Industrial Hemp Market Is Expected To Have A Positive Impact On The Market Growth
Industrial Hemp Industry Overview
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. 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 Segmentation
Grand View Research has segmented the global industrial hemp market report on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Seeds, Fiber, and Shivs.
- The seeds product segment is estimated to register the fastest CAGR of more than 20% from 2022 to 2030. The hemp seeds are gaining popularity in the food and nutraceutical markets. The rising product usage in lotions, shampoos, soaps, bath gels, and cosmetics further benefits the segment growth.
- Hemp seeds are also used in the production of oil, which is consumed in the personal care, food & beverages, and animal feed industries. In addition, the oil is used in nutritional supplements and medicinal & therapeutic products, such as pharmaceuticals.
- The fibers segment led the global market in 2021 and is estimated to expand further maintaining its dominant position throughout the forecast period.
Based on the Application Insights, the market is segmented into Animal Care, Textiles, Automotive, Furniture, Food & Beverages, Paper, Construction Materials, Personal Care, and Others.
- The textile application segment led the market and accounted for more than 24% share of the global revenue in 2021. Hemp fabric is strong, hypo-allergic, and naturally resistant to UV light, mold, and mildew, which represents an added advantage over other fabrics In addition, it can be blended with cotton or linen, which adds stretch and strength to the fabric.
- Hemp oil is widely used in the manufacturing of food & beverages on account of its high nutritional content, including fatty acids, proteins, and several other ingredients. Several food manufacturing processes make use of hemp seeds and oil, which is expected to propel market growth.
Industrial Hemp Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
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. Market players are also focusing on increasing product cultivation and processing facilities in economies where the plant can be grown legally. Major industry players are investing heavily in R&D activities to achieve high yields from the cultivation. These players offer diverse varieties of hemp-derived products and have the ability to penetrate large markets.
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
- American Hemp
- Hemp, Inc.
- Boring Hemp Company
- Plains Industrial Hemp Processing Ltd.
- Ecofiber Industries Operations
- Valley Bio Ltd.
Order a free sample PDF of the Industrial Hemp Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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