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The Asia Pacific represents a major market for industrial hemp and is projected to provide significant growth opportunities for the industry due to the implementation of favourable policies and the growing shift from unorganised to organised sector. The market in the region is being supported by the rising production and consumption of hemp fibre, especially with the rising demand for artisanal and sustainable fashion in the region. While the industrial hemp industry in India is at its nascent stage, the industry is expected to grow substantially, with non-profit organisations, start-ups, and state governments actively trying to leverage indigenous hemp handloom products. In July 2018, the Uttrakhand State Government granted Indian Industrial Hemp Association (IIHA), a non-profit organisation, the license to grow hemp fibre in more than 1,000 hectares of land, on a pilot basis. This is expected to boost the growth of the industry in India and, thus, is projected to strengthen the position of the Asia Pacific region in the market.
North America and Europe are also lucrative markets for industrial hemp, especially with the rising awareness of the beneficial health impacts of CBD and hemp seed oil. The rising consumption of hemp seeds in food and beverage items, such as yoghurt, cereals, and smoothies, are also propelling the growth of the market in these regions. The rising legalisation of hemp cultivation is also positively impacting the market. The industry is these regions are also being catalysed by the prominent presence of the major market players in the region. Hemp Inc. (OTCMKTS: HEMP), a leading player in the industry, has an expansive presence in the United States. The company has the largest multipurpose industrial hemp processing facility in Spring Hope, North Carolina, along with a 5,000 square-foot retail store in Kingman, Arizona, The King of Hemp StoreTM. The company’s position in the country is also strengthened by its commitment to promote and aid the American farming community.
Market Breakup by Source, Product Type, Application, and Regions:
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The major players in the global industrial hemp market are Manitoba Harvest Hemp Foods, Hemp Inc., Hemp Oil Canada Inc., HempFlax Group B.V., Hemp Production Services, and Terra Tech Corp., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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