Recently, I spent time at the Ingredients Marketplace event in Orlando, FL. The conference is filled with companies providing extracted compounds from natural products – Omega 3, lavender, vanilla and hemp. There were companies that are focused on formulation also.
I walked through the exhibition hall speaking with many of the people representing the companies. With few exceptions, many expressed some of the challenges they having with extractions and the purchase of good crude oils.
One of the sessions that was interesting was looking the top 5 trends in the industry. (Source: http://marketplace.supplysideshow.com/trends.aspx). Titled Trends in Hemp. Is Hemp the Next “Superfood” Superstar?, it was the best attended of the center stage presentations. It was an excellent summary of the market by Tom Vierhile, Innovation Insights Director, Datamonitor Consumer.
In his short summary of the exploring the question, he presented compelling reasons to consider the raw and extracted compounds from hemp:
- Hemp seed is not only rich in protein and essential fatty acids, but also contains high amounts of vitamin E, calcium, potassium, and magnesium.
- Advocates of hemp indicate a diet rich in the food can aid heart health, improve immunity, increase energy levels, reduce inflammation, and aid muscle recovery.
- Hemp is low in carbohydrates and calories relative to other protein sources, including animal-based proteins.
(Source: “Why Add Hemp Seed to Your Diet? Here Are The Benefits,” Treehugger.com, August 6, 2014; “American Seed & Oil Company Introduces DuBe Hemp Energy Shot,” PRNewswire.com, February 10, 2015.)
When examining the size of the marketplace, Vierhile examined the projections in the USA.
The U.S.-based Hemp Industries Association put the total retail market for hemp in the U.S. at over $620 million in 2014. U.S. sales of hemp food and body care products rose 21.2 percent in 2014 to hit $200 million. Growth has exceeded 20 percent the past two calendar years. (Source: “2014 Annual Retail Sales for Hemp Products Estimated at $620 Million,” Thehia.org, March 12, 2015)
There are more recent events in the U.S. that has made the market interesting with the emergence of cannabidiol (CBD). “Cannabidiol (CBD) is a phytocannabinoid found in “agricultural hemp” and is claimed to be “non- psychoactive.” CBD oil is emerging as a new class of dietary supplements and is believed to have anti-inflammatory and antioxidant properties. CBD oil has emerged as a controversial treatment for severe forms of epilepsy and other seizure disorders. (Source: Cannavest.com; “Philly420: Gray-Area CBS Products Sold in Pa, NJ,” Philly.com, March 12, 2015)
For example, “In February 2015, the US Food and Drug Administration sent warning letters to the makers of 18 different CBD-based products from six companies, alleging CBD products are being marketed as “unapproved drugs.” The FDA has also been more involved in watching for any violations of claims. (Source: “Public Health Focus – Warning Letters and Test Results,” FDA.gov”)
Vierhile’s key points for the audience to take away were:
- Hemp is misunderstood and easily confused with its cousin – marijuana. Product launch trends have added to the confusion to some degree.
- Hemp claims a compelling suite of health benefits and is more sustainable than most foods that are high in protein and rich in heart-healthy fatty acids.
- Hemp could cash in on rising concerns over food allergies and sensitivities, but is vulnerable to future controversy related to THC contents and confusion over CBD.
The American Oil Chemists Society has put together a special session at their National Meeting in Orlando, FL the first week in May on cannabis, titled High Time for Higher Standards: Cannabis is Creating New Opportunities!
It is important to note that the American Chemical Society and AOAC have also added focus on the analysis of the cannabinoids. This is bringing more professional chemists into the field.
Hoping you extract the best from your day.
John A. MacKay, Ph.D., is the Senior Director, Strategic Technology at Waters Corporation. He earned a B.A. in Chemistry from St. Lawrence University, and Ph.D. from the University of Vermont in chemistry focused on the synthesis for cancer fighting molecules using a cyclic -phosphazene backbone. After positions teaching organic, biochemistry and analytical courses, at Davidson College, Lyndon State College and UVM as well as supervising grant based funded student research projects, John joined Waters Technologies in July, 1983. His career has included many roles in product development and now heads up the newly formed Strategic Technology team for the Americas Business Operations. He is widely recognized as scientific expert in application of supercritical fluid for extraction and chromatography across a wide application space including botanical space.
John can be reached at [email protected], or [T] +1 508 482 2104.