Market Leaders in Grain Analysis Market

The grain analysis market is projected to reach 2,323.1 Million by 2022, at a CAGR of 5.8% from 2017 to 2022. The grain analysis market, by equipment, is projected to reach USD 761.7 Million in 2022 during the same period. The market is driven by an increase in the outbreak of foodborne illnesses, globalization in grain trade, and stringent safety and quality regulation for food & feed.

Key players in the grain analysis market include SGS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), Eurofins Scientific (Luxembourg), TÜV SÜD (Germany), TÜV Nord Group (Germany), and ALS Limited (Australia). Neogen Corporation (US) and Romer Labs Division Holding GmbH (Austria) are the key market players that provide both services as well as equipment for the grain testing market. Further, Thermo Fisher Scientific, Inc. (US), Shimadzu Corporation (Japan), Waters Corporation (US), and AB Sciex (US) are some key equipment providers in the grain analysis market.

SGS SA (Switzerland) is one of the active players in the grain analysis market; it is involved in inspection, verification, testing, certification, and quality assurance services.  The company offers testing services in the grain analysis market for various contaminants such as mycotoxins, pesticide residues, and pathogens. Moreover, the company has significant R&D centers and adopts techniques as per technology advancements. In addition, the company has strong testing services across the globe with strong presence in US, Germany, UK, France, and India among others; this has enabled it to strengthen its customer base and client base.

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Eurofins Scientific is an international group of laboratories that provide testing and support services to the pharmaceutical, food, environmental, and consumer products industries, as well as to governments. The company adopts strategies such acquisition & expansion to increase its geographic presence. In March 2017, the company acquired a leading food testing lab in Istanbul named, Gözlem Gýda Kontrol ve Araþtýrma Laboratuvarlarý (Turkey) with a view of accelerating the rollout of its capabilities to serve the thriving food & beverage industry in the EMEA region. In 2016, it opened a new 557 square meters food testing facility in Paya Lebar (Singapore). This was expected to help the company to better serve the growing markets in growing markets in The Philippines, Thailand, and Indonesia.Thermo Fisher Scientific offers a complete and integrated portfolio of solutions and services for laboratory research and analysis, healthcare and clinical science, manufacturing, and other fields.  The company operates in over 150 countries across North America, Europe, Asia, and Latin America. It focuses on expansions as its key strategy to develop its networks. In 2015, the company opened a new center called Customer Experience Center (CEC) in Dubai. The center offers training facilities for researchers, educational institutions, healthcare providers, and food & beverage companies.

Market Leaders in Calcium Propionate Market

The market for calcium propionate is estimated at USD 277.1 million in 2018 and is projected to reach USD 363.3 million by 2023, at a CAGR of 5.6%. The calcium propionate market has been segmented on the basis of application, form, and region. On the basis of application, the calcium propionate market has been segmented into food, feed, and others (pharmaceuticals and agriculture). This market has also been segmented on the basis of form into dry and liquid. On the basis of key regions, the calcium propionate market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW), which includes South America and the Middle East & Africa.

The growth of the calcium propionate market is driven by the growing concerns about food and feed safety and shelf life stability which have resulted in the demand for calcium propionate for various food products.

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The growth of the calcium propionate market is driven by factors such as food security, increasing demand for livestock-based products, which translates into the resultant demand for calcium propionate in order to avoid food spoilage and wastage. The high-growth potential in the emerging markets and untapped regions provide new growth opportunities for market players. However, increasing demand for food products devoid of synthetic preservatives and stringent government regulations are expected to restrain the market growth over the next few years.

