Hemp Processing Equipment Market: Overview and Dynamics
Industrial Hemp one of the Cannabis sativa species is used across the globe for manufacturing various commercial and industrial goods.
Due to its versatility of being used across multitude of products and various health benefits, there’s been a significant increase in demand, thereby, catapulting hemp processing equipment market at a faster rate to meet the market requirements.
Furthermore, hemp processing equipment finds its application in extracting various products such as fibers, herds, seeds, oil and beverages is pushing the demand for hemp processing equipment which can help to get end product from hemp.
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Moreover, Hemp-based medicines are generally suggested for therapeutic application by doctors around the globe. Bio-degradable plastics are manufactured using hemp which can be used as a substitute for the existing non-biodegradable plastics in the market.
All these benefits of hemp is creating significant demand which is cushioning hemp processing equipment market.
Multi-product extracting hemp processing equipment is the need of an hour. Multi-product manufacturing hemp processing equipment is capable of extracting oil, seeds, fibers and hurd at the same time, thereby, saving substantial time and money for the manufacturers with the added benefits from production of various products.
Adaptation to such hemp processing equipment will ensure growth and further development in hemp processing equipment market with an expectation of a single-digit rise in the CAGR over the forecasted period in hemp processing equipment market.
The recent development of advanced hemp processing equipment has been observed in the equipment. One of the key player, Mile High Lab, a US-based company, recently moved hemp processing on-site by launching new product named Mile High Monster.
This hemp processing equipment is capable of turning 50 acres of hemp into CBD oil in one single day. This thus, removes additional expenses of transporting hemp from site to the processing units, thereby, substantially reducing transportation cost and reducing delays in hemp processing.
In short, the market leaders and newcomers are intensively working on new technology to simplify the operational process i.e. from cultivation to the final product.
For instance Mile High Labs, Prairie Products LLC, Pure Hemp Technology, Canadian Greenfield amongst others have launched their products which can process hemp to oil on the field. Therefore, constant advancement in technology is poised to lead the growth of the market northwards.
The global hemp processing equipment market is bifurcated into four major segments: product type,
End-use, and region. Based on the product type the hemp processing equipment can be segregated into the fiber, hurd, seeds, oil. Based on End-use the hemp processing equipment can be classified as Cultivation & Manufacturing Industry, Food & Beverages, Pharmaceutical, Electrical & Electronics, Construction, Textile and Others.
The hemp processing equipment market is directly proportional to the hemp production and legal issues posed by government regulations. Hemp is not legal in the majority of the countries with few exceptions such as the US, Canada etc. allowing to use hemp-based products to a certain extent.
Laws in every country are different like in the US there are about 50 states with different laws on products with THC level more than 0.3% being federally illegal in the US. Whereas in some states 0.3% THC level products are acceptable. Thus, affecting the market operations and overall demand of hemp processing equipment market.
To summarize, the market dynamics of Hemp Processing Equipment is solely depended on global hemp production and demand. The global market for Hemp Processing Equipment is expected to have higher growth rate by the end of 2031. Further, factors such as Demand, Innovations, COVID-19 and Govt. legalization for CBDs in various countries will play a pivotal role in fueling the market demand.
COVID-19 Impact Insights
The COVID-19 was declared a pandemic by the World Health Organization (WHO) in the early march 2020 which mandated countries to impose lockdown and abide by strict social distancing measures leading to market shut down and flattening economic curve across the globe. On the other hand, the supply and demand chain has been massively disrupted leading to a global economic loss.
Furthermore, facility shut down in Asia, North America and Europe in the second quarter of 2020 have reduced the production of hemp processing equipment which in turn affected the global hemp processing equipment market.
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With reducing Covid-19 cases in some regions operations resumed during the fourth quarter of 2020. On the other hand, the new Covid-19 strain which was first discovered in the United Kingdom is spreading much faster than expected which may further force the regulatory bodies to impose strategic lockdowns across affected regions.
On the bright side, vaccines are being approved after phase 3 trials by countries and have started vaccination drives for neutralizing covid-19 cases. Meanwhile for balancing the supply chain, regulatory bodies have allowed manufacturing sectors to proceed with production.
Moreover, abiding to COVID-19 guidelines and alternative rotation of workers can help the global tetrahexyldecyl ascorbate market to bounce back strongly by the second quarter of 2021.
Segmentation Analysis of Hemp Processing Equipment Market
The Global Hemp Processing Equipment market is bifurcated into four major segments: processing, extraction, end user, and region.
Based on Processing, Hemp Processing Equipment market has been segmented as follows:
Based on Extraction, Hemp Processing Equipment market has been segmented as follows:
- Cannabinoid Extraction
- Oil Extraction
Based on end-user, Hemp Processing Equipment market has been segmented as follows:
- Producer & Cultivator
- Other Commercial Use
- Building Materials
- Animal Care
- Food & Beverage
Based on geographic regions, Hemp Processing Equipment market is segmented as
- North America
- Latin America
- East Asia
- South Asia
- The Middle East and Africa
Hemp Processing Equipment Market: Regional Outlook
Based on regional distribution, the report “Hemp Processing Equipment market” takes into account six prime regions including North America, Europe, Latin America, East Asia, South Asia and Oceania and
The Middle East & Africa. Based on production and demand it is expected that there will be significant increase in demand for Hemp Processing Equipment in North America, East Asia and Europe hemp processing equipment market.
With North America CAGR in hemp processing equipment market is estimated to be 20% by the end of 2031. Also, North America has significant number of hemp processing equipment manufacturers due to legalized application of the hemp-based product.
Therefore, this indicates considerable competition among the key players in this region for hemp processing equipment market.
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