According to the latest market study on “Hemp derivatives market Forecast to 2028 – Impact of COVID-19 and Global Analysis – By Type (Hemp Oil, Hemp Seed Oil, Hemp Fiber, etc.) and Application (Food & Beverage, Pharmaceuticals, Nutrients, Personal Care, Textiles, etc.), “The market was valued at $5,953.86 million in 2021 and from It is expected to reach USD 20,977.94 Million by 2028; it is expected to grow at a CAGR of 19.7% from 2021 to 2028. The report highlights the major driving factors and prominent market players along with the developments in the market.
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Hemp Derivatives Market: Competitive Landscape and Key Developments
Hemp or industrial hemp is a variety of types of cannabis plants, which are grown specifically for industrial use. Hemp derivatives, such as CBD, seed oil, and fiber, are derived from hemp and have various applications in many end-use industries, such as food, beverage, pharmaceutical, personal care, and animal feed.
Hemp seed and oil cake are used as an alternative food and feed protein source in the food and beverage industry. Besides, the oil obtained while crushing hemp seeds is used in the manufacture of soap, shampoo, lotion, cosmetics and shower gel. The oil extracted from hemp seeds is rich in amino acids, minerals, and vitamins, and is used in nutritional supplements as well as medicinal and therapeutic products. The fiber obtained from hemp contains a high amount of hemicellulose, along with a high absorption capacity, which makes it a suitable crop for use in the textile industry. Hemp stalks and fibers are used to manufacture clothing, paper, building materials, plastics, and vehicles, among other things. Hemp fibers are also used in the manufacture of insulation materials and biocomposites due to their high strength, biodegradability, thermodynamic properties and light weight. Hemp fibers are used in the construction industry to manufacture building materials such as fibreboard, plaster, mortar, cement blocks, paint, acoustic materials, and pipe casings. The compounds that are used to make petroleum products are also made from hemp. Hemp seeds are rich in nutrients and proteins and can be used as an alternative to soybeans. Due to the protein content, hemp seeds are used in the production of the main products made from soybeans, including tofu, butter, cheese, burgers, ice cream and milk. Thus, the increasing applications of cannabis derivatives in various industries has led to an increase in the demand for cannabis derivatives, thus driving the market for cannabis derivatives.
The COVID-19 pandemic has negatively impacted many industries due to lockdowns, travel bans, shutdowns of manufacturing units and shortages of supplies. The food and beverage industry has faced operational difficulties caused by supply chain disruptions, labor shortages and raw material supply shortages. Furthermore, cannabis derivative prices have fallen significantly as there has been a drop in demand from various industries, such as food, beverage and personal care. This factor also affected the profitability of market players and farmers involved in the cultivation of cannabis derivative. Hence, the COVID-19 pandemic has significantly affected the growth of the global cannabis derivatives market. However, as governments of various countries have introduced easing restrictions and raising vaccination rates, the food and beverage industry is recovering from its losses. The demand for cannabis derivative is expected to grow during the forecast period.
Based on type, the hemp derivatives market is segmented into CBD hemp oil, seed oil, hemp fiber, and others. The hemp fiber segment occupied the largest market share in 2021. Hemp is a plant of bark fibers such as jute, kenaf, and flax. These fibers are now used as reinforcements in composites due to their lower biodegradability and density than synthetic fibers. Hemp fibers conduct heat, resist mildew, color well, block ultraviolet rays, and have natural antibacterial properties.
The Personal Care segment is the fastest growing segment of the global cannabis derivatives market during the forecast period. Hemp derivatives have various applications in the personal care and cosmetics industry which includes their use in the manufacture of soap, cream, oil, lip balm, shampoo, among others. Derivatives such as hemp seeds are rich in alpha-linolenic acid (omega-3) and linoleic acid (omega-6) along with hemp oil –
It has a high and balanced content of fatty acids which makes it an ideal ingredient for beauty care products. Hemp oil is used in cosmetics as it can penetrate the layers of the skin to promote cell growth. Hemp seeds are also used to repair and moisturize dry and damaged skin as well as support healthy hair and nails. Hemp oil is an effective moisturizer that can provide the skin with a barrier to pollutants and can relieve muscle soreness.
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