According to the latest report by IMARC Group, titled “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.
Industry Overview and Application:
Industrial hemp represents a plant species of Cannabis sativa that is a rich source of oilseed, fiber, protein, essential fatty acids, vitamins, carbohydrates, etc. It is widely used to manage or treat several diseases, such as eczema, arthritis, high cholesterol, etc. Besides this, industrial hemp is also utilized to produce nutritional supplements, fabrics, textiles, paper, construction materials, personal care products, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Industrial Hemp Market Trends and Drivers:
The escalating product demand for manufacturing dent-resistant and lightweight automobile bodies, coupled with the rapidly expanding automotive industry, is driving the industrial hemp market across the globe. Apart from this, the rising product requirement in the agriculture sector, where it assists in soil remediation, bio-absorption of heavy metals, weeding fields, etc., is further bolstering the market growth. Moreover, hemp fabrics are used to manufacture yarns and spun fibers, home furnishings, insulation materials, etc., which is acting as another growth-inducing factor. In addition to this, the growing adoption of industrial hemp for oil paints, printing inks, fuel, putty, chain-saw lubricants, coatings, etc., is also propelling the market growth. Furthermore, the relaxation of certain regulations by government bodies pertaining to industrial hemp production is leading to various lucrative opportunities for manufacturers, thereby augmenting the global market. In the coming years, the elevating incidences of epilepsy and other sleep disorders, along with the increasing consumption of hemp-based products owing to their health benefits, are expected to fuel the industrial hemp market.
Competitive Landscape with Key Players:
- 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
- Valley Bio Limited
Key Highlights of the Market Segmentation:
Breakup by Type:
- Hemp Seed
- Hemp Oil
- Hemp Fiber
Breakup by Source:
Breakup by Application:
- Food and Beverages
- Personal Care Products
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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