A recent report published by
Infinium Global Research on the industrial hemp market provides an in-depth
analysis of segments and sub-segments in the global as well as regional
industrial hemp market. The study also highlights the impact of drivers, restraints,
and macro indicators on the global and regional industrial hemp market over the
short term as well as long term. The report is a comprehensive presentation of
trends, forecast, and dollar values of the global industrial hemp market.
According to the report, the global industrial hemp market is projected to grow
at a CAGR of 17.7% over the forecast period of 2020-2026.
The global industrial hemp market was
valued at USD 5.9 billion in 2020 and is projected to reach near USD 15.7 billion
by 2026, growing at a CAGR of 17.7% from 2020 to 2026. Hemp is one of the notable plants
used in the industrial sector as most of its parts are valuable in the
industry. It has been used for over 25,000 products globally. Industrial hemp,
usually known as hemp, is an agricultural product. It is an annual broad-leaved
plant consisting of a taproot that is capable of rapid growth under perfect
rising conditions. Furthermore, industrial hemp also comprises the by-products
of hemp plants and plant parts, examples of by-products that are considered as
industrial hemp contains hemp flour and hemp seed oil. It is harvested for
usage in producing a large number of products, counting construction and
insulation materials, paper products, fiberglass, biofuel, textiles, nutraceuticals,
bio-plastics, and many more.
Increasing population together
with an upsurge in the level of disposable income is anticipated to increase
demand for high-quality cosmetics, protein supplements, and health food
products among others. A rise in demand for the aforementioned products is
likely to drive the industrial hemp market growth during the forecast period.
Furthermore, there is a large market for hemp owing to the rising health
awareness among customers, which would fuel the market demand for industrial
hemp products. It has a large number of end uses like papermaking,
biodegradable plastics, textiles, fuel, construction, and healthy food.
Moreover, it can be used as a substitute for numerous products, such as tree
paper (which contributes to deforestation), and can be used as a raw material
in producing other products such as cosmetics and plastics. In addition, the
demand for a healthy lifestyle offers substantial opportunities for players
active in the industrial hemp market.
North America is projected to grow
in the upcoming years, due to the region’s flourishing pharmaceutical and
cosmetic industries. The regional consumers are now aware of products through
numerous channels. Progressive regulations in both Canada and the United States
have also heightened market growth. Furthermore, the presence of large
manufacturing companies in the region is anticipated to have a positive effect
on the industry. The Asia Pacific region is expected to witness the fastest
growth in the industrial hemp market during the forecast period. This dominance
is accredited to the widespread production and consumption of hemp fiber in the
textile and paper industry across the region. Moreover, the prosperous market
for cosmetics and personal care products in the Asia Pacific region and
legalization of industrial hemp in food supplements is projected to drive
The report on the global
industrial hemp market covers segments such as type, source, and application.
On the basis of type, the sub-markets include hemp seeds and oil, fiber, and
shives. On the basis of source, the sub-markets include organic and
conventional. On the basis of application, the sub-markets include food and
beverages, pharmaceuticals, cosmetics, textiles, and others.
The report provides profiles of
the companies in the market such as Hemp, Inc., Hempco Food and Fiber, Inc.,
American Hemp LLC, Ecofibre Limited, Plains Industrial Hemp Processing, Ltd.,
HempFlax Group B.V., Konoplex Group, Dun Agro Hemp Group, South Hemp Tecno srl,
and BAFA Neu GmbH.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of industrial hemp market. Moreover, the study highlights current
market trends and provides forecast from 2020-2026. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.