Press release
Industrial Hemp Market is estimated to reach USD 10,227 million by 2028 increasing at 16.5% CAGR during 2021-2028 | Size, Report & Growth
Industrial Hemp Market
The Industrial Hemp Market was calculated around USD 3,014 million in 2020 and is expected to reach USD 10,227 million by 2028, growing at a CAGR of 16.5% over the forecast period (2021-2028).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/global-industrial-hemp-market/
The factors driving the growth of Industrial Hemp Market includes rising prevalence of arthritis, migraine, and fibromyalgia, growing consumption of hemp-based food products and supplements around the world, increasing geriatric population and improvements in the living standards. According to the report published by Center for Disease Control and Prevention (CDCP), the prevalence of doctor diagnosed arthritis is estimated to reach 78.4 million in adults aged 18 years and above by the end of 2040, which is expected to push the demand for industrial hemps in the approaching years. Moreover, growing awareness about the health benefits of industrial hemps, increasing application of hemps in food, beverages, dietary supplements, and personal care products and rapid urbanization, are some of the additional factors supplementing the Global Industrial Hemp Market. In addition, the increasing investments by leading players on research and development, strategic acquisitions, and collaborations between major corporations, rising disposable incomes and growing population growth rates, are further propelling the Industrial Hemp Market size.
However, growth of the Industrial Hemp Market is hindered due to rising complexities in the regulatory structure.
The leading prominent players operating in the market are Canah International, Plains Industrial Hemp Processing Ltd., HempFlax Group B.V., Hempco Inc., Hemp Inc., Konoplex, Dun Agro Hemp Group, Ecofibre, GenCanna and Colorado Hemp Works, LLC, among others.
Based on Type, the Hemp Fiber segment is predicted to capture the largest market share during the forecast period
Increasing application of hemp fiber in end-use industries such as construction, animal bedding and automobile, is pushing growth of the segment.
Based on Application, the Food segment is projected to expand at a robust CAGR over the forecast period
As per the Industrial Hemp Market Report, hemp oil contains adequate amount of vitamin, omega-3 and protein, which is propelling segment's growth.
Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period
Growing consumption of hemp-based products and supplements, rising adoption of advanced technologies by manufacturers, rapid urbanization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the Industrial Hemp Market Growth in Asia-Pacific region.
Key Developments
In 2020, Ecofibre's acquired the portfolio of manufacturing businesses, which will support the supply chain of hemp facemask. Ecofibre Limited, an Australian manufacturer of hemp-derived, textiles, composites, and food products bought a $42 million portfolio in North Carolina to support the production of Hemp Black facemask and gaiter line.
In 2019, GenCanna Global Inc. and Specialty Oil Extractors entered into an agreement to expand the scale of GenCanna's industry processing capacity and provides required optionality for farmers throughout the state of Kentucky.
Market Segmentation
Segmentation by Source
Organic
Conventional
Segmentation by Type
Hemp Seed
Hemp Seed Oil
Hemp Fiber
Hemp Oil
Segmentation by Application
Food
Beverages
Personal Care Products
Textiles
Pharmaceuticals
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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