Market Dynamics

Drivers

•              Functional Potential of Calcium Propionate in New Product Lines

•              Cost-Effective Preservation Solution

•              Increasing Health Concerns of Consumers in the Food Industry

Restraints

•              Increasing Demand for Food Products Devoid of Synthetic Preservatives

•              Stringent Regulations

Opportunities

•              Untapped Emerging Markets

•              Technological Advancements to Develop New Product Lines

•              R&D & Innovations to Strengthen Demand

Challenges

•              Competition From Substitutes

On the basis of application, the feed segment is projected to be the fastest-growing market for calcium propionate. Calcium propionate helps combat microbial pathogens in various feed and raw materials, thereby enhancing the shelf life of feed products. The growth in the usage of calcium propionate for feed preservation is linked to a large extent to its cost-effectiveness as compared to other preservatives such as sodium propionate, sorbic acid, and sorbates.

Based on form, the dry segment is projected to be the larger and faster-growing segment between 2018 and 2023. Dry calcium propionate has more advantages such as ease of mixing and better dispersion throughout the food matrix; additionally, dry calcium propionate does not affect the leavening action of baking powder in bakery products when compared to the liquid form. It is hence used in several applications such as bakery products, frozen desserts, meat processing, and feed.

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Geographical prominence

The Asia Pacific region is projected to be the fastest-growing market for calcium propionate between 2018 and 2023. Asia Pacific presents tremendous opportunities for calcium propionate and its end-use applications. China has emerged as a recent exporter of calcium propionate for the food and feed industry. Factors such as rapid urbanization, high disposable incomes, strong demand for processed foods, coupled with a low cost of production, position China as a strong consumption and production hub.

Rising Demand for Collagen Peptides for Medical Applications Drives the Market

According to MarketsandMarkets, the global collagen peptides market size is estimated to be valued at USD 599million in 2020 and projected to reach USD 795million by 2025, recording a CAGR of 5.8% in terms of value. Due to the growing concerns about health and wellness and the advancement of biotechnology identifying new application areas for collagen peptides, the collagen peptides industry is witnessing growth.

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Collagen is the principle and most abundant protein found in the body. It is responsible for the cohesion, elasticity, and regeneration of connective tissues in the body, including ligaments, tendons, cartilages, and bones. Collagen peptides are derived from collagen hydrolysis of gelatin. They are small bioactive peptides that have high solubility in water at ambient temperatures.The various sources from where collagen peptides are extracted are bovine, porcine, marine, and poultry. The primary source of collagen peptides is bovine. The advancement in biotechnology has opened many areas where collagen peptides can be useful. It is being used in pharmaceutical and biomedical applications. Also, owing to its versatile nature and functional properties, collagen peptide is being used in a wide range of products across multiple industries. Various application areas include dietary supplements, nutritional food products, sports nutrition, cosmetics & personal care products, and medical applications.

In terms of form, the dry form of collagen peptides is used majorly in various industries. The dry form of collagen peptide is available as agglomerated or fine powder. Owing to its quick solubility behavior, it is used across various products. Powdered collagen peptides showcase excellent blending properties, which is why it is increasingly being used in various food applications. These are added to most of the food applications, including coffee, smoothies, dairy products, snacks and confectionery products, among others. The powder form of collagen peptides offers advantages such as no lump formation, dust-free handling, smooth flowability, consistency, no clogging, and excellent storage ability. Owing to these advantages and their properties, these can beused for various applications other than food.

Asia Pacific is projected to witness the fastest growth in the collagen peptides market during the forecast period due to the growing economy, increasing living standards of people, and also technological advancements. The Rest of the World (RoW) collagen peptides market has been growing due to the wide range of applications of collagen peptides as an ingredient in the food & beverage industry.

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PBLeiner, a business segment of Tessenderlo Group (Belgium), expanded its operations by opening a new production facility in Argentina. The new facility will be producing collagen peptides line of products. Also, with the advancement in biotechnology, the companies have identified a new wide range of application areas. One of the major factors contributing to the growth of the collagen peptides market in Asia Pacific is the increasing awareness among consumers regarding health & wellness, a wide range of applications, and a growing economy.

