Hemp Derivatives Market is projected to grow at a CAGR of 7.6% During Period 2019 – 2025
Pune, Maharashtra, March 04, 2020 (Wiredrelease) Market Research Future Global Hemp Derivatives Market set to gain back up from several end user industries that would ensure a growth rate of 30% during the forecast period (2019-2025), with which the market would reach a valuation of USD 17 billion in the coming years. Market Research Future (MRFR) claims that its growing use in the pharmaceutical sector and the personal care segment may inspire the market growth track. The food beverage industries and hike in investment for the research and development sector can also influence the market movements.
Global Hemp Derivatives Market is all set to benefit from the strategic moves introduced by several companies who are keen on exploring possibilities in the hemp derivatives market. These hemp derivatives are known for their contributions in several sectors and the companies involved in the market are exploring this idea to expand their business in several industries. These companies are Dutch Hemp Group (Netherlands), Ecofibre (Australia), Hemp Oil Canada (Canada), GenCanna Global USA, Inc. (US), Canopy Growth Corporation (Canada), Konoplex LLC (Russia), MH Medical Hemp GmbH (Germany), HemPoland (Poland), Bafa Neu GmbH (Germany), Hempco Inc. (Canada), HempFlax Group B.V. (Netherlands), and Colorado Hemp Works, LLC (US).
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In February 2020, researchers revealed that hemp derivatives are playing a crucial role in calming a horse in distress. This could increase the intake of such products in the equestrian industry.
In February 2020, Apple Rush launched a new beverage that has element C extract in it. This is expected to give the company a much-needed boost in the coming years in terms of expansion of the product portfolio and hike in the revenue.
The global market report on the hemp derivatives includes segments like type and application to understand the market movement and effects of various factors on the growth. Such a prolific understanding of the market would help in developing better strategies for the market.
By type, the global market report on the hemp derivatives can be segmented into hemp oil, hemp-derived CBD oil, hemp fiber, and others. The hemp-derived CBD oil is one of the fastest-growing segments, whereas, the hemp fiber market has registered the largest market share.
By application, the report containing details of the hemp derivatives market includes segments like food beverage, pharmaceuticals, personal care, industrial, and others. The food beverage segment would record the fastest growth rate. The industrial segment has the largest market share.
Regions involved in the Hemp Derivatives Market are banking on the growth pockets and overcoming of the demographic hurdles. The report has its focus on factors that has a substantial impact on shaping the regional market and this can be used to build up a proper strategy during the forecast period.
North America is moving ahead as countries like the US, Canada, and others are showing significant progress in the production of the hemp derivatives. Several states in the US are legalizing the product to profit from its use in several segments. In Europe, the market is the largest and several countries have legalized both recreational and medical derivatives. The Netherlands is emerging as one of the successful countries in controlling the needs of the market.
In the Asia Pacific region, this growth is getting a boost from its growing use in countries like India, China, Japan, and others. China is emerging as a top exporter in the world and Europe is its major client.
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