'Asia International Hemp Expo 2024' Aims to Enhance Quality Standards for Thai Hemp Raw Materials to Compete in the Global Industry. The Major Event Is Scheduled for 27-30 November 2024.
The Thai Industrial Hemp Trade Association (TiHTA) and the N.C.C. Exhibition Organizer Co., Ltd. (NEO), is staging the 3rd edition of 'Asia International Hemp Expo and Forum 2024' to drive the Thai hemp industry forward by accelerating the boost of the Thai hemp industry standard in line with international standards to broaden business opportunities from the emerging European and Asian markets after the adjustment of hemp use law. Moreover, the 'Hemp Sandbox' project is now initiated to create a median price for hemp raw materials while connecting the industry supply chain. The event is scheduled from 27-30 November 2024 at the Queen Sirikit National Convention Center, and expects to generate more than one billion baht.
Mr. Pornchai Padmindra, President of the Thai Industrial Hemp Trade Association (TiHTA), revealed that the hemp industry holds an immense economic potential as the markets start to open up this year, the European and Asian markets in particular. The legalization of hemp use not only creates diversity but also benefits the economy's expansion. The global hemp industry is expected to reach USD 100 billion by 2026 (Source: The Global Cannabis Report: 3rd Edition by Prohibition Partners). Meanwhile, the Thai market is expected to account for USD 2 billion by 2026. (Source: Euromonitor). Among the key driving forces of the hemp industry growth in Thailand is the country's leading position as a regional hub of Medical & Wellness with full support from the public and private sectors.
Fostering international standards in the Thai hemp industry to embrace every opportunity on the global stage.
The Thai hemp industry is advancing towards sustainability to enable international economic connectivity where international standards production process is the top priority. The TiHTA, together with industrial partners from various sectors has been encouraging the standardization relevant to the industry, especially during the upstream and midstream production. By utilizing the standard tracking system throughout the production process, more association’s members have requested for GAP and GACP in assurance of their reliable standards.
Furthermore, the Ministry of Industry has issued the Y2021 announcements of 5 hemp extract standards, including hemp seed oil, CBD extract, hemp husks, hemp core, and hemp fiber, covering textiles, food, cosmetics, paper, automotive, etc. The announcements aim at setting production standards in accordance with the new hemp importing market in Europe where Thai hemp producers must operate according to the GMP and EU-GMP standards in order to meet the market requirements.
In addition, fiber and hemp extract use in various industries such as alternative wellness, medical products, fashion industry, automotive and aerospace industries, as well as lifestyle products, plays a significant role in promoting the Environmental, Social, and Governance (ESG) principles. The hemp industry also offers opportunities to trade Carbon Credits as hemp can absorb more carbon dioxide from the atmosphere than any other plant. Therefore, the industry bears extensive potential to create commercialize carbon credits for companies that seek to decarbonize business activities. However, standardizing and validating carbon credits remains a challenge to be faced.
TiHTA advances the 'Hemp Sandbox' project by creating average prices for hemp raw materials to drive the industry sustainably.
The Association has been pushing for an appropriate median price for hemp raw materials to connect the supply chain for sustainable growth of the hemp industry. The initiative 'Hemp Sandbox' project was established to promote hemp cultivation in plain areas, near processing plants areas, and near export areas. The project is also set to enhance knowledge in cultivation, procurement of seeds with certified varieties, and insight of market demands from government agencies. It also lays down guidelines for co-inventing and developing machinery for harvesting and processing by members of local entrepreneurs with support for trial planting plots and irrigation systems from various participating sectors. It is believed that Hemp Sandbox will help improve production standards by the international standard and overseas market requirements such as registration of variety certification, documentation of certificate of analysis of plant varieties (COA), control of planting standards, production according to GMP, EU GMP, Green Industry, ISO standards. 27716, 14001, 9001, Halal standard, and other related standards
Mr. Sakchai Phattharapreechakul, Executive Director of N.C.C. Exhibition Organizer Co., Ltd. (NEO), said, "As collaborative organizer to the Asia International Hemp Expo and Forum 2024 for the third consecutive time and as a trade show expert, we are proud to use our potential and expertise in generating opportunities and are honored to take part in driving the hemp industry forward whilst decrease the limitations within the industry. For this year's event, in addition to presenting technology and innovation covering 14 industries, the expo will feature seminars with exciting case studies and knowledge sharing by distinguished panelists from more than 20 countries with expertise covering plantation technology, extraction technology, health products, future food, composites for the automotive and aircraft parts, hemp concrete. Notably, seminars will also feature knowledge of production standards for markets in various countries. We expect to welcome over 200 exhibiting companies, more than 10,000 visitors, and at least 1 billion baht in revenue generated from this event."
Pushing for 'Linking the raw material chain to boost demand for the hemp industry'
As its main objective is to create linkage of raw material chain, the event features the HEMP Supply Chain Pavilion, showcasing the hemp growers' potential by presenting their hemp plantation and cultivation capacity to buyers from various industrial sectors. The pavilion also showcases the properties of raw materials and the quantity of purchasing demand from industrial sector allowing hemp growers to plan cultivation from the selection of seeds to the proper cultivation method. In addition, the TiHTA has synergized with the Design & Object Association to organize the HEMP Inspired Showcase exhibition displaying meticulous products made from hemp raw materials created by renowned designers to underline the potential of raw materials and strengthen the demand for the Thai hemp industry. The activity also aims aim promoting the association's Hemp Sandbox initiative.
Pre-register your visit to “Asia International Hemp Expo and Forum 2024” at www.asiahempexpo.com. The event will be held from 27-30 November 2024 at the Queen Sirikit National Convention Center, Bangkok, Thailand.
