By now, you probably know the hemp industry is booming. In fact, over $450 million are made each year on hemp products alone in the US. Hemp is a futuristic industry, where innovation can open new horizons. People who want to set up a sustainable business, must understand the larger vision of the hemp industry and should proactively support it.
Activities around the world are propelling other nations to develop an interest in hemp cultivation. In fact, India is constantly evolving into this innovative business and revitalizing the centuries-old industrial crop.
Why a Hemp business?
First, let's talk a little more about why you should start your own hemp business in the first place. While sales of hemp products have sky-rocketed in recent years, in 2014 an estimated $620 million dollars was spent annually on hemp products. Hemp can be used in a variety of different ways and more and more consumers are becoming conscious of their health and the environment, hence the market has really opened up.
Hemp is an easy natural resource that can surprisingly be converted into more than 25,000 products. It has now become a new trillion-dollar crop offering enormous opportunities which may be refined into a spread of economic items, including paper, clothing, biodegradable plastics, insulation, biofuel, food, and animal feed.
India is a leading organization that is pivoting the hemp cultivation projects all across the country and strongly lobbying the hemp industry. And why not? We believe that the government should also promote the growth of hemp businesses, as entrepreneurs are entering this multi-million industry. The revival of the centuries-old cultural crop, hemp, can change the lives of many farmers of India.
A lot of transformation is still going on and it surely seems that over the next few years hemp will happen to become one of the fastest-growing commercial industries. All this might make you want to get in on the action, doesn't it? Well now is a great time to start your own hemp business and we've got 5 lucrative ideas to get you started.
Top 5 Ideas for Hemp Business
1. Hemp Food Industry
Hemp food is becoming one of the fastest-growing industries in countries like the USA. The seeds and oil are being used as ingredients in baked goods, smoothies, salad, granola, protein powder, and many more food products. Because of its nutritional benefits, consumers are liking the idea of consuming more hemp. Hemp food's rising popularity makes this one of the best hemp business ideas to get behind. In fact, hemp oil is considered a superfood. It can lower cholesterol, moderate blood sugar levels, and help maintain hormonal balance. It's also a natural appetite suppressant, making hemp oil a great supplement for weight loss.
2. Hemp Supplements and Medication
Hemp vitamins, beauty, and body care products are increasingly becoming more popular. The oil is known to reduce aches and pains. It aids in recovery after a workout or even illness. It also offers a complete set of amino acids, making it a great protein supplement. And because it's packed with antioxidants, hemp is a powerful immune system booster. With people looking for more natural ways to live, hemp business ideas down this path could be gold mines.
3. Hemp Clothing Industry
Hemp fiber is an excellent alternative to cotton for clothing and furniture. It can also be called an eco-fabric as hemp is safe for the environment, can be recycled, and is biodegradable. Another advantage is that a high amount of pesticides are needed to grow cotton, but hemp plants do not need pesticides at all. Hemp can be considered a carbon-negative plant. Plus, it needs no chemicals to be spun into cloth. The unique nature of the hemp plant in this industry can produce clothing that will last longer and will help the planet too.
4. Hemp Plastic Material
Hemp plastic materials can be a better choice than either steel or plastic because they are strong and sustainable. Did you know that Henry Ford (the founder of the Ford Motor Company) actually used hemp plastic to make the bodies and interiors of his first automobile? Pretty cool. Hemp plastic is a great choice because it’s biodegradable so it’s better for the environment. German and Japanese automobile industries are already using hemp plastics and soon the US will be using them more as well.
5. Hemp Paper Manufacturing Industry
Hemp fiber can also produce paper more easily. This solution is friendly to the environment because it saves trees. Cellulose is the ingredient needed to make paper, and trees only produce 30 percent of it. Converting trees into cellulose wastes tons of energy and resources. Hemp fiber, however, produces 83% cellulose. Talking about the amazing nature of hemp, it can breathe in 4 times of the carbon dioxide (CO2) during its extremely short 12-14 week growing cycle. This clearly talks about hemp being an environmentally friendly crop.
Know how to get started
In India, Uttarakhand became the first state to permit commercial cultivation of industrial hemp, in July 2018. The Indian Industrial Hemp Association came into existence to become the first to cultivate hemp legally in India. By far, the industrial hemp market has been projected to surge at 34% compared to $4.6 billion in 2019 to reach $26.6 billion by 2025.
A few Indian states like Rajasthan and Orissa still have government-licensed bhang shops. Out there, anyone can apply for a collector license to reap naturally growing crops which can then be sold only at these governments regulated shops. If you’re not going to cultivate your hemp and plan to get it from others, then one way is to find a supplier. However, a license preferably from AYUSH should be applied for and acquired in the country.
Say if you want to start a business in hemp medicinal supplements, then contact a person who has an AYUSH license. They can share their license with you for the medicinal processing of hemp. Trading is allowed not only in India but across the globe with Pan India (under AYUSH). Pan India gives procurement and sales team tools needed to efficiently negotiate transactions as it supports all relevant aspects of the trade for industrial hemp.
The opportunities are enormous but making a profit from these is a challenge as they come with their own advantages and disadvantages. For say, fiber and seed production don’t have quite as high a market value but are low risk and are reliable products to farm. CBD, on the other hand, is the real money maker in the hemp world. To capitalize on that potential profit, a certain amount of risk must be taken. No matter what choices you make, the hemp industry will remain stronger with increasing popularity.
The biggies of the hemp world: India Hemp Organics, BOHECO, India Hemp & Co, and many more will tell you how it might seem daunting to get into this business first. But investing yourself in a hemp business will allow you to take advantage of this growing industry all while backing the sustainable, carbon-negative plant that will be doing an amazing amount of good to the planet and its people.
So what are you waiting for? Reach out to our team, pick an idea and start building your ‘hempire’ today.