China Commands Over One-Third of the Total Global Hemp Market
November 1, 2019
New Asia-Pacific report studies regional implications for the emerging global hemp market
Hong Kong, Nov. 01, 2018 (GLOBE NEWSWIRE) — New Frontier Data, the authority in data, analytics and business intelligence on the global cannabis industry, releases its Asia-Pacific Hemp Brief: 2018 Industry Overview, which highlights key developments shaping the hemp market in China and Asia-Pacific. The report studies the marketplace as the production and use of hemp-based products grows substantially in a restrictive, but quickly evolving, legislative landscape. This Asia-Pacific Hemp study further examines China’s massive hemp industry, the development of hemp markets in other nations in the region, and innovative applications being introduced into major global industries.
“We are seeing so much growth and industry development in Asia’s hemp sector, if exportation of hemp-based products, hemp-derived CBD, and hemp-based technologies continue to evolve with China and India leading the way, we may be looking at a modern-day East-West Silk Road, with material global economic implications, in the not too distant future,” said Giadha Aguirre de Carcer, Founder and CEO of New Frontier Data.
China is today’s global hemp production powerhouse, leading in cultivation, processing, manufacturing and exports. In 2017, Chinese domestic sales of hemp were estimated at $1.1 billion, over one-third of the global market. South Korea, the cultural center of Asia has a booming beauty and personal care market which represented over $8.5 billion in sales in 2016. Australia’s MCG Pharmaceuticals’ entered into a $40 million (USD31.3 billion) supply agreement to provide Korean company Varm Cosmo with 15,000kg of CBD skin care products per month for three years. Other markets in the region are also exploring loosening restrictions on industrial hemp and medical cannabis, including Malaysia, Thailand, Japan and other countries.
“The opportunities are endless for hemp-based products and technology expansion in this region which is home to 60% of the world’s population. As the international community increasingly addresses cannabis reform and engages with the legalized cannabis industry, many opportunities will appear in places where not long ago such activity seemed unimaginable,” added Aguirre de Carcer.
Among the report’s key findings:
- Hemp will play a major role throughout several Asian countries in the coming years.
- China is the world leader in hemp cultivation, processing, manufacturing and exports. It has a substantial hemp textile industry and a burgeoning CBD market which is poised for dramatic growth as consumers become more familiar with the product’s applications and versatility.
- South Korea, the epicenter of cultural trends in Asia with its booming beauty industry, is beginning to see CBD-infused cosmetics enter the market. Once CBD personal care products establish their niche, they could create a significant market opportunity among billions of consumers across Asia.
- If Thailand’s national experiments with medical cannabis legalization and global CBD exportation are successful, other countries in the region will predictably follow suit.
- Canada is expected to be a major exporter of CBD but would be challenged over the long run to compete with Southeast Asia’s low-cost producers.
Visit NewFrontierData.com/APACHEMP to download the full report – Asia-Pacific Hemp Brief: 2018 Industry Overview. New Frontier Data’s online intelligence portal, Equio, provides readers with reports on global markets and a series of country profiles which offer an introduction to various markets, trends and recent investment activities in the cannabis industry.
About New Frontier Data:
New Frontier Data is an independent, technology-driven analytics company specializing in the cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators, researchers and policymakers. New Frontier Data’s reports and data have been cited in over 69 countries around the world to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with additional offices in Denver, CO, London, UK, Bogota, Colombia, and Hong Kong.
New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry worldwide. For more information about New Frontier Data please visit: http://www.NewFrontierData.com.
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