The global industrial hemp market size was valued at $4.9 billion in 2019, and is projected to reach $18.6 billion by 2027, registering a CAGR of 22.4% from 2021 to 2027.
Industrial Hemp Market by Type (Hemp Seed, Hemp Oil, Hemp Fiber and Others), Application (Food and Beverages, Textiles, Personal Care Products, Pharmaceuticals and Others) and By Source (Conventional and Organic): Global Opportunity Analysis and Industry Forecast, 2021–2027
Industrial hemp or hemp is a variety of Cannabis sativa plant species this is grown especially for the commercial purpose. Industrial hemp is a fast-growing, environmentally friendly plant with a low cost to produce. It is also one of the multipurpose and sustainable crops in the world. Moreover, industrial hemp can be refined into a variety of commercial items such as rope, paper, clothing, textiles, insulation, paint, biodegradable plastics, food, biofuel and animal feed.
The hemp industry continues to provide substantial innovations with respect to the cultivation and machinery to develop hemp plants more effectively. Innovation in cultivation and machinery will give farmer the capability to make the plantation and harvest of industrial hemp triple in volume. However, companies providing hemp and hemp-derived products needs compliance with various regulatory guidelines worldwide.
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The raising legalization of the cultivation of hemp is encouraging the producer and research institution to develop new products from industrial hemp. In addition, legalization and increased production of hemp oil may improve the cost of producing hemp oil and subsequently hemp biodiesel. Biofuels is one such application, which is anticipated to have crucial growth potential in the upcoming years. Continuous rise in the price of oil (petrol & diesel), along with the raising concerns about global warming, biofuels have been gaining popularity. Moreover, hemp seed extracts are used to produce hemp biodiesel, which can be used any diesel operated vehicle. Furthermore, industrial hemp can be used to produce ethanol, which is currently processed from food crops like corn and wheat. This process will result in increased efficiency of food production. Thus, raising new product development from hemp is becoming the current industrial hemp market trends.
COVID-19 was declared a pandemic by the World Health Organization (WHO) on March 11, 2020. The COVID-19 pandemic has had a significant impact on the industrial hemp market, due to import and export restrictions on hemps and its related products. In addition, lockdown measures imposed by governments are key challenges exporters face in North America and Asian markets, as they disrupt global supply chain.
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The industrial hemp market has been segmented based on type, application, source and region. Based on type, the industrial hemp market is segmented into hemp seed, hemp oil, hemp fiber and others. Based on application the global market is studied across food and beverages, textiles, personal care products, pharmaceuticals and others. On the basis of source, the market is categorized into conventional and organic. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the report includes Hempco Food and Fiber Inc., Ecofibre, Hemp Inc., GenCanna, HempFlax Group B.V., The Konoplex Group, South Hemp, Plains Industrial Hemp Processing Ltd., MH medical hemp and Hempro International GmbH & Co. KG
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Key Findings Of The Study
By type, the hemp oil segment dominated the global market in 2019, and is expected to retain its dominance throughout the forecast period.
By application, the personal care products segment accounted for highest share in the industrial hemp market growth in 2019, and is projected to grow at a CAGR of 19.6% from 2021 to 2027.
By source, the conventional segment led the global demand in 2019, and is expected to retain its dominance throughout the industrial hemp market forecast period.
By region, Asia-Pacific accounted for highest industrial hemp market share in 2019, and is expected to grow at a CAGR of 20.4%.
Table Of Content:
1.2.Key benefits for stakeholders
1.3.Key market segment
1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.Key findings of the study
2.1.1.Top impacting factors
2.1.2.Top investment pockets
2.1.3.Value chain analysis
2.1.4.Processing and extraction
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope…continues
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