According to MarketsandMarkets, the global industrial hemp market size is estimated to be valued at USD 6.8 billion in 2022 and is projected to reach USD 18.1 billion by 2027, recording a CAGR of 21.6% in terms of value. The industry is witnessing a lot of new product launches and acquisitions and mergers between big players.
Marijuana Company of America Inc. (US), Cronos Group Inc. (Canada), Ecofibre Limited (Australia), Green Thumb Industries (US), Curaleaf Holdings Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA (Germany), Dun Agro Hemp Group (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), and MH Medical Hemp GmbH (Germany) are the key players in the market. To strengthen their market position in the global industrial hemp market, they are now focusing on strategies such as product developments, mergers and acquisitions, product innovations, joint ventures, collaborations, and partnerships.
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Marijuana Company of America, Inc. is an American licensed cannabis cultivation, processing, and dispensary facility owner and operator. The company creates, manufactures, and distributes branded cannabis and cannabidiol (CBD) products. It sells its products through two business units: Distro and hempSMART. In North America, the company sells CBD brands, as well as smoke and vape shop-related products, to wholesalers, convenience stores, specialty retailers, and consumers. It also sells health and wellness, personal care, and pet care products.
In December 2021, Marijuana Company of America, Inc. completed its acquisition of VBF Brands, Inc. The acquisition of VBF Brands, Inc. perfectly encapsulates the companys strategy to expand the business through organic growth and acquisitions of synergistic and often undercapitalized assets in the Cannabis industry. This acquisition will significantly strengthen the Marijuana Company of Americas position in the California market.
The Cronos Group is a cannabis manufacturing company that is geographically diverse and vertically integrated. It manufactures and sells medical marijuana through its subsidiaries, The Peace Natural Project (Canada), Original BC (Canada), and Whistler Medical Marijuana Corporation (Canada). It sells dried cannabis and cannabis oil both wholesale and directly. Spinach, Peace Naturals, Lord Jones, Happy Dance, and Peace are among Cronos Groups diverse international brand portfolio.
In September 2019, The Cronos Group acquired four operating subsidiaries of Redwood Holding Group (US). Cronos Group gained a leading US hemp-based product platform, including hemp-derived cannabidiol (CBD) infused skincare and other consumer products, as a result of the transaction.
Ecofibre Limited is a hemp product provider in the United States and Australia, with three business segments: Ananda Heath, Ananda Food, and Hemp Black. Ananda Healths business in the United States provides hemp-derived CBD to retail pharmacies. It sells hemp-based food products under the brand Ananda Food and Textiles, healthcare, and construction materials under the brand Hemp Black. The company has a presence in Australia as well as some states in the United States, including Kentucky, Pennsylvania, and California. The company manufactures nutraceutical products for human and animal consumption. The company is also developing novel hemp-based textiles and composite materials.
In May 2020, Ecofibre officially opened its new US headquarters and manufacturing facility in Georgetown, Kentucky, to expand its production capacity and market presence in the US.
Industrial Hemp Market by Type (Hemp Seed, Hemp Seed Oil, CBD Hemp Oil, Hemp Bast, Hemp Hurd), Source (Conventional, Organic), Application (Food & Beverages Pharmaceuticals, Textiles, Personal Care Products) and Region - Global Forecast to 2027
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