According to a recent survey published by FMI, the global Industrial Hemp market is expected to grow at a healthy CAGR during the forecast period between 2018 and 2028. The objective of the report is to uncover micro and macro-economic factors accelerating the sales of Industrial Hemp over the coming decade.
The Arrival of Industry 4.0 Technology Will Open Up New Growth Opportunities for the Industrial Hemp Market
The industrial sector is undergoing a change as firms throughout the world place a strong emphasis on using advanced automation. This is usually referred to as Industry 4.0.
Manufacturing facilities are prioritising the use of novel technologies such as artificial intelligence, smart manufacturing, the internet of things (IoT), and machine learning, among others, with the arrival of Industry 4.0. This will result in enormous growth opportunities for the Industrial Hemp business.
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Furthermore, rising government emphasis on improving the manufacturing sector and integrating augmented and virtual reality using smart equipment to boost output are expected to drive market demand in the approaching years.
Key Industrial Hemp Market Takeaways and Projections
· The U.S. is estimated dominate the Industrial Hemp market in North America, accounting for the largest share in the region through 2022.
· Germany is projected to account for a significant share in the Europe market over the assessment period.
· China is forecast to hold the lion’s share the East Asia market, projecting the fastest growth in the region between 2018 and 2028
· India is anticipated to emerge as a highly remunerative market in South Asia, accounting for the largest sales during the forecast period.
Report Benefits & Key Questions Answered
· Industrial Hemp Historical Market Outlook: Future Market Insights’ analysis looks at key aspects such drivers, opportunities, and obstacles. It investigates their market influence during the prior assessment period of 2016-2020. The study gives critical insights to market participants in order for them to capitalise on opportunities and overcome problems.
· Industrial Hemp Demand-Supply Assessment: A latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Industrial Hemp market. As per the survey, Industrial Hemp sales will project steady growth over the forecast period.
· Industrial Hemp Consumption by Demographics: The report published by FMI provides consumption by demographics analysis to assist the market players in formulating their marketing strategies on the basis of purchasing power of the customers. It examines changes in consumer behavior and also studies its effect on the demand for Industrial Hemp.
· Industrial Hemp Market Trend Analysis: FMI’s market trend analysis provide detailed insights into current and upcoming trends in the industrial automation industries. It also assist the industry players to identify potentials trends to capitalize on them.
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.
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Geographical assessment includes
- North America Market of Industrial hemp focusing on Canada and US.
- Latin America Industrial hemp Market comprising Mexico, Brazil, and Rest of Latin America.
- Western Europe Industrial hemp Market that includes Germany, Italy, U.K, France, Nordic countries, Netherlands, Spain, Luxembourg, Belgium, and Rest of Western Europe.
- Eastern Europe Market of Industrial hemp including Poland, Russia, and Rest of Eastern Europe.
- Asia Pacific Market of Industrial hemp including China, India, ASEAN, Australia & New Zealand.
- Japan Industrial hemp Market
- Middle East and Africa Industrial hemp Market-GCC, South Africa, and Rest of MEA.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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