Thai hemp industry's drive for global market success
Since Thailand has relaxed its regulations on hemp and cannabis, allowing for more extensive use, the hemp industry in the country has been steadily growing. Entrepreneurs have come together under the name "Thai Industrial Hemp Trade Association" (TIHTA), a network within the Thai hemp industry.
TIHTA aims to drive, unite and develop the Thai hemp industry, making it robust, from farmers to processors and producers. Their goal is to position the Thai hemp market to meet the demands of the global hemp industry effectively.
Thailand’s hemp and cannabis industry has been thriving and establishing standards since 2021. These standards govern the use of hemp and cannabis derived materials in various industries. Currently, there are up to 14 industries connected to hemp and cannabis, including medical, food and beverage, dietary supplements, cosmetics, pharmaceutical, automotive and construction industries, among others. This is because hemp and cannabis plants have exceptional potential for development in various aspects, especially in the medical field, and there are many products that can utilize hemp and cannabis derived ingredients or extracts for better benefits. This aligns with several countries that have been studying, researching and developing policies and regulations to promote increased access to the benefits of hemp and cannabis plants.
“Asia International Hemp Expo 2023” will be held under the theme "Growing Hemp Industries Together." It represents another collaboration within the network between Thai Industrial Hemp Trade Association (TIHTA) and N.C.C. Management & Development Limited Company. This event is organized to showcase the continuous development of the Thai hemp industry, including advancements in innovation, knowledge, products, and the creation of connections within both domestic and international markets. It aims to address industry promotion and enhance competitiveness in the global market.
“The association collaborates with the government continuously and sees the hemp and cannabis industry as an opportunity for the country. They emphasize that entrepreneurs should focus on creating added value because if everyone primarily focuses on cultivation, it will ultimately lead to price cutting, which could also hinder the potential for the development of innovative and value-added products. For example, using extracts from hemp as ingredients in widely used herbal medicines, which has market value in the billions, is one area that can generate added value for hemp. Therefore, entrepreneurs should study, develop knowledge, and utilize hemp to create added value, which will accelerate the growth of this industry.
"Furthermore, the hemp and cannabis industry also aligns with the Sustainable Development Goals (SDGs), which are the United Nations' sustainable development objectives. This alignment encompasses aspects such as health, well-being, clean energy accessibility, sustainable production and consumption practices, and global cooperation for sustainable development.”
For the event last year, there were more than 300 entrepreneurs participating from around the world in the hemp industry, ranging from cultivation to the end product. The event received a good response from those interested in hemp plants, both from Thailand and abroad. Within the event, knowledge about hemp, from cultivation to complete technological processes, as well as production and processing, were comprehensively gathered. This attracted significant attention from various dimensions, including the food industry, animal feed, pharmaceuticals, cosmetics and more. For this year, it is expected that there will be no fewer than 10,000 attendees at the event, with a turnover value of no less than 8 billion baht.
This is a great opportunity for the "Asia International Hemp Expo & Forum 2023" event to further expand opportunities in the hemp industry. This year, technologies and solutions will be presented in 14 major industries, following the principles of production processes based on the BCG economic model, to promote sustainable environmental practices and business networking opportunities between Thai industry players and international investors. As the central hub for the hemp industry in the region, the event will showcase exhibits from every industry category, emphasizing their cultural significance. For example, there will be an art exhibition featuring works created from recycled materials from the industrial sector, showcasing innovative art pieces in the "Hemp Living" zone. Renowned global artists will take part in this effort in inspiring the Thai hemp industry towards creativity and paths of interest.
Being a part of the event, showcasing technology, innovations, and international hemp and cannabis products in Asia, provides opportunities for industry stakeholders. It covers the entire process, from cultivation to processing, extraction and Thai hemp and cannabis products. “Asia International Hemp Expo & Forum 2023” is a platform to demonstrate readiness, network with business leaders, preparation for the future market, and the exchange of knowledge with industry players. The event will take place from November 22 to 25, 2023, at the Queen Sirikit National Convention Center, Bangkok.