Europe Hemp Derivatives Market

The Europe hemp derivatives market is expected to grow from US$ 1,521.21 million in 2021 to US$ 6,534.63 million by 2028; it is estimated to grow at a CAGR of 23.1% from 2021 to 2028.

Hemp derivatives derived from hemp is a variety of the Cannabis sativa plant species which is basically grown for industrial use of its derived products. Hemp is one of the first plants that was spun to form a usable fiber. Hemp derivatives such as hemp-CBD oil, hemp fibers, and hemp seed oil finds its application in textiles, food and beverage applications, personal care, and others industrial bases. Hemp is grown and is used in the manufacturing process of various products. Hemp seeds and oilcake are used as an alternative source of food and feed protein in the food & beverages industry. Along with this, the oil obtained while crushing the hemp seeds is used in the manufacturing of soap, shampoo, lotion, cosmetics, and bath gels. The oil obtained from hemp seeds is rich in amino acids, minerals, and vitamins, and it is used in nutritional supplements as well as medicinal and therapeutic products.

In Europe, the UK, France, and Russia are the hardest-hit countries by the COVID-19 outbreak. The UK is estimated to suffer an economic hit due to lack of revenue from various industries, as the country recorded the highest number of COVID-19 cases, followed by France, Spain, Italy, and Germany. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders, which is anticipated to impact market growth in Europe. The lockdown restrictions are being slowly lifted in some countries in Europe; for instance, in Denmark, shops and restaurants have reopened. Italy is in the “yellow zone” and is slowly lifting the lockdown restrictions. All these factors are likely to positively impact the food & beverages industry, which will translate to the recovery of the hemp derivatives market.

With the new advancements and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe hemp derivatives market. An increase in legalization, along with a rise in the cultivation of hemp, has led the manufacturers and research institutes to develop new products from hemp. One such innovation is the use of hemp in the production of biofuel. Biofuel is an alternative to conventional fuel or fossil fuels. With the increase in the prices of oil, along with the growing concerns about Europe warming, biofuels have been gaining popularity as they have environmental benefits. Hemp is one of the few plants that can produce high yields of both oil and biomass, which means, it can be used to produce both biodiesel and bioethanol. Hemp seed oil is used for making hemp biodiesel and can be used in any conventional diesel engine. The University of Connecticut’s research showed that hemp oil had a 97% conversion rate into biodiesel, and it passed all lab tests. Thus, its application as a biofuel would save much time to produce biodiesel. Along with this, the rest of the plant can be used for making ethanol or methanol. They are also referred to as “hempanol” and “hempoline.” They are prepared through a process called cellulolysis, which ferments and distills the hemp to extract the ethanol. The dry distillation process is used to create methanol from hemp. Thus, various innovations by the manufacturers and research institutions are providing growth opportunities for the hemp derivatives market.

 Europe Hemp Derivatives Market Revenue and Forecast to 2028 (US$ Million)

Europe Hemp Derivatives Market Segmentation

Europe Hemp Derivatives Market – By Type

• Hemp CBD Oil
• Seed Oil
• Hemp Fiber
• Others

Europe Hemp Derivatives Market – By Application

• Food and Beverages
• Pharmaceutical and Nutraceutical
• Personal Care
• Textiles
• Others

Europe Hemp Derivatives Market – By Country

• Germany
• UK
• France
• Italy
• Rest of Europe

Europe Hemp Derivatives Strategic Insights

Strategic insights for the Europe Hemp Derivatives provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Europe Hemp Derivatives Report Scope

Europe Hemp Derivatives Regional Insights

The geographic scope of the Europe Hemp Derivatives refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.