Hemp CBD Market size is estimated at $1.7 billion in 2020, projected to grow at a CAGR of 12.3% during the forecast period 2021-2026. Hemp is a variety of the Cannabis sativa plant species that is cultivated primarily for industrial use. It can be used to produce a wide variety of products like medical marijuana. Hemp, like bamboo, is one of the fastest-growing plants on the planet. Constipation, high cholesterol, eczema (atopic dermatitis), inflammation, and other diseases are handled with hemp. Fats, protein, and other chemicals can be found in hemp seed. The fats in hemp seed might help to reduce inflammation (swelling) driving the hemp CBD industry growth. The endocannabinoid system helps CBD to help relieve a wide variety of symptoms. It also communicates with the body through many other biological pathways and is thought to produce therapeutic effects by activating several pathways. Some chemicals in hemp seed help to facilitate bowel movements and lower blood pressure. The Hemp CBD Industry is growing attributed to the increasing acceptance of refined CBD products, as well as the legalization of medical marijuana and marijuana-derived products for various medical applications. Furthermore, the use of hemp CBD is growing increasingly owing to its anti-inflammatory, anti-ageing, and antioxidant properties. CBD-derived products are being produced for health and wellness purposes by a number of industries, including pharmaceuticals, personal care and cosmetics, and food and beverages.
Hemp CBD Market Segment Analysis - By Type:
Based on Type, Hemp CBD Market is segmented into Hemp Seed, Hemp Fiber, CBD Hemp Oil and Hemp Seed Oil. Hemp Fiber accounted for the largest revenue market share in 2020. Hemp fiber is majorly used in the textile and pulp & paper industry, owing to its long and robust nature. Furthermore, being a renewable source material obtained from Cannabis sativa plant, its use has been growing in many diverse industries such as building, animal bedding, agriculture, furniture, and car. Additionally, its use to obtain biofuels and bioplastics has been expected to increase its demand. The cellulose fibre from hemp is used to make many products, including jeans, tops, skirts, caps, bags, ropes and canvas, skincare products, construction materials, paper and many food products driving the Hemp CBD Industry. CBD Hemp Oil segment is anticipated to grow with the fastest CAGR of 12.9% in the forecast period 2021-2026 owing to its role in preventing disorders such as anxiety, depression, pain, and acne. In addition, increasing knowledge about CBD hemp oil among individuals, owing to various health benefits associated with it such as relieve pain, reduce anxiety and depression, reduce cancer-related symptoms, reduce acne, and enhance heart health, and neuroprotective properties. Furthermore, the increasing application of CBD hemp oil in personal care products, health supplements, and food & beverages drives the Hemp CBD industry growth.
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Hemp CBD Market Segment Analysis - By End-Use Industry:
Based on End-Use Industry, Hemp CBD Market is segmented into Food & Beverage, Pharmaceuticals, Textiles, Personal Care Products and Others. Food & Beverages accounted for the largest revenue market share in 2020 owing to the wider application of hemp seeds & hemp seed oil originated species from Cannabis sativa plant owing to their rich vitamin, protein, and omega-3 fatty acid content. Hemp seeds are eaten raw or are being used as a topping in cereals, smoothies, and yoghurt. Increasing customer awareness about the benefits of consuming hemp-based products is driving the demand for its application in food and beverages. Pharmaceuticals segment is anticipated to grow with the fastest CAGR of 12.4% during the forecast period 2021-2026. The rapidly progressing transition of cannabidiol from herbal preparations to prescription drugs is anticipated to fuel the growth of the industry. Furthermore, increasing knowledge about the medicinal benefits of cannabidiol, including its therapeutic properties, is anticipated to boost the product demand in the pharmaceutical industry thus enhancing the Hemp CBD Market. Furthermore, several companies purchase CBD oils in bulk and produce CBD-infused products. These products are used by a broad customer base as a pain and stress relief solution. Thus, most of these goods are depicted to be in the growth process of the industry.
