The Asia Pacific industrial hemp market size is estimated to be growing at a moderate CAGR between 2023 to 2028.
Increasing utilization of hemp products in the medical sector is a key factor propelling the growth rate of the market to the extent. Also, growing support from the government in this region is greatly influencing the demand of the market. It is a good replacement for the plastics where the hemp is non-toxic and bio-degradable. This attribute is quietly driving the demand of the market. The textiles industries have varied hemp applications, which is solely to fuel the growth rate of the market. In many countries, hemp crop cultivation is legalized due to its major benefits in industries like pharmaceuticals, personal care, food, and beverages. Legalizing the cultivation is one factor for the growing demand of the industrial hemp market in the Asia Pacific. Rising occurrences of cancer, epilepsy, and other diseases where hemp usage has shown effective results are leveraging the growth rate of this market. Government initiatives in creating awareness over the use of hemp in medicine are elevating the market's demand tremendously.
However, farmers have less knowledge over the benefits of hemp in industries where this is slowly hampering the growth rate of the market. In a few countries, the cultivation of hemp is not legal, which is impeding the demand of the industrial hemp market. Also, high complex regulatory structure by the government is limiting the demand of the market in the Asia Pacific. Fluctuations in the availability of raw materials due to production are to hinder the growth rate. Risk factors associated with the long-term use of hemp in the treatment of various diseases is also to decline the demand of the market.
COVID-19 impact on the APAC industrial hemp market:
COVID 19 has disrupted the shares of the key players. Due to lockdown and other restrictions during the first half of 2020, there is a break in the supply chain and manufacturing of the products. This has slow down the growth rate of the market. However, the use of hemp in the development of vaccines for COVID 19 has raised market demand. Some studies stated that cannabis oil has a positive effect on treating patients with coronavirus. This propelled the demand of the market to the extent of this pandemic. With the unlock guidelines across the region, all the activities are resumed, and the shares of the market are slowly falling into the previous state.
This research report on the Asia Pacific industrial hemp market has been segmented & sub-segmented into the following categories:
The Asia Pacific market is growing at a faster rate for the past few years and is estimated to hit the highest CAGR in the near future. Growing prevalence for skincare products and raising funds from private organizations are likely to fuel the growth rate of the market. The hemp seed oil adds taste to the vegan diet, which is ascribed to bolster the demand of the industrial hemp market.
China is held a market size of USD 1.7 billion in 2021 and 20% of total production. The government is allowing to sell the hemp-based products through eCommerce sites with necessary legal approvals. In India, the demand for the industrial hemp market is growing at a faster rate. Indian Narcotics Drugs and Psychotropic Substances (NDPS) Act of 1985 has issued powers for the state governments to give license to cultivate the hemp crop for medical purposes. Increasing awareness over the use of industrial hemp in different industries is surging the growth rate of the market in the Asia Pacific.
Companies playing a notable role in the Asia Pacific Industrial Hemp market are Hempco, Ecofibre, Hemp Inc., Gencanna, Hempflax BV, Konoplex Group, Hemp Oil Canada, BAFA, Hemp Poland, Dun Agro, Colorado Hemp Works, and Canah International.
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