Newark, July 26, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5 billion in 2022 global industrial hemp market will reach USD 28.47 billion in 2032. Not all members of the world's expanding population have equal access to food. The expanding food security dilemma spurred on by ongoing wars, climate change, and inefficient international organisations disproportionately affects some regions of the world. Due to its ability to grow anywhere, using less water, pesticides, and herbicides, hemp can greatly ease the load on food security. Its growth is strong. Hemp has great nutritional value; it includes fatty acids, minerals, and vitamins A, B, D, and E. Hemp seeds can meet an average adult's daily protein needs. The world's enormous population is also causing a rise in demand for various products, from pharmaceuticals to industrial consumer goods. Due to its adaptability, hemp is utilised in printing inks, textiles, paints, oils, and solvents. The industrial hemp market will expand due to the expanding industrial, automotive, consumer goods, and pharmaceutical sectors.
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Key Insight of the Global Industrial Hemp Market
Asia Pacific is expected to dominate the market during the forecast period.
The market has expanded due to the legalisation of industrial hemp in countries like India, China, and Thailand. The market is expanding due to the rising use of industrial hemp in the textile, paper, personal care, and animal nutrition industries. Furthermore, the rising number of entrepreneurs in the industrial hemp and processing business has generated a good growth environment for the regional industry, supported by advantageous government initiatives and programmes.
In 2022, the hemp seed oil segment dominated the market with the largest market share of 37% and market revenue of 1.85 billion.
The product type segment is divided into hemp seed, hemp seed, hemp seed oil, hemp bast, CBD hemp oil and others. In 2022, the hemp seed oil segment dominated the market with the largest market share of 37% and market revenue of 1.85 billion.
In 2022, the conventional segment dominated the market with the largest market share of 57% and market revenue of 2.85 billion.
The source segment is divided into conventional and organic. In 2022, the conventional segment dominated the market with the largest market share of 57% and market revenue of 2.85 billion.
In 2022, the personal care products segment dominated the market with the largest market share of 27% and market revenue of 1.35 billion.
The application segment is divided into foods and beverages, pharmaceuticals, animal nutrition, building and construction, textiles, personal care products, paper industry and others. In 2022, the personal care products segment dominated the market with the largest market share of 27% and market revenue of 1.35 billion.
Advancement in market
July 2023 - The lab of plant scientist Alex Harkess, PhD, at the HudsonAlpha Institute for Biotechnology is working to transform the way that food and fibre crops are grown in the future. HudsonAlpha and their partner, New West Genetics, recently received a grant from the United States Department of Agriculture's National Institute of Food and Agriculture (USDA-NIFA). The grant is intended to help industrial hemp, a multipurpose plant used for many centuries for various purposes, reach its full potential.
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Market Dynamics
Driver: Industrial hemp's growing applications.
Food and beverage, personal care, pharmaceutical, energy, animal nutrition, nutritional supplements, automotive, paper, textiles, and construction businesses employ industrial hemp. For instance, skin and hair care products made from industrial hemp successfully treat acne, age spots, pigmentation, redness, inflammation, and hair loss. Industrial hemp stalks are used to make biofuels, a sustainable, renewable, and clean energy source in great demand today as it deals with the climate crisis. It has been demonstrated that industrial hemp-infused foods, drinks, animal feed, and nutraceuticals have good health effects. They enhance pulmonary and cardiovascular health. Construction materials made of industrial hemp emit significantly fewer carbon emissions, lessening their negative environmental effects. Its use in textiles also helps promote a recyclable and sustainable economy. These uses are anticipated to proliferate over the next years, helping the industrial hemp market expand globally.
Restraints: The high retail prices of hemp-based goods.
Despite the advantages provided by industrial hemp, its processing and production are still prohibited in many nations. Industrial hemp is only produced in limited quantities, which raises input prices. The high input costs are reflected in the high retail pricing of goods made from hemp, such as clothing, personal care items, food, drinks, and energy. Given that less expensive alternatives are on the market, consumers are not encouraged to purchase these products because of the high retail costs. As a result, the market's expansion will be hampered by the high cost of hemp-based products.
Opportunities: The development of more advanced industrial hemp processing techniques.
Multiple scientific investigations have confirmed the numerous advantages of industrial hemp. Governments worldwide are pushing the cultivation, sale, purchase, processing, and trade of industrial hemp because of its advantages in the economy, society, and environment. The growth of industrial hemp producers, processors, merchants, and consumers is a result of the legalisation of the crop. Legalisation has also boosted the industrial hemp research, development, and innovation market. The better quality and lower input costs brought about by the new systems and processing methods have resulted in higher economic gains for producers and lower retail prices for consumers. Such innovation will keep providing attractive prospects for the future expansion and development of the global industrial hemp market.
Challenges: The stringent government regulations
the cultivation, processing and trade of industrial hemp is strictly regulated to avoid exploitation. Detailed rules, regulations and standards govern the industrial hemp market. Robust systems are in place to ensure accountability and responsible use of industrial hemp. The laws passed are strict regarding the amounts that can be produced, processed, the percentage allowed in consumer products etc., which will challenge the market's expansion.
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Some of the major players operating in the global industrial hemp market are:
• American Cannabis Company, Inc.
• CBD Biotechnology Co.
• Hemp Inc.
• HempFlax Group B.V.
• Hempro International GmbH & Co. KG
• Industrial Hemp Manufacturing, LLC
• Marijuana Company of America Inc.
• MH Medical Hemp
• Plains Industrial Hemp Processing Ltd.
• The Konoplex Group
Key Segments cover in the market:
By Product Type
• Hemp Seed
• Hemp Hurd
• Hemp Seed Oil
• Hemp Bast
• CBD Hemp Oil
• Others
By Source
• Conventional
• Organic
By Application
• Foods and Beverages
• Pharmaceuticals
• Animal Nutrition
• Building and Construction
• Textiles
• Personal Care Products
• Paper Industry
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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