The global industrial hemp market size is expected to reach USD 16.75 billion by 2030, registering a CAGR of 16.8% over the forecast period, according to a new report by Grand View Research, Inc.
Industrial Hemp Market Report Highlights
- The seeds product segment accounted for the maximum revenue share in 2021 owing to the increased product usage in nutritional supplements &medicinal and therapeutic products, such as pharmaceuticals
- The product demand in the personal care industry is anticipated to grow at the fastest CAGR from 2022 to 2030 as it increases the skin’s natural ability to retain moisture
- The animal care segment also accounted for a significant revenue share in 2021 on account of the high demand for hemp shivs and leaves in animal bedding as their low dust properties make it highly preferable for animals having respiratory issues
- The market for industrial hemp in North America is expected to grow at the fastest CAGR from 2022 to 2030 owing to the legalization of hemp production coupled with the technological advancements in harvesting and use of hemp fiber and hurds
- Asian countries, such as China, have a significant tradition of hemp production and exports, which has allowed these countries to dominate the global market
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The rising product demand from industries, such as agriculture, textiles, personal care, recycling, furniture, food & beverage, paper, and construction materials, is projected to propel market growth. Hemp is increasingly being used in medicinal products and nutritional supplements. The high nutritional values and beneficial fatty acid and protein profile of hemp are driving the demand for hemp products in the market. In addition, hemp oil is used in shampoos, soaps, lotions, bath gels, and other cosmetics, further benefiting the industry growth.
The strength to weight ratio, high tensile strength, and flexural strength of industrial hemp offer desired benefits in bio-composites for automotive parts, fiberboard, aerospace, and packaging. Furthermore, the product demand from the textile, paper, and building materials markets is growing on account of its favorable acoustic and aesthetic properties. The rising demand for eco-friendly products in construction materials, fiberglass alternatives, thermal insulation, and automotive products is expected to promote market growth. The growing demand for technical products, such as varnishes, oil paints, fuel, solvents, chain-saw lubricants, printing inks, putty, and coatings, is expected to have a positive impact on the market growth.
Industrial Hemp Market Insights By Geographical Regions:
Asia Pacific led the market and accounted for more than 32% share of the global revenue. Economies, such as China, India, Japan, Korea, Australia, New Zealand, and Thailand, are actively involved in the production and consumption of industrial hemp and its products, such as fiber, seed, hurds, and oil. Increasing global product demand along with advancing technologies and innovation are making harvesting easier for cultivators, thereby changing the face of hemp production in the region. North America is among the major consumers in the global market due to the presence of several application industries. In Europe, the product is majorly consumed in automotive parts, construction materials, textiles, and fabrics in the form of fibers.
Industry Analysis By Major Producers:
Players involved in the market produce large quantities and high-quality products along with a wide range of variants, in terms of, seed size and oil composition. Potential yields and processing methods, technologies used for processing, along with the cost of production and returns, play a major role in driving the competition in the market. Some prominent players in the global industrial hemp market include:
- Parkland Industrial Hemp Growers Cooperative Ltd.
- CBD Biotechnology Co.
- Botanical Genetics, LLC
- Marijuana Company of America, Inc.
- HempMedsBrasil
- Terra Tech Corp.
- American Cannabis Company, Inc.
- HempFlax B.V.
- Industrial Hemp Manufacturing, LLC
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Industrial Hemp Market Segmentation
Grand View Research has segmented the global industrial hemp market report on the basis of product, application, and region:
Product Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2030)
- Seeds
- Fiber
- Shivs
Application Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2030)
- Animal Care
- Textiles
- Automotive
- Furniture
- Food & Beverages
- Paper
- Construction Materials
- Personal Care
- Others
Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2030)
- North America
- U.S.; Canada
- Europe
- U.K.; Germany; France
- Asia Pacific
- China; India; Japan
- Central & South America
- Brazil
- Middle East & Africa
List of Key Players of Industrial Hemp Market
- Parkland Industrial Hemp Growers Cooperative Ltd. (PIHG)
- CBD Biotechnology Co., Ltd.
- Botanical Genetics, LLC
- Marijuana Company of America Inc.
- HempMedsBrasil
- Terra Tech Corp
- American Cannabis Company, Inc.
- HempFlax B.V.
- Industrial Hemp Manufacturing, LLC
- American Hemp
- Hemp, Inc.
- Boring Hemp Company
- Plains Industrial Hemp Processing Ltd.
- Ecofiber
- Valley Bio Ltd.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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