Industrial Hemp Market to Showcase High Growth; to cross USD 11.3 BN Mark by 2026
Posted On October 13, 2020
During the period of 2020-2026 it is expected that the Global Industrial Hemp Market will showcase a CAGR of 14%. The market is foreseen to reach USD 11.3 BN by 2026 while it was valued at USD 4.5 BN in 2019 as stated in a the published market study by Value Market Research. Industrial hemp, a highly profitable crop, is gaining significant recognition in recent years. This herb’s rise in popularity is due to the growing awareness among the consumers about the benefits of industrial hemp and increasing industrial hemp application in diverse industries like textile, pharmaceutical, personal care, cosmetics, automotive, furniture, and paper. The emerging application of hemp seeds in several foods and beverages due to their nutritional value will benefit this market’s growth. Rising consumer demand for green buildings and using hemp-based insulation materials and bio-composites in the construction industry will further propel market growth. The various restraints governing this market’s growth are complex regulatory structures in industrial hemp use and the need for processing facilities on a commercial scale.
Industrial hemp is obtained from an aromatic, erect annual herb named Cannabis sativa. Using efficient processing techniques, the stalks and the seeds of this plant are transformed into a fantastic array of products used in a multitude of applications, like insulation, plastics, cordage, fabric, paper, food, biofuel, medicines – particularly cannabidiol, cosmetics, skincare, water filters, agriculture. The industrial hemp exhibits superior properties like high strength, lightweight, and better thermodynamics. Hemp fiber is also used to make bioplastics that can be recyclable and biodegradable, depending on the formulation. Industrial hemp plants can withstand different climatic conditions like drought, heat, and frost and be cultivated without pesticides or other chemicals.
The initial sections of the report "Global Industrial Hemp Market Report By Product Type (Fiber And Seeds), End-Use (Food & Beverages, Consumer Textile, Personal Care, Industrial Nature, Hemp CBD, Supplement And Other Consumer Products) Nature (Organic And Conventional) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2019-2026" starts with the introduction, a crisp market summary followed by detailed revenue analysis as per segments and regions. The market drivers responsible for pushing the market growth are discussed in length in the report. The industrial hemp market opportunities are useful to identify the profit canters and take the strategic decision accordingly.
On the basis of product type the market is segmented into Fiber, Seeds. By end-use the industrial hemp market is categorised as Food & Beverages, Consumer Textile, Personal Care, Industrial Nature, Hemp CBD, Supplement, Other Consumer Products. By nature the industrial hemp market is categorised as Organic, Conventional. The other regions studied in the report are North America, Europe, Latin America and Middle East & Africa. The regional spread of all the segments and sub segments are detailed in the report.
The Report Segments Global Industrial Hemp Market -
By Product Type
- Food & Beverages
- Consumer Textile
- Personal Care
- Industrial Nature
- Hemp CBD
- Other Consumer Products
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Players Profiled In the Report:
Agropro, All American Hemp Company, Blue Sky Hemp Ventures Ltd., Cavac Biomateriaux, Green Source Organics, Hemp Foods Australia, Hemp Inc., Hemp Production Services Inc., Hemp Sense Inc., Hempco Food and Fiber Inc.,Hempro International, Manitoba Harvest Hemp Foods, Marijuana Company of America Inc., North American Hemp & Grain Co. Ltd. and Trigone Foods Inc. among others.
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