Increasing Consumer Interest Toward Packaged Food With Non-Toxic And Organic Ingredients To Drive The Nisin Market Growth

According to MarketsandMarkets, the global nisin market size is estimated to be valued at USD 443 million in 2020 and is projected to reach USD 553million by 2025, recording a CAGR of 4.5%. The increase in consumption of packed and processed food productsisprojected to drivethe growth of the nisinindustry.

The nisin market is projected to witness significant growth in the near future due to the changing lifestyles of consumers all across the globe. The growth in household income, consumer demand for better food quality and organic food products, and the rise in awareness regarding healthy diet are the major factors that have led to a surge in demand for nisin in the market. The demand for nisin is substantial in developed regions, such as North America and Europe, andincreasing in other developing regions such as Asia Pacific. The demand for nisin is projected to grow in the coming years. This rise in consumer trends has led to high growth potential for the manufacturers of canned and processed food products,which is projected to drive the growth of the organic preservatives market.

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The dairy products segment is projected to be a dominant and the fastest-growing in the nisin market. Dairy products are sensitive to thermal treatment. Therefore non-thermal treatments are gaining increased interest in the food industry due to their capability of assuring quality and safety of food products such as nisin. Nisin is an antimicrobial peptide, which is considered safe as they can be easily degraded by proteolytic enzymes of the mammalian gastrointestinal tract.

The Asia Pacific nisin marketis projected to witness the highest growth potential in the coming years. A large consumer market and an increase in disposable income in India and China areprojected to drive the demand for easily digestible and non-toxic ingredients. In addition, Chinais the manufacturing hub of nisinand has sufficient manufacturing plants to cater toregional and international demands. Moreover, urbanization in countries, such as India and China,is projected to increase, due to which the nisin market in Southeast Asia is projected to witness significant growth during the forecast period.

Growth in demand for pea starch from various end-use industries drives the market

Pea starch is a by-product of pea protein extraction and a rich source of amylose. It is mainly available as a by-product of protein extraction; therefore, it is considered to be a relatively inexpensive source of starch as compared to corn, wheat, and potato starches. Nativepea starchis extracted from yellowpeas. Peastarchis a non-GMO, clean label ingredient providing gluten-free, allergen-free, low-calorie, low-fat solutions.

MarketsandMarkets projects that the pea starch market is projected to grow from USD136million in 2020 to USD192million by 2025, recording a compound annual growth rate (CAGR) of 7.0% during the forecast period.The rise inconsumption of clean label convenience, feed, and pet food products across regions and the increase in demand for gluten-free food productsare the key factors that are projected to drive the growth of the pea starch market. However, the decrease in the production of dry peas, resulting in fluctuation of raw material for the production of pea starch, is a major factorinhibiting the market growth.

The demand for clean label, high-quality pet food products among the pet owners globally is rising. The increasing pet humanization trend around the world is resulting in the growing demand of high-quality, nutritional food for pets among pet owners. This is projected to create growth opportunities for players in the pea starch market.

The organicsegment is projected to grow at a faster rate during the forecast period due to the increase in health-conscious consumers and the rise in awareness about the health benefits of organic products among consumers, which is further projected to encourage food manufacturing companies to use organicpea starch in their products.

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The food& beverages segment is projected to dominate the pea starch market during the forecast period. The demand for pea starch in convenience food products and an increase in the inclination of consumers toward gluten-free productsis projected to drive the usage of pea starch in food products as a gluten-free solution and to enhance the texture and quality of food products.

In terms ofgeographical coverage, the pea starchmarketis segmented into fiveregions, namely, North America, Europe, Asia Pacific,South America,and Rest of the World (RoW). Asia Pacific is projected to dominate the marketduring the forecast period, as Asia is among the largest pea processing regions in the world.The demand for natural ingredients and clean-label food is increasing considerably in this region. Also, the level of investment in the food & beverage industry in Asia and the Pacific regions has increased over the past quarter-century, especially in China, contributing to its rapid economic growth.

