soap, shampoo, lotion, cosmetics, and bath gels. The oil obtained from hemp seeds is rich in amino acids, minerals, and vitamins, and it is used in nutritional supplements as well as medicinal and therapeutic products. The fibers obtained from hemp contain a high amount of hemicellulose, along with high absorbent capacity, which makes it a suitable crop to be used in the textile industry. Stalks and fibers of hemp are used to manufacture clothes, paper, construction material, plastic, and composites, among others. Hemp fiber is also used in the manufacturing of insulation materials and bio-composites due to its high strength, biodegradability, thermodynamic, and lightweight properties. Hemp fibers are used in the construction industry for the manufacturing of construction materials such as fiberboard, stucco and mortar, cement block, coatings, acoustic materials, and pipe wraps. Composites, which are used in making petroleum-based products, are also made from hemp. The hemp seeds are rich in nutrients and protein and can be used as a substitute for soybean. Due to the protein content, hemp seed is used in the production of major products made from soybean, including tofu, butter, cheese, burgers, ice cream, and milk. Thus, increasing applications of hemp derivatives in various industries have led to an increase in demand for hemp derivatives, thereby driving the hemp derivatives market.
Impact of COVID-19 Pandemic on Hemp Derivative Market
The COVID-19 pandemic has negatively impacted various industries due to lockdowns, travel bans, the shutdown of manufacturing units, and supply shortages. The food and beverage industry faced operational difficulties caused by disruption of supply chains, labor shortage, and shortage in raw material supply. Moreover, the prices of Hemp Derivative got significantly dropped as there was a decline in demand from various industries, such as food and beverage and personal care. This factor also affected the profitability of the market players and the farmers engaged in cultivating Hemp Derivative. Thus, the COVID-19 pandemic substantially affected the global Hemp Derivative market’s growth. However, as the governments of various countries introduced relaxation in the restrictions and rising vaccination rates, the food and beverage industry is recovering from its losses. The demand for Hemp Derivative is projected to grow over the forecast period.
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Type Insights
Based on type, the hemp derivative market is segmented into hemp CBD oil, seed oil, hemp fiber, and others. The hemp fiber segment held the largest share in the market in 2021. Hemp is a bast fiber plant like Jute, Kenaf, and Flax. These fibers are now being used as reinforcements in composite materials due to their biodegradability and lower density than artificial fibers. The hemp fiber conducts heat, resists mildew, dyes well, blocks ultraviolet light, and has natural antibacterial properties.
Aplication Insight
Personal care segment is the fastest growing segment in the global hemp derivatives market during the forecasted period. Hemp derivatives has various applications in the personal care and cosmetic industry which includes usage in the manufacturing of soaps, cream, oil, lip balm, shampoos among others. Derivative such as hemp seed are rich in alpha-linolenic acid (omega-3) and linoleic acid (omega-6) along with hemp oilâ€
s high and balanced fatty acids content which makes them an ideal ingredient for beauty care products. The hemp oil is used in cosmetic as they can penetrate through layers of the skin to promote cell growth. The hemp seeds are also used to repair and moisturize the dry and damaged skin along with supporting the health of hairs and nails. Hemp oil is an effective moisturizer which can provide the skin with a barrier for pollutants and can smooth the muscle aches.
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