Westford USA, April 18, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Industrial Hemp market will attain a value of USD 53.43 billion by 2030, with a CAGR of 25.17% over the forecast (2022-2030). Global demand for Industrial Hemp sectors including food and beverage, personal care and animal care is fueling the expansion. The above-mentioned application industries, rising need for hemp products such as fibre, seed, stalks, hurds and oils is anticipated to fuel growth. The cultivation of Industrial Hemp has various advantages for agriculture and the environment. Hemp allows for effective use of agricultural land because to its quick growth cycle of 120–150 days and considerable biomass yield.
According to the SkyQuest's, The nation is making significant investments in the development of several types of industrial hemp with THC contents less than 0.4% due to the increased demand from various application industries. In January 2021, the U.S. government announced a COVID-19 rescue package of USD 1.9 trillion, which is anticipated to help the market recover. Furthermore, it is predicted that throughout the forecast period, the market participants in hemp-based consumer and industrial products would continue to rise steadily.
Browse in-depth TOC on "Industrial Hemp Market"
- Pages - 242
- Tables - 66
- Figures - 70
Industrial hemp is a Cannabis sativa strain that is not used to make drugs and has very little delta-9-tetrahydrocannabinol (THC). It is an agricultural product made from Cannabis sativa, the same species of plant, but from many cultivars that have been grown for various purposes. Its usage, chemical composition and growth methods set them apart as genetically separate varieties of cannabis. Industrial hemp has been utilized as a source of fibre and oil seed and is now widely employed to create a range of commercial and consumer goods worldwide.
Prominent Players in Industrial Hemp Market
- Parkland Industrial Hemp Growers Cooperative Ltd.
- CBD Biotechnology Co.
- Botanical Genetics, LLC
- Marijuana Company of America Inc.
- HempMeds Brasil
- 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 Limited
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Hemp Seeds Product Segment Is Dominating the Market Due to Growing Usage Of Hemp Oil Seed in Cosmetics
The hemp seeds product segment dominated the market in 2022, contributing more than 29% of the total revenue. Hemp seeds are becoming more and more popular in the food and nutraceutical industries as a source of seed, oil and food material. The growing usage of hemp oil seed in cosmetics including lotions, shampoos, soaps, and bath gels contributes to the market's expansion. Growing amount of hemp seeds are utilized to make the oil used in the personal care, food and beverage and animal feed industries. The oil is also utilized in medications, nutritional supplements and other medical and therapeutic items.
The North America region is anticipated to increase at the fastest rate. The market for Industrial Hemp has been rising in countries such as the United States and Canada as a result of an ageing population and greater consumer awareness. The market for Industrial Hemp is anticipated to rise as awareness of skin conditions and the prevalence of chronic diseases rises.
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Textile Application Segment Is Dominating the Market Due to the Rising Demand-Supply Gap In Cotton, and Versatility in Design and Application
In 2022, the textile application segment dominated the market and generated more than 25% of worldwide revenue. In addition to being robust, hypoallergenic and naturally UV, mould and mildew resistant, hemp cloth has an advantage over conventional materials. Moreover, it can be combined with cotton or linen to give the cloth more strength and stretch.
In 2022, Asia Pacific was the largest regional market, accounting for more than 34% of worldwide sales. Industrial hemp and its byproducts, including fibre, seed, hurds, and oil are produced and consumed actively in countries with economies including China, India, Japan, Korea, Australia, New Zealand and Thailand. The region's hemp production is changing as a result of rising worldwide product demand, developing technologies and innovation that make harvesting simpler for cultivators.
A comprehensive analysis of the major players in the Industrial Hemp market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Industrial Hemp Market
- In January 2022, MariMed Inc. and Green Growth Group Inc., which holds a provisional Illinois Cannabis Craft License, entered a legally binding agreement to merge.
- In January 2022, MariMed Inc. signed a legally binding contract to acquire Kind Therapeutics USA LLC, one of Maryland's top vertically integrated cannabis businesses.
Key Questions Answered in Industrial Hemp Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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