Hemp CBD Market Segment Analysis - By Geography:
Based on Geography, Asia Pacific CBD Market accounted for the 38% revenue share in 2020 is attributed towards the extensive cultivation and use of hemp fibre in the textile and paper industry. Furthermore, the market for cosmetics and personal care products in the Asia Pacific region and legalisation of industrial hemp in food supplements is estimated to enhance market growth. The growing number of hospital pharmacies along with rising number of incidences such as cancer, sclerosis, diabetes, and others across the region drives the development. The newfound government policies supporting the industry, lowest cannabidiol production costs, and unique large-scale manufacturing infrastructure and expertise are expected to generate lucrative growth. China is the largest hemp cultivator in Asia, supplying nearly half of the world’s hemp. The country exports approximately 90% of its products to the United States, Germany, United Kingdom, and Japan, and has begun cultivating hemp in three provinces for cannabidiol extraction, which is helping to drive regional growth. North America is predicted to be the fastest-growing region during the forecast period 2021- 2026 owing towards the increase in awareness among consumers about the nutritional benefits of consuming Cannabis sativa plant species i.e. hemp is expected to fuel the market for hemp-based food and personal care products. Furthermore, growing legalisation of industrial hemp in the region in the coming years is expected to boost market growth in the Asia-Pacific region.
Hemp CBD Market Drivers
Functional Properties Of Hemp Seed And Hemp Seed Oil Including Expanded Use In Various Food Applications:
Hemp seeds obtained from the plant “Cannabis Sativa Plant” contain only small quantities of tetrahydrocannabinol (THC) (THC). They are rich in two essential fatty acids, linoleic (omega-6) and linolenic (omega-3) (omega-3). They are also a rich source of vitamin E, vitamin B1, vitamin B2, vitamin B6, vitamin D, calcium, magnesium, and potassium, among others driving the Hemp CBD Industry. Very few plant-based foods are a full source of protein; hemp seeds, on the other hand, contain enough quantities of protein that can be seen as a value addition to a vegan diet. Since, humans cannot produce essential fatty acids, the addition of hemp seeds may be useful to them, as they are a great source of linoleic (omega-6) and linolenic (omega-3). Furthermore, hemp can be used to make ethanol, which is usually extracted from food crops like wheat and corn. This would result in improved efficiency of food production. Researchers from the University of Connecticut published a study in 2010 reporting that hemp biodiesel has a high conversion efficiency of around 97 percent. Thus, its use as a biofuel will save much time for the development of biodiesel driving the market's growth.
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Hemp CBD Market Challenges
Lack Of Manufacturing Facilities And Planting & Harvesting Equipment:
After the legalisation of industrial hemp, in many countries like the U.S., Germany, the hemp cbd industry has been growing rapidly, as it these countries have largest consumers of hemp-derived products like medical marijuana. However, there has been a lack of proper planting & harvesting equipment. Air seeders that are used for planting the crop must be used with low air volume in case of hemp speed owing to their fragility negatively impacting the growth. Additionally, the regulations associated with hemp containing cannabidiol (CBD) and tetrahydrocannabinol (THC) still remain widely varied from state to state, which further contributes to problems associated with the trading of the product restrain the market growth.
Hemp CBD Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Hemp CBD Market. Hemp CBD Market top 10 companies are GenCanna, Marijuana Company of America Inc., HempFlax BV, Ecofibre, Hempco, MH Medical Hemp, Plains Industrial Hemp Processing, Canah International, Konoplex Group and South Hemp Tecno.
Acquisitions/Product Launches:
In October, 2019, GenCanna Global Inc. and Specialty Oil Extractors, LLC entered into a partnership. The first-of-its-kind partnership act as a processing solution that fulfils the needs of GenCanna’s Accredited Farming Network expanding the size of GenCanna's and provides much-needed optionality for farmers across the state of Kentucky.
Key Takeaways
The increased consumption of hemp-based products owing to their numerous health benefits and increased incidences of diseases such as epilepsy and other sleep disorders is driving the development are likely to contribute to the growth of the Hemp CBD industry.
Geographically, Asia Pacific Hemp CBD Market held the largest revenue share of 38% in 2020 owing to an increased healthcare spending by a larger population base in this region.
The growing acceptance of refined CBD products coupled with the increasing legalization of marijuana and medical marijuana-derived products for various medical applications fuel the market growth.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Hemp CBD Market.
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