The legalization of industrial hemp has created major opportunities such as increasing processing and distribution, providing major revenue opportunities for the industrial hemp market players. The Hemp Farming Act of 2018, removed industrial hemp from Schedule I controlled substances, after which it was stated as ordinary commodity in the agricultural industry. With this policy, the industrial hemp market projects a bright a favorable future in the coming years.
Research and Developments Illustrate the Benefits Associated with Industrial Hemp
Research and development plays a vital role every business domain. Researchers have explored the benefits of the plant for bees for the huge pollen quantity produced by hemp flowers, when the industrial hemp fields were investigated by researchers in Colorado.
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Lack in Uniformity of THC Levels in Different Regions to Affect Trade of Industrial Hemp
The tetrahydrocannabinol (THC) levels in industrial hemp are defined differently by legislations across distinct regions. For example, the Industrial Hemp Farming Act of 2015 stated the THC level for industrial hemp cultivated in America would be 0.3 percent THC, while the European Industrial Hemp Association (EIHA) set the THC levels at 0.2 percent. This difference would cause disadvantages to the producers in North America and Asia.
Leading Regions to Project Significant Potential for Production of Industrial Hemp
The industrial hemp market is scrutinized by analyzing its presence across the globally recognized regions. With the legalization of industrial hemp, the production is expected to register a massive growth in the coming years. Accepted as an agricultural commodity, industrial hemp is largely produced in Asia, Europe as well as the North American market.
United States reflect rising production. The New Jersey governor gave an approval for the industrial hemp farming. Similar developments were observed in North Carolina, where a pilot program was focused on the information related to production, cultivation, and farming of industrial hemp aimed to improve the sustainability and profitability of agriculture for farmers in North Carolina. Michigan has also entered the league where the Michigan House of Representatives approved a plan that would allow farmers to expand into the industrial hemp market.
Competitors to Implement Robust Strategies to Gain Competitive Edge in the Market
Companies and contributors to the industrial hemp market are implementing key strategies with a focus on gaining greater market presence and a competitive advantage over its competitors. The major players recognized across the industrial hemp market include Botanical Genetics, LLC, Ecofibre, Hemp Inc., Plains Industrial Hemp Processing Ltd., MARIJUANA COMPANY OF AMERICA, INC., Global Hemp Group Inc., American Hemp LLC, Valley Bio Limited, Boring Hemp Company, and HempFlax BV.
Hemp Inc., a recognized leader in industrial hemp industry announced that it has entered into an agreement with 2 Manifest Studio, LLC. For creating documentaries and docuseries for an estimated span of five years. As Hemp, Inc. is progressing in Arizona, it is expected to serve as an increasingly strategic area for hemp processing and distribution, and 2 Manifest Studio is diligently working towards capturing the developments commenced by Hemp, Inc.
MARIJUANA COMPANY OF AMERICA INC., provided updates on the harvest of their Canadian hemp project in which the company stated that the hemp cultivation in 2018 provided immense experience and knowledge the year’s large scale operation. The company further finds scope in the use of improved genetics for the refinement and processing activities. This showcases their continual focus on developments and improvements, providing major growth avenues for industrial hemp market.
Botanac, an industrial hemp production company based in Oklahoma recently harvested 104 acres grown legally, post the legalization of industrial hemp. The company being the first to grow as well as harvest the crop, with the industrial hemp seeds being let out for sale.
Classification of Industrial Hemp Market: Significant Segments
The industrial hemp market is segmented based on its application in end-user segments. The key application segments include pharmaceutical, animal care, paper products, packaging, textiles, construction materials, biodegradable plastics, cosmetics and body care products, automotive, food and beverages, and others.
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The research study on industrial hemp market highlights a detailed assessment of the overall market. It comprises of in-depth insights, historical and factual data, and industry-validated and statistically-supported data that provides a better understanding of the industrial hemp market. The industrial hemp market report includes predictions using adequate set of assumptions and methodologies. The research report on industrial hemp market provides evaluations and data based on regions, technology, market segments, and applications.