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Industrial Hemp Market (Type - Hemp Seeds and Oil, Fiber, and Shives; Source - Organic, and Conventional; Application - Food and Beverages, Pharmaceuticals, Cosmetics, Textiles, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : May, 2021

  • Rep Id : CM00852

  • Category : Chemicals & Materials

  • Status : Published

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.

 

Market Insight

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 market growth.

 

Segment Covered

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.

 

Companies Profiled:

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.

 

Report Highlights:

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.


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