Acquisitions, Partnerships, and Expansions Were Some of the Major Strategies Adopted by the Leading Players in the Botanical Extracts Market

The global botanical extracts market is projected to reach USD 6.03 Billion by 2022, in terms of value, at a CAGR of 9.0% from 2017. Botanical extracts are widely used ingredients in food & beverage applications, owing to their enhanced organoleptic characteristics and improved nutritional profile.

The key players in the botanical extracts market include Frutarom Ltd. (Israel), Döhler GmbH (Germany), Kalsec Inc. (U.S.), and Synergy Flavors (U.S.). Other players include MB-Holding GmbH & Co. KG (Germany), Prinova Group LLC (U.S.), and Haldin Natural (Indonesia).

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Acquisitions, partnerships, and expansions were some of the major strategies adopted by the leading players in the botanical extracts market; these strategies were adopted by the players to increase their market presence. They also helped the players to expand their businesses geographically, strengthen their distribution networks, and enhance their product portfolios. Market leaders such as Frutarom Ltd (Israel) and Synergy Flavors (U.S.), successfully tapped the potential markets through acquisitions, expansions, and partnerships.

Frutarom Ltd (Israel) is a leader in the global botanical extracts market. The company operates in more than 150 countries through its 57 production facilities in Israel, New Zealand, and countries of Europe, North America, South America, Asia, and Africa. The company produces a wide range of natural flavor extracts from a large variety of botanical sources, which include plant leaves, stems, roots, fruits, and seeds. The main end users of these extracts are food and beverage industries. The company has three facilities, one each in the U.S., the U.K., and Switzerland, which are focused on extractions from botanical sources. The company adopted acquisition as one of its major strategies, to expand its product portfolio in the botanical extracts market. Frutarom tapped local players to expand its presence globally. For instance, in October 2016, Frutarom acquired Nardi Aromas Ltda (Brazil), in order to expand its presence in the South American market.

Döhler GmbH (Germany) provides a wide range of tea and spice extracts. The company provides a separate line of botanical extracts specific to the African market. These extracts are used by the food & beverage industry. Döhler has presence in over 130 countries worldwide and distributes its products in countries of North America, Africa, and Asia. The company adopted acquisition as one of its major strategy to expand its presence on a geographical front. For instance, in July 2016, Döhler acquired Teawolf, Inc. (U.S.), to expand its presence in the U.S. market.

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In 2017, North America is estimated to account for a significant share in the global botanical extracts market, while Europe is projected to grow at the highest CAGR during the forecast period. The increase in consumer awareness regarding the benefits of consumption of food & beverages that include botanical extracts, without compromising on the flavor of the products has broadened base for botanical extracts in the region. The European market is driven by shifting consumer preferences toward natural products and healthy lifestyles.

Several New Product Developments/Launches Have Been Made In The Past Few Years By Various Key Companies In Sugar Toppings Market

The global sugar toppings market is growing at a moderate pace over the past five years, owing to increase in the demand for confectioneries and beverages. Currently, the global sugar toppings market is dominated by various key players, such as The J.M. Smucker Company (U.S.), The Hershey Company (U.S.), Pinnacle Foods Inc. (U.S.), The Kraft Heinz Company (U.S.), Baldwin Richardson Foods Company (U.S.), Monin Incorporated (U.S.), R. Torre & Company, Inc. (U.S.), W.T. Lynch Foods Ltd. (U.S.), Ghirardelli Chocolate Company (U.S.), CK Products LLC (U.S.), Quaker Oats Company (U.S.), and Regal Food Products Group Plc, (U.K.) among others.

