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The North America hemp market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 18% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Hemp refers to small, brown oilseeds that are extracted from the Cannabis Sativa plant. It acts as a rich source of healthy fats, minerals, protein, and fibers. Hemp is widely available in the form of whole seed, shelled seed, hemp oil, and protein powder. It offers several benefits in enhancing metabolism, boosting immunity, treating chronic pain, reducing anxiety, etc. As a result, hemp is widely used in food & beverages, pharmaceuticals, nutritional supplements, cosmetics, textiles, etc.
In North America, the rising consumer awareness towards several nutritional benefits of hemp coupled with the growing health consciousness is propelling the market growth. Moreover, increasing incidences of cancer are also driving the demand for hemp-based products for relieving chemotherapy-induced nausea, chronic pain, fatigue, etc., in cancer patients. Additionally, the changing consumer inclination from high-calorie food items towards a protein-rich diet is further augmenting the market for hemp-based food and beverages in North America. With the rising hectic work schedules and sedentary lifestyles of the consumers, there is an increasing demand for processed and ready-to-eat food products in the region. This has resulted in the growing popularity of hemp-based cereals, bars, smoothies, yogurt, etc. Besides this, the escalating adoption of vegan food trends has led to a shift from meat and dairy products towards plant-sourced alternatives, such as hemp-based vegan meat and hemp milk. Additionally, a significant growth in the nutraceuticals sector is also propelling the utilization of hemp due to its high content of antioxidants, vitamins, iron, etc. In the coming years, the increasing demand of hemp in various non-food sectors, such as cosmetics, personal care and textiles, will continue to drive the market in North America.
IMARC Group provides an analysis of the key trends in each sub-segment of the North America hemp market, along with forecasts at the regional and country level from 2021-2026. Our report has categorized the market based on product type, application and source.
Breakup by Product Type:
Breakup by Application:
Breakup by Source:
Breakup by Country:
The competitive landscape of the industry has also been examined along with the profiles of the key players-BaFa Neu GmbH(Planete Chanvre), Dun Agro Hemp Group, Ecofibre, Gencanna, Hemp Inc., Hemp Oil Canada, Hempflax BV(Hempflax Group BV), Konoplex Group, Marijuana Company of America Inc. and U.S. HempCo.
|Base Year of the Analysis||2020|
|Segment Coverage||Product Type, Application, Source, Country|
|Countries Covered||United States, Canada|
|Companies Covered||BaFa Neu GmbH (Planete Chanvre), Dun Agro Hemp Group, Ecofibre, Gencanna, Hemp Inc., Hemp Oil Canada, Hempflax BV (Hempflax Group BV), Konoplex Group, Marijuana Company of America Inc. and U.S. HempCo.|
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