Market of hemp products in the Nordic countries: Ganesh Hemp Industry, Nepal

Abstract

This thesis examines the market potential for Nepalese hemp products in the Nordic region, focusing on Ganesh Hemp Industry’s opportunities and challenges. It addresses four research questions: the market potential for hemp-based fashion, legal and regulatory barriers, competitive positioning, and consumer preferences in Nordic countries. Using a mixed-methods approach, the study analyzes primary data from a survey of 25 Nordic respondents and secondary data from market reports. The results show a growing demand for sustainable hemp products, with the European hemp apparel market projected to reach USD 23.57 billion by 2030. However, EU regulations, including a THC limit of 0.2% and import licenses, pose significant challenges for Nepalese exporters. Nordic consumers highly value sustainability (72%), with a moderate correlation (r = 0.548, p = 0.005) between eco-friendly preferences and willingness to pay more for hemp products. Lack of awareness (72%) and competition from European firms like Nordic Oil further complicate market entry. The study recommends that Ganesh Hemp Industry invest in targeted marketing to boost awareness, ensure regulatory compliance, and prioritize online retail channels to reach Nordic consumers effectively. These strategies can help overcome barriers and leverage the region’s sustainability focus, contributing to Nepal’s economic growth in the global hemp market.