Industrial Hemp Market Size, Growth and Forecast – Expected to Reach at a CAGR of 8.0% by 2023
Zion Market Research has published a new report titled “Industrial Hemp Market by Product (Seeds, Fiber, and Shivs) and by Application (Animal Care, Textiles, Automotive, Furniture, Food & Beverages, Paper, Construction Materials, Personal Care, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global industrial hemp market was approximately USD 3.97 billion in 2018 and is expected to generate around USD 9.64 billion by 2025, at a CAGR of around 13.5% between 2019 and 2025.
Industrial hemp is an exceptionally renewable resource. The crop once harvested generates a high yield of edible proteins and fibers, with over 50,000 product applications. The need for industrial hemp products is increasing significantly on a daily basis, due to the rising health awareness among global consumers. The increasing global demand for hemp-based food items is expected to drive the global industrial hemp market over the forecast time period. Consumers are majorly switching to natural products, which is further likely to fuel the industrial hemp market in the upcoming years. Industrial hemp has major applications in fuel, textiles, biodegradable plastics, healthy food, paper making, and construction industries. It can also be used as an alternative for various products, such as tree paper and as raw material for the production of plastics and cosmetics. Additionally, the rising need for a healthy lifestyle is also predicted to provide significant growth opportunities to the players engaged in the industrial hemp market.
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Based on product, the global industrial hemp market includes seeds, fiber, and shivs. The seeds segment accounted for a significant market share in 2018, due to the increasing demand for seedcakes, oil, and numerous nutraceutical and food products. Nutraceutical products have high nutritional value and fatty acid content. The fiber segment contributed a substantial revenue share in 2018, due to the increasing product demand from the textile industry to produce spun fibers, yarns, and a wide range of industrial textiles.
Based on application, the global industrial hemp market includes animal care, textiles, automotive, furniture, food and beverages, paper, construction materials, personal care, and others. The textiles segment contributed a major revenue share to the global market in 2018. This can be attributed to the increasing demand for industrial hemp for manufacturing of consumer (fine textiles, apparel, denim, fabrics, etc.) and industrial textiles.
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By region, the North America region contributed a major revenue share to the global industrial hemp market in the year 2018. This regional share can be attributed to the increasing demand for fiber- and seed-based products that are majorly used in personal care, cosmetics, textiles, and food and beverage industries. The Asia Pacific industrial hemp market is predicted to register the highest growth rate over the forecast timeframe, owing to the increasing use of fibers in the manufacturing of biodegradable textiles.
Some major players operating in the global industrial hemp market include Industrial Hemp Manufacturing, Hemp-E, Mollerup, Valley Bio Limited, Hemp, Inc., Bombay Hemp Company, UAB Agropro, Hemp Oil Canada, HempFlax, and Hemp Food Australia.
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This report segments the global industrial hemp market into:
Global Industrial Hemp Market: Type Analysis
Global Industrial Hemp Market: Application Analysis
- Animal Care
- Food and Beverages
- Construction Materials
- Personal Care
Global Industrial Hemp Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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