Industrial Hemp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global industrial hemp market reached a value of US$ 4.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2027, exhibiting a CAGR of 16.57% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Industrial hemp is a plant species of Cannabis sativa that is a rich source of fiber and oilseed. It has considerable amounts of protein, carbohydrates, vitamins, essential fatty acids, and trace elements. As a result, it is used to manage or treat several debilitating conditions. Besides this, it is utilized in the production of nutritional supplements, fabrics and textiles, paper, construction materials, food and beverages, personal care products, and other industrial goods across the globe.
Industrial Hemp Market Trends:
Industrial hemp is a versatile and eco-friendly alternative for manufacturing lightweight and dent-resistant automobile bodies. This, along with the increasing need for reducing carbon footprint and the burgeoning automotive industry, represents one of the key factors strengthening the growth of the market. Apart from this, industrial hemp assists in weeding fields, soil remediation, and bio-absorption of heavy metals and contaminants. As a result, it is widely employed in the agriculture sector of countries that have permitted its usage under license. Moreover, as the fiber of industrial hemp is longer, stronger, more absorbent than cotton, hemp fabrics and textiles are gaining popularity gradually in numerous countries. Hemp fabrics are utilized in the manufacturing of yarns and spun fibers, home furnishings, insulation materials, and composites. This, in confluence with the rising adoption of industrial hemp for the production of oil paints, printing inks, fuel, putty, chain-saw lubricants, and coatings, is also contributing to the market growth. Furthermore, the liberalization in government regulations for the production of industrial hemp is offering lucrative growth opportunities to the key market players. Besides this, the rising consumption of hemp-based products on account of their health benefits and the escalating incidences of epilepsy and other sleep disorders is anticipated to impel the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial hemp market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, source and application.
Breakup by Type:
Breakup by Source:
Breakup by Application:
Food and Beverages
Personal Care Products
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aurora Cannabis, Boring Hemp Company, Ecofibre Limited, Hemp Inc, HempFlax Group B.V., Hempro International GmbH, MH medical hemp GmbH, Parkland Industrial Hemp Growers Co-op. Ltd., South Hemp Tecno srl and Valley Bio Limited.
Key Questions Answered in This Report:
How has the global industrial hemp market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global industrial hemp market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the source?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global industrial hemp market and who are the key players?
What is the degree of competition in the industry?
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