Report : Europe Hemp Derivatives Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Hemp CBD Oil, Seed Oil, Hemp Fiber, and Others) and Application (Food and Beverages, Pharmaceutical and Nutraceutical, Personal Care, Textiles, and Others)
The Hemp Fiber Segment to Dominate Europe Hemp derivatives Market during 2021-2028
According to a new market research study on “Europe Hemp Derivatives Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Application and Country,” is expected to reach US$ 6,534.63 million by 2028 from US$ 1,521.21 million in 2021. The market is estimated to grow at a CAGR of 23.1% from 2021 to 2028. The report provides trends prevailing in the Europe hemp derivatives market along with the drivers and restraints pertaining to the market growth. Rising applications of hemp derivatives in various industries and increasing cultivation of hemp are major factors driving the growth of the Europe hemp derivatives market. However, complex regulatory structure may hinder the growth of Europe hemp derivatives market.
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.
The market for Europe hemp derivatives is segmented into type, application and country. Based on type, the market is segmented into hemp CBD oil, seed oil, hemp fiber, and others. In 2021, the hemp fiber segment held the largest share in Europe hemp derivatives market. Based on application, the market is segmented into food and beverages, pharmaceutical and nutraceutical, personal care, textiles, and others. The personal care segment is expected to be the fastest growing segment over the forecast period. Based on country, the Europe hemp derivatives market is segmented into Germany, UK, France, Italy and rest of Europe. In 2021, rest of Europe held the largest share in Europe hemp derivatives market. Furthermore, in this present scenario of COVID 19 pandemic, the Europe hemp derivatives market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Europe countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for hemp derivatives.
Dun Agro Hemp Group, HempFlax Group B.V., Hempoland Sp. Z o.o., Konoplex, Mh Medical Hemp Gmbh, South Hemp and BAFA Neu GmbH are some of the leading companies in the Europe hemp derivatives market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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