New Jersey, NJ, July 08, 2019 (GLOBE NEWSWIRE) -- Fior Markets launched a study titled "Industrial Hemp Market by Product (Seeds, Fiber, Shivs), Nature, Application Region Global Industry Analysis, Market Product, Share, Growth, Trends, and Forecast 2019 to 2026". As per the report, the global industrial hemp market is expected to grow from USD 4.41 Billion in 2018 to USD 14.67 Billion by 2026 at a CAGR of 16.2% during the forecast period 2019-2026. Increasing demand in application industries and growing legalization of hemp cultivation are the two factors which may boost the growth of the industrial hemp market.
Industrial hemp is defined as a broad-leaved plant including taproot which is capable of rapid growth under perfect growing conditions. It also includes the by-products of hemp plants and plant part. For example, by-products are considered as industrial hemp and include hemp flour and hemp seed oil. Industrial hemp is used in producing a large number of products, including construction and insulation materials, paper products, fiberglass, textiles, biofuel, nutraceuticals, bio-plastics, etc. It can be grown for food and non-food products without relying on toxic chemical pesticides, herbicides, and