Report : 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)
Adoption of hemp derivatives by cosmetic industry is projected to escalate the hemp derivatives market at a CAGR of 23.7%
Latest market study on "US Hemp derivatives Market to 2027 - Analysis and Forecasts Type (Hemp-Derived CBD, Hemp Seed Oil, Hemp Fiber, Others); Application (Food and Beverages, Pharmaceuticals, Personal Care, Others)". The US hemp derivatives market is accounted to US$ 1,043.5 Mn in 2018 and is expected to grow at a CAGR of 23.7% during the forecast period 2019 - 2027, to account to US$ 7,056.4 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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.
Under the application segment, the pharmaceutical segment accounted for the largest share in the US hemp derivatives market. Hemp derivatives have long been valued across the world owing to its medicinal properties. It is a unique plant that is a rich source of omega 3, omega 6, and amino acids. It contains several vitamins such as A, B, B1, B2, B3, B6, C, E, and F along with minerals such as potassium, calcium, sulfur, magnesium, phosphorus, zinc, etc. Hemp comprises minimal THC, and large amounts of CBD, and primary restorative cannabinoid, which is extremely valuable as it offers various medical benefits. Hemp 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. With such therapeutic and medicinal properties, hemp and its derivatives have gained significance and are being increasingly demanded across pharmaceutical applications and the production of nutritional supplements.
In the US, hemp and its derivatives are increasingly being used as an additive in herbal cosmetic products. Derivatives such as hemp seed oil and Cannabidiol oil are used in the formulation of conditioners, lip balm, soap, hair spray, shampoo, hand creams, lipstick and deodorants, and others. As hempseed oil consists essential fatty acids (EFA’s), polyunsaturated fatty acids (PUFAs) and other essential nutrients, the hempseed oil with perfect balance of omegas 3 and 6 are prominently used in the personal care products. The experts in cosmetics also suggest that hemp acts as a barrier to restrain the entry of pollutants in the skin. The primary compound present in hemp provides a soothing effect to the skin and restores skin health as and when added to salves and creams. Further, anti-inflammatory, moisturizing, anti-aging, and antimicrobial properties of hemp oil makes it a best fit ingredient for hair and skincare products. Such compelling benefits of hemp and its derivatives have propelled its demand in the cosmetic and personal care industry. The rising trend towards the adoption of green beauty and herbal products has created ample opportunities for manufacturers to introduce and add a variety of hemp additives to their products. For instance, the Body Shop introduced hemp body butter, which provides intense hydration and better protection to the skin.
The market for US hemp derivatives is concentrated with some very well-established players. Some of the key players in the US hemp derivatives market include Colorado Hemp Works, LLC, Hempco Food and Fiber Inc., Bell Flavors and Fragrances., Canada Hemp Foods Ltd and Z-Company BV among others.
The report segments the US hemp derivatives market as follows:
US Hemp Derivatives Market - By Type
US Hemp derivatives Market - By Application
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