Last Week in Hemp (11th March – 17th March)
Last week in hemp offered a plethora of positive developments within the hemp industry, highlighting its expanding potential across diverse sectors.
Market Growth and Research Investment
A recent report by the United States Department of Agriculture’s (USDA) Chief Scientist emphasizes the importance of the U.S. hemp industry learning from advancements made by international counterparts. The report acknowledges research gaps stemming from past prohibitionary policies and underscores the potential benefits of international collaboration to accelerate development within the domestic hemp sector.
Analysts predict a significant rise in the global industrial hemp market, with projections indicating a surge from $4.9 billion in 2019 to a staggering $18.6 billion by 2027. This anticipated growth signifies the accelerating adoption of hemp across various industries.
Furthermore, investment in hemp research continues to gain momentum. The USDA announced a $10 million grant awarded to Oregon State University to facilitate collaboration with tribal nations on initiatives related to hemp economic development. This collaboration aligns with another recent development – a $1.5 million grant awarded to researchers at Rensselaer Polytechnic Institute (RPI) for the development of hemp-based insulated siding. These funding allocations demonstrate a growing commitment to research and innovation within the hemp industry.
Collaboration and Standardization
The Federation of International Hemp Organizations (FIHO) recently joined forces with ASTM International, a prominent standards development organization. This collaborative effort aims to establish a comprehensive set of global standards for the entire hemp value chain. The implementation of such standards will ensure product quality and facilitate smoother international trade within the hemp sector.
Product Innovation
Hemp’s versatility continues to impress. Snohetta, a renowned architecture firm, recently unveiled a lamp crafted from a compostable hemp bio-composite. This innovative product exemplifies the potential of hemp as a sustainable material within the design industry.
Australia is witnessing an expansion of its hemp processing capabilities with the opening of a new facility on the Mid-North Coast. This development will likely lead to increased domestic hemp production and a wider range of hemp-based products available to Australian consumers.
Food and Nutritional Applications
Research suggests that hemp seeds offer a multitude of health benefits, including improved cardiovascular health and digestive function. This growing body of evidence is driving interest in hemp as a functional food ingredient for vegetarians and health-conscious consumers.
Looking Forward
The hemp industry is experiencing a period of significant growth, fueled by increased investment, international collaboration, and the emergence of innovative hemp-based products. These developments bode well for the future of hemp as a sustainable and versatile resource.
