The global industrial hemp market size is projected to grow from USD 4.6 billion in 2019 to USD 26.6 billion by 2025, recording a compound annual growth rate (CAGR) of 34.0% during the forecast period. Rising awareness among the consumers about the benefits of industrial hemp, increasing legalization to cultivate industrial hemp across different countries, and growing application scope of industrial hemp in diverse industries such as textile, pharmaceutical, food, beverages, personal care products, construction & material, furniture, and paper is driving the market for industrial hemp.
Key industrial hemp players include Hempco (Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA (Germany), Hemp Poland (Poland), Dun Agro (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), Plains Industrial Hemp Processing (Canada), and MH Medical Hemp (Germany). Agreements, joint ventures, and partnerships were the dominant strategies adopted by major players, followed by expansion. These strategies have helped them to increase their presence in different regions.
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Hempco, a subsidiary of Aurora Cannabis (Canada), is one of the leading manufacturers of cannabis products. Hempco is engaged in the processing of hemp-based products, such as hemp protein, hemp seed oil, and hemp fiber. It has developed a S.A.F.E soil program to provide chemical-free hemp crop and hemp-based products to consumers while achieving sustainable growth. The company strategies to capture the growing industrial hemp market all over the world. For instance, in March 2018, Hempco signed an agreement with Kane Veterinary Supplies, to supply its hemp-based animal supplements for pets and equine. This helped the company to capture the growing hemp-based animal health market in Canada.
Hemp Inc. (US) produces hemp-based products such as loss circulation material and absorbent used as a drilling fluid and to control oil spill, respectively. The company has nine divisions—the industrial hemp infrastructure, the hemp farming infrastructure, the hemp extraction infrastructure, the hemp educational infrastructure, accessories, products and services, research and development, industrial hemp investments and joint venture, and industrial hemp consulting. The company aims to provide hemp-based eco-friendly products to produce natural, sustainable products for worldwide markets, which can replace petroleum-based products. Through various joint ventures and agreements, the company strategies to expand its presence and product portfolio in the US. For instance, in January 2019, it formed a joint venture with Hemp Healthcare (US) to sell high-end CBD and hemp-based products.