Industrial Hemp Market Analysis: Growth, Trends, and Forecast

Industrial Hemp Market was valued at USD 8.30 Billion in 2022 and it is expected to reach USD 65.79 Billion by 2029, exhibiting a CAGR of 34.4% during the forecast period (2023-2029).

Industrial Hemp Market Report Scope and Research Methodology

Report Scope: The report covers an in-depth analysis of the industrial hemp market, including segmentation by type, application, source, and region. It provides valuable insights into market dynamics, growth drivers, challenges, and opportunities.

Research Methodology: Maximize Market Research Pvt Ltd utilized a rigorous research methodology, including data collection from market participants and regions spanning North America, Asia Pacific, Europe, Middle East & Africa, and South America. The report offers key data analysis from 2017 to 2020.

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What are Industrial Hemp Market Dynamics?

Drivers: The global industrial hemp market is experiencing robust growth due to increasing demand from sectors such as food and beverage, personal care, and animal care. Factors contributing to this growth include the rise in chronic diseases, the use of hemp-derived products in various food applications, and the expanding utilization of non-psychoactive in the food and pharmaceutical industries. The recent economic impact of the COVID-19 pandemic has had a modest effect on the market, but a swift global economic recovery is expected to boost growth.

Restraints: Challenges facing the industrial hemp market include a lack of adequate processing facilities and planting/harvesting equipment. Insufficient machinery for planting and harvesting hemp poses obstacles to the industry's expansion. Additionally, complex regulatory structures and varying legal requirements for industrial hemp across different regions create hurdles for manufacturers and stakeholders.

Industrial Hemp Market Segmentation:

The market is divided into hemp seed, hemp seed oil, hemp oil, and hemp fiber based on kind. Throughout the projection period, the hemp fiber sector is anticipated to rule the market. Both bast (outer, long fibers) and hurds (inner, small threads) are forms of fiber found in hemp. The other two types into which the bast fibres are further classified are primary bast fibres, which can be up to 50 mm long and contain between 50 and 70% cellulose, and secondary bast fibres, which are only around 2 mm long.

The market is divided into categories for food, drinks, textiles, personal care items, medicines, and other products based on application. Forecasts indicate that the food industry will rule the industrial hemp sector. This is because hemp is used to make foods that are rich in linoleic and linolenic acid, vitamin E, and minerals including calcium, zinc, iron, salt, potassium, and magnesium. The most popular ways to consume hemp are as raw or roasted seeds. It may be found in salads, smoothies, yoghurt, and cereals. According to estimates, as veganism becomes more and more popular throughout the world, there will be a growth in demand for processed foods manufactured from hemp, such as bars, flour, snacks, and cheese.

The market is divided into organic and conventional products based on the source. The industrial market was dominated by conventional hemp products because they were less expensive than organic hemp products. Furthermore, while not being certified, hemp grown for commercial purposes is rich in vitamins and other essential fatty acids.

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Who are Industrial Hemp Market Key Players?

1. Valley Bio Ltd.
2. Hemp, Inc.
3. Terra Tech Corp.
4. American Hemp
5. Ecofiber Industries Operations
6. Botanical Genetics, LLC
7. Marijuana Company of America, Inc.
8. HempMedsBrasil
10.Plains Industrial Hemp Processing Ltd.
11.HempFlax B.V.
12.Industrial Hemp Manufacturing, LLC
13.Boring Hemp Company
14.Parkland Industrial Hemp Growers Cooperative Ltd.

Table of Content: Industrial Hemp Market

Part 01: Executive Summary

Part 02: Scope of the Industrial Hemp Market Report

Part 03: Global Industrial Hemp Market Landscape

Part 04: Global Industrial Hemp Market Sizing

Part 05: Global Industrial Hemp Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

Europe: The European market is expected to experience the fastest growth due to the extensive use of industrial hemp in various industries, including food, beverages, textiles, personal care, and more. Hemp fiber's use in construction and automotive industries is also contributing to regional market expansion.

Asia Pacific: Asia Pacific holds the largest share of the global market, driven by active production and consumption of hemp and its products in countries like China, India, Japan, and Australia. Rising global demand, technological advancements, and innovative harvesting methods are fueling hemp production in the region.

North America: North America is among the top consumers of industrial hemp, with high demand for hemp oil in personal care products. A growing aging population and increased concerns about skin health are expected to boost the need for hemp oil in cosmetics and personal care.

Other Regions: The industrial hemp market continues to grow in various regions, with unique applications and consumption patterns.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)

Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
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