Industrial Hemp Market to Perceive Excellent CAGR of 21.02% by 2029, Growth Rate, Emerging Trends, Development Status and Revenue

Industrial Hemp Market document helps disclose ambiguities that may happen due to changes in business activities or entry of a new product in the market. Under market definition topic of this report, market drivers which indicate the factors causing rise in the market growth and market restraints which indicate the factors causing fall in the market growth have been explored. The report also showcases important product developments and tracks recent acquisitions, mergers and research in the Healthcare industry by the key players of the market. Global Industrial Hemp Marketing report not only works to compete but also to outshine the competition.

There has been increasing demand for biodegradable and renewable natural materials in various consumer products across the globe. The products in the global industrial hemp market are considered to be highly eco-friendly, less harmful and even renewable. Owing to its ecologically friendly character, this has prompted players in a variety of end-use industry verticals to choose goods from the global industrial hemp market, which is projected to aid the market growth. The industrial hemp market is projected to show immense growth over the forecasted period.

Global industrial hemp market was valued at USD 4.6 billion in 2021 and is expected to reach USD 30.9 billion by 2029, registering a CAGR of 21.02% during the forecast period of 2022-2029. The "Hemp fiber" accounts for the largest type segment in the industrial hemp market within the forecasted period owing to its usage to obtain biofuels and bioplastics. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and patent analysis.     

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Hemp is a psychotropic substance derived from plants. Hemp is a plant that is utilized for both medicinal and recreational uses. Hemp also aids in the reduction of pain by modifying pain perception circuits in the brain. It can also assist to avoid chronic pain diseases including arthritis, migraines, fibromyalgia, and endometriosis. Hemp fabric is very absorbent, mold-resistant, and more insulating than cotton, as well as UV-resistant. It creates long-lasting goods with constant quality and softness when combined with fabrics like silk, linen, and cotton.

Global Industrial Hemp Market Scope

The industrial hemp market is segmented on the basis of type, application and source. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

Hemp Seed
Hemp Seed Oil
Hemp Oil
Hemp Fiber

On the basis of type, the industrial hemp market is segmented into hemp seed, hemp seed oil, hemp oil and hemp fiber. Hemp fiber registers highest growth within the forecasted period owing to its usage to obtain biofuels and bioplastics.

Application

Food
Textiles
Beverages
Personal Care Products
Pharmaceuticals
Others

On the basis of application, the industrial hemp market is segmented into food, textiles, beverages, personal care products, pharmaceuticals and others.

Source

Conventional
Organic

On the basis of source, the industrial hemp market is segmented into conventional and organic.

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