US Hemp Derivatives Market to 2027 - Country Analysis and Forecasts by Type (Hemp-Derived CBD, Hemp Seed Oil, Hemp Fiber, Others); Application (Food and Beverages, Pharmaceuticals, Personal Care, Others)
The US hemp derivatives market was valued at US$ 1,403.5 Mn in 2018, and it is expected to grow at a CAGR of 23.7% during the forecast period 2019 – 2027 to reach US$ 7,056.4 Mn by 2027. Hemp is a strain of the plant called Cannabis sativa species, which is cultivated specifically for the industrial uses of its derived products. It is refined into a variety of commercial items, including paper, textiles, clothing, biodegradable plastics, paint, insulation, biofuel, food, and animal feed. Increasing consumer awareness regarding the nutritional benefits related to hemp derivatives and growing cultivation of industrial hemp has driven the growth of US hemp derivatives market. Hemp derivatives such as CBD, seed oil, fibers etc. find vast applications in several end-use industries such as food and beverage, pharmaceuticals, personal care, animal feed, and others, which is further driving the demand of the market. The trend of hemp-based food and beverages is gaining popularity in the US thus manufacturers are investing heavily in this market.
Based on the type, the US hemp derivatives market has been segmented into hemp-derived CBD, hemp fibers, hemp seed oil, and others. In 2018, Hemp-Derived CBD have led the US hemp derivatives market. Cannabidiol (CBD) is a compound extracted from the leaves, stalks, and flowers of the hemp plant. Due to the low presence of THC (0.3%), an intoxicating compound that is present in marijuana, hemp can be utilized for extracting CBD, which in turn can be infused into various pharmaceutical products and supplements. Hemp-derived CBD provides broad-spectrum nutrition, offering a complex biochemical matrix of many constituents working synergistically. These compounds include phytocannabinoids, essential fatty acids, terpenes, plant sterols, chlorophyll, and vitamin E. CBD is a popular natural remedy used for many common diseases due to the absence of psychoactive effects. It is promoted as a treatment for a range of conditions, including epileptic seizures, post-traumatic stress disorder, anxiety and depression, diabetes prevention, alleviation of cancer symptoms, and inflammation. It is also utilized in a range of consumer products such as food and beverages (syrups and gummies) and dietary supplements (pills and capsules). Increasing demand for CBD-infused products such as dietary supplements and other pharmaceutical products among the consumer is expected to drive the growth of hemp-derived CBD during the forecast period.
The US hemp derivatives market has witnessed a significant growth owing to factors such as increasing consumer awareness regarding the nutritional benefits related to hemp derivatives and growing cultivation of industrial hemp. The hemp derivatives find its applications in several end-use industries such as food and beverage, pharmaceuticals, personal care, and animal feed, which is further driving the demand of the market. Significant growth in the demand for hemp-based food products in US is also adding inputs to the growth of the US hemp derivatives market. However, the hemp derivatives market in the US is highly depend upon the imports from another country such as Canada, China and European countries (France, Germany, Hungary, Italy). Nevertheless, with the growing demand for hemp derivatives form personal care and food & beverages industries, market players have the opportunity to invest in this market.
Canada Hemp Foods Ltd, Colorado Hemp Works, LLC, Hempco Food and Fiber Inc., Z-Company BV, Bell Flavors & Fragrances Inc., Neptune Wellness Solutions, Inc., Radient Technologies, Aurora Cannabis Inc., Re Botanicals, Inc., Aphria Inc.are amongst the key market players operating in the US hemp derivatives market.
The overall US hemp derivatives market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the hemp derivatives market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the hemp derivatives market.
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