LONDON–(BUSINESS WIRE)–The industrial hemp market is expected to grow by $3.35 bn during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the industrial hemp market in optimistic, probable, and pessimistic forecast scenarios.
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The industrial hemp market will witness Neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase as compared to 2019.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
- Adjust their strategic planning to move ahead once business stability kicks in.
- Build Resilience by making effective resource and investment choices for individual business units, products and service lines.
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Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Major Three Industrial Hemp Market Participants:
22nd Century Group Inc.
22nd Century Group Inc. operates its business under various segments such as tobacco and hemp and others. The company offers industrial hemp with optimized levels of medically important cannabinoids, including but not limited to CBD, CBC, and CBG.
Aurora Cannabis Inc.
Aurora Cannabis Inc. operates its business under two segments namely cannabis and horizontally integrated businesses segment. The company offers support services such as patient counseling services, analytical testing services, and design, engineering, and construction consulting services. The company provides hemp CBD under the brand Reliva.
Bombay Hemp Company Pvt. Ltd.
Bombay Hemp Company Pvt. Ltd. has business operations under segments Unified Segment. The company provides nutritional hemp, hemp fabric, and textile.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown: https://www.technvaio.com/report/industrial-hemp-market-industry-analysis
Industrial Hemp Market 2020-2024: Segmentation
Industrial hemp market is segmented as below:
- Hemp-based CBD
- Food And Supplements
- Personal Care
- North America
- South America
The industrial hemp market is driven by high demand from the textile industry. In addition, other factors such as the rise in the legalization of hemp cultivation are expected to trigger the industrial hemp market toward witnessing a CAGR of over 11% during the forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.