Several new product developments/launches have been made in the past few years by various key companies, such as Monin Incorporated (U.S.), R. Torre & Company, Inc. (U.S.)., and The J.M. Smucker Company (U.S.) in the global sugar toppings market. The strategy of product innovations is among the key growth strategies adopted by the leading players operating in the global sugar toppings market to gain competitive edge over their competitors. Product innovations address the increasing demand for sugar toppings from the growing confectionaries, and hot and cold beverages industries. The key players in this market are also focused on carrying out increased research & development activities for product innovations. For instance, Monin Incorporated introduced falernum syrup, which is a mix of spices, lime, and almond. The company also introduced white peach, wild strawberry, and Morello cherry-flavored syrups. These can be used with both alcoholic as well as non-alcoholic drinks. The launch of these products has strengthened presence of Monin Incorporated in the fruit-flavored syrups market. Monin Incorporated also introduced pumpkin spice syrup. This syrup is made from real pumpkin juice and is used by bars, cafes, and restaurants.

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R. Torre & Company, Inc. (U.S.) is another company that is involved in launching new products in the global sugar toppings market. It launched Torani Sweet Heat Syrup which consists of peppers. It gives a spicy flavor to beverages. The company also introduced Torani Signature Syrups, which include natural syrups made from real ingredients. Various flavors available in this category include almond, blood orange, and caramel, among others. Moreover, R. Torre & Company, Inc. also launched Torani Salted Caramel and Torani Cinnamon Vanilla flavored syrups. Salted Caramel syrups offered by the company can be used with coffee.

The J.M. Smucker Company (U.S.) launched new flavors of syrups, such as cinnamon & brown sugar, pumpkin spice, and honey maple under its Hungry Jack brand.

Sucrose Esters Market worth $106 million by 2025

The report Sucrose Esters Market by Application (Food, Personal Care Products, Detergents & Cleaners), Form (Powder, Liquid, Pellet), and Region (North America, Europe, Asia Pacific, South America, Rest of the World) – Global Forecast to 2025″ The sucrose esters market is projected to grow from USD 76 million in 2019 to USD 106 million by 2025, recording a compound annual growth rate (CAGR) of 5.7% during the forecast period. The major factors driving the growth of the sucrose esters market include the increasing trend of spending on convenience food products in developing countries and the multifunctional properties of sucrose esters.

The confectioneries subsegment in the food segment is projected to be the fastest-growing segment in the sucrose esters market during the forecast period.

The increasing usage of sucrose esters in confectioneries is due to its sugar crystallization properties, which improves the emulsification of molten sugar and oil, and prevents adherence to the teeth, machine or wrapping papers. It helps in increasing the plasticity, softness, and chewiness of chewing gums, and majorly increases the flavor insulating properties.

The cosmetics subsegment in the personal care products segment is projected to account for a larger share in the sucrose esters market during the forecast period.

Sucrose ester is used in cosmetics, such as foundation creams, lipsticks, face cleansing creams, and eye makeup cosmetics, which include eye shadow, eyeliners, and eyebrow products. Sucrose esters in cosmetic products help to thicken oils and silicon oil used in manufacturing cosmetics. It helps in enhancing the properties of cosmetic products by improving the sensory properties of oil and natural butter used for manufacturing cosmetics.

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The powder segment is projected to account for the largest share in the sucrose esters market during the forecast period.

The powder form in the sucrose esters market has gained significant attention from the manufacturers for its functional benefits, such as emulsification, protein protection, sugar crystallization, and aeration, as well as its role in starch interaction. The usage of sucrose esters in the powdered form is witnessed in food applications, such as bakery products, dairy products, confectionery products, and packaged meat products, as it helps to increase the shelf life of food products. These factors are projected to drive the demand for sucrose esters during the forecast period.

The Asia Pacific region is projected to be the fastest-growing market for sucrose esters during the forecast period.

The Asia Pacific region is projected to be the fastest-growing market for sucrose esters during the forecast period. The region witnesses a high demand for sucrose esters in dairy products, confectioneries, and bakery products. Furthermore, the rise in awareness about the functional benefits of sucrose esters has led to an increase in their usage in the personal care products segment. They help in improving the sensory properties of oil and natural butter, which has contributed to the growth of the sucrose esters market in countries, such as China, Japan, and India.

According to Adana Food Tech (China), sucrose esters are the key ingredients used across industries due to their functional benefits, such as emulsification, crystallization, and aeration. The company also stated that the usage of sucrose esters in the Asia Pacific region has drastically increased year-on-year (Y-o-Y) rate. The major players for the sucrose esters market in the Asia Pacific region include Dai-Ichi Kogyo Seiyaku (Japan), Compass Foods (Singapore), Zhejiang Synose Tech (China), Guangxi Gaotong Food Technology (China), Guangzhou ZIO Chemical (China), and Adana Food Tech (China). 

Industrial Alcohol Market: Increasing Demand for Petrochemicals Drives the Market

The industrial alcohol market for the chemical & biofuel industry has been growing in accordance with the increase in demand for petrochemicals and commercialization of alternative fuels such as bioethanol and bio-butanol.The application of industrial alcohol is varied across innumerable applications such as cosmetics, pharmaceuticals, and paints & coatings, due to their multi-functionality.Traditionally, industrial alcohol was largely derived from fossil fuels (coal, natural gas, petrochemical derived). Still, in recent years, a trend has been observed in the production of alcohols from biological sources (crops such as corn, wheat, sorghum, and sugarcane).The industrial alcohol is classified, based on type, into ethyl alcohol, methyl alcohol, isopropyl alcohol, isobutyl alcohol, benzyl alcohol.

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The global market for industrial alcohol market is projected to reach USD 180.83 billion by 2022, at a CAGR of 9.8%

The growing demand for bioethanol and increasing usage of alcohol in various applications across regions are projected to drive the market growth for industrial alcohol. The changing lifestyles, growing economy, and shift toward renewable resource utilization in developing economies have led to the increasing demand for alcohol in fuel and other applications. Also, governments across the world are encouraging the development of biofuel, guided by its several beneficial features, over and above fossil fuels. The development of economies plays an essential role in the increase in demand for biofuels in the global market.

Significant increase in awareness regarding the utilization of low carbon alternate fuels to drive the demand forindustrial alcohol

Industrial alcohol plays an important role in many applications, such as pharmaceuticals, fuel, personal care products, food ingredients, and chemical intermediates & solvents, among others. Among the various alcohols available commercially, ethyl alcohol is the most commonly used and widely accepted industrial alcohol, globally. The methyl alcohol segment is projected to dominate the industrial alcohol segment by 2022. The demand for bioethanol is the highest due to its high octane number and renewability. Ethyl alcohol is widely used in the food industries as a flavoring & coloring agent and also in candy glazing, whereas sorbitol and maltitol are the most common sweeteners.Alcohols also find applications in bakery and confectionery industries apart from beverages.Due to alcohol’s excellent disinfectant properties, it is used in home and industrial cleansing agents as well. Hence, antimicrobial property of ethyl alcohol helps it to be used in pharmaceuticals, for both drug development and non-oral applications.

Geographical Prominence

The largest market for industrial alcohol includesNorth America, which represent a large share of industry participants and consumers.The region is one of the largest exporters in the global ethyl alcohol market in the last two decades. The increase in demand for ethanol and methanol from the fuel industry is fueling the market in the region. The US is one of the largest producers of ethyl alcohol and the world’s largest producer of corn. Therefore, the US uses most of the produced corn to prepare industrial alcohol. The Asia Pacific region is the fastest-growing market for industrial alcohol, due toits increasing adoption of alcohol in applications such as cosmetics, pharmaceuticals, chemical intermediates, solvents, and fuel. Asia Pacific produces sugar-based ethyl alcohol, due to the abundant availability of sugar and molasses, which are the key raw materials for producing alcohol.Also, India has the highest potential for growth in the industrial alcohol sector due to the extensive agricultural land available and also the growth in demand for alcohol in different sectors. Due to these factors, Asia Pacific is projected to be the fastest-growing market for industrial alcohol.

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Conclusion

The multifunctional nature of industrial alcohol, ease of incorporation in a wide range of applications, and increase in demand for biofuel are the factors driving the industrial alcohol market. An increase in awareness concerning the environment deterioration among the global population fuels the demand for industrial alcohol.The industrial alcohol market has been segmented, by type, into ethyl alcohol, methyl alcohol, isopropyl alcohol, isobutyl alcohol, benzyl alcohol, and others. The ethyl alcohol segment has emerged as the most widely used industrial alcohol, owing to its multifunctional properties and its vast application in the energy sector as biofuel. The global demand for industrial alcohol from fossil fuels is seen to witness an exponential increase. Since ethyl alcohol is the largest produced industrial alcohol, and the USis the main producer of ethyl alcohol from corn, corn is estimated to have the largest share among all other sources.Industrial alcohol has been gaining importance in the fuel segment with an increase in demand for biofuels and the development of flex cars to boost the use of biofuels, for a safe and healthy environment. Top industrial alcohol manufacturers such as Cargill (U.S.), RaizenEnergia (Brazil), Green Plains Inc. (U.S.), Cristalco (France), and MGP Ingredients (U.S.)have been exploring the market in new regions by adopting key strategies. These companies have a high presence in Europe and North America. They also have their manufacturing facilities and strong distribution networks across these regions.

Industrial Hemp Market worth $26.6 billion by 2025

The report Industrial Hemp Market by Type (Hemp Seed, Hemp Seed Oil, Hemp Fiber, and CBD Hemp Oil), Application (Food, Beverages, Personal Care Products, Textiles, and Pharmaceuticals), Source (Organic and Conventional), and Region – Global Forecast to 2025″, The industrial hemp market 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. The major factors driving the growth of the industrial hemp market include increasing legalization in the cultivation of industrial hemp, functional properties of hemp seed and hemp seed oil, and their growing use in different food applications, and increase number of chronic diseases.

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The CBD hemp oil segment is projected to be the fastest-growing segment in the industrial hemp market during the forecast period.

The industrial hemp market is segmented, based on type, into hemp fiber, hemp seed, hemp seed oil, and CBD hemp oil. The CBD hemp oil segment is projected to be the fastest-growing segment in the industrial hemp market during the forecast period. This is attributed to the growing usage of CBD hemp oil in various applications such as personal care, health supplements, and food & beverages products. Furthermore, the numerous health benefits of CBD hemp oil make it useful to treat and prevent conditions like anxiety, depression, pain, and acne are also expected to drive the growth.

The food segment is projected to account for the largest market share in the industrial hemp market during the forecast period.

The industrial hemp market is segmented, based on application, into food, beverages, textiles, personal care products, pharmaceuticals, and others. The food segment is projected to be a leading segment in the industrial hemp market. This is attributed to the usage of hemp in food products, as these are rich in essential fatty acids (linoleic and linolenic); vitamin E; as well as minerals such as phosphorus, potassium, sodium, magnesium, calcium, zinc, iron, and protein. Hemp is mostly consumed in the form of hemp seed, raw or roasted. It is added to salads, smoothies, yogurt, and cereals. The growing consumption of plant-based protein, owing to the popularity of veganism, globally, is expected to increase the demand for hemp-based processed food products such as bars, flour, snacks, and cheese.

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The European region is projected to be the fastest-growing region in the industrial hemp market during the forecast period.

The European region is projected to be the fastest-growing region in the industrial hemp market during the forecast period owing to growth in consumption of hemp seeds as food as well as their wide application in other food products such as smoothies, yogurt, cereals, and bars especially in countries such as Germany and the Netherlands. Furthermore, increasing legalization of industrial hemp in the European region in the coming years is expected to boost the industrial hemp market.

Major vendors in the industrial hemp market 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).