Hemp-based Cannabidiol (CBD) oil is largely utilized for its muscle relaxant properties. Hemp-based oil is non-psychoactive and reported to be effective in treating seizures, even in young children. Hemp-based oil is extracted from industrial hemp, the c. sativa species of cannabis, which produces nearly none of the cannabinoid Delta- 9-tetrahydrocannabinol (THC); however, it produces some amounts of the cannabidiol (CBD).
Hemp is becoming widely recognized as a super food with its high nutritious content of protein, vitamins, minerals, fiber, and fatty acids. This is expected to increase the demand for hemp-based products across the world.
North America is the largest market for hemp based products in the world, followed by Europe and Asia Pacific.
The North America region, especially the U.S, has an established market for hemp-based products and many companies offer hemp-based products. The U.S market has maximum penetration of hemp-based products as compared to other countries. This is due to increased health consciousness and high obesity rates across the U.S. In addition, the increase in health care expenditure and rise in demand for CBD hemp oil products in treating neurological pain and chronic diseases is anticipated to drive the global hemp based product market during the forecast period.
A rapidly growing population of youngsters in the Asia Pacific region along with rising awareness about health and rise in investments by pharmaceutical and biotechnology companies in the development of hemp based products, and legalization of cannabis for medicines which contain Tetrahydrocannabinol (THC) in a limited quantity in several countries, is projected to propel the global hemp-based product market during the forecast period
The rise in approval of sale of cannabis oil in retail and other pharmacies prompts online retailers to make CBD oil readily available in the market. Retail and online channels are rapidly increasing and evolving. Growing internet retailing is forcing retailers to adopt a multi-channel sales strategy.
Companies operating in the hemp-based product industry are focusing on increasing their geographic presence using strategic acquisitions and collaborations with leading players in their respective domains and geographies.
Rising awareness about the health benefits of hemp-based products is expected to increase the demand for these products among residential and commercial end-users.
Moreover, a rising youth population and increasing obesity are also boosting the hemp-based product market the world over.
In addition, improved lifestyle of the people coupled with a rise in disposable incomes, particularly in developing countries, offers immense growth potential for players operating in the hemp-based product market.
Rapid increase in legalization on the production of marijuana in different countries and usage of marijuana oil in treatment procedures by several medical facilities are likely to boost the market during the forecast period
Inclination of young generation toward natural and organic based products is expected to increase the demand for hemp-based products across the world.
However, several countries are facing restrictions on the import and export of hemp seeds and products, which makes limits the crop utilization. This is expected to hamper the market growth during the forecast period.
The global hemp-based product market has been segmented based on product type, end-use, distribution channel, and region.
In terms of product type, the global hemp-based product market has been classified into food products, hemp CBD, personal care products, industrial products, food supplements, consumer textiles, and others. The food products segment is sub segmented into milk, cooking oil, margarine, candies & toffee, and, others. The personal care segment is classified into soap, body wash, shampoo & conditioner, body lotion, cosmetics, and others. The industrial product segment is divided into oil paint & varnish, printing ink, and others. The consumer textiles is classified into, handbag, shoes, apparel, and others.
The hemp-based product market has been divided into residential, commercial, and industrial in terms of end-use.
The market has been bifurcated into online and offline, where the offline segment has been divided into hypermarkets/ supermarkets, specialty stores, and brand stores.
Based on region, the market is classified into North America (U.S, Canada, and Rest of North America), Europe (U.K, Italy, France, Germany, and Rest of Europe), Asia Pacific (India, China, Japan, and Rest of Asia Pacific), Middle East & Africa ( GCC, South Africa, and Rest of Middle East & Africa), and South America (Argentina, Brazil, and Rest of South America)
The hemp-based product market is fragmented due to the presence of several players. Competition is expected to intensify in the coming years with the entry of several local players. Some of the key players in the market are Elixinol Global Ltd, Nutiva Inc, The Body Shop International Limited, Kannaway LLC, Isodiol International Inc., HempMeds, Dr. Organic Limited, Manitoba Harvest Hemp, Braham & Murray Ltd, and Endoca BV. Others players are also planning to enter the market.