According to a report published by Grandview Research, the global industrial hemp market size was estimated at USD 4.13 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 16.8% from 2022 to 2030. When it comes to a country like India, various operational challenges are coming in the way for the emerging businesses in this field. In order to secure good quality hemp, suitable farming conditions are required and farmers across the country have to wait for the favourable climatic conditions every year. Despite all odds, we can still witness the emergence of various startups in this domain who are constantly working to improve the conditions of farmers and help them grow premium quality hemp. Uttarakhand Hemp is one of them.
The company is working on the sole agenda of promoting hemp farming as a sustainable source of income for hill farmers. This will help reverse social migration and have a positive impact on the environment by bringing barren lands under cultivation. “We have already tied up with all the local hemp product manufacturers and are sourcing the best hemp seeds. Because of our geographical closeness to the Himalayas, we have
a strategic advantage and we are trying our best to make use of this opportunity”, says Pranav Sharma, Founder, Uttarakhand Hemp.
The Growth Story
The founder with a 21 years of expertise in the Ecommerce was based in US from 2014-2019 after which he came back to India. While in US, he observed that the industry for hemp based products is growing very rapidly in the US which acted as the primary inspiration for Uttarakhand Hemp after he came back to India. Pranav researched on the viability of this business and found out that with the current demand growing, the industry for hemp based products in India will be a billion dollar market in the next couple of years. “We started off with a website with hemp based products listed on it that are produced by the local manufacturers of Uttarakhand and Himachal Pradesh. We sourced the best quality hemp seeds and supplied it on a B2B basis to many cosmetics manufacturers and Pet food companies,says the Founder.
Because the awareness about these products are still growing in the country the company has tied up with many young innovators who are working in this domain and addedHemp fabric and CBD oil to their catalogue. The cannabis strain that is found in the Himalayas is believed to one of purest forms which is why the products that can be fetched out of it are also of the best quality. This is the factor that Uttarakhand Hemp wants to stress on the most and cater to the demands in the market with the best product and value.
Because of our geographical closeness to the Himalayas, we have a strategic advantage and we are trying our best to make use of this opportunity
Future Strategies
The company is getting into the farming of the Industrial Hemp plant and building a platform for all the hemp products available in India. “Because each and every part of this wonderplant can be utilized, we want to take full opportunity by having our own yield. Additionally, we also want the new companies that are coming up in this domain to list themselves in this new market place as we make it live”, concludes the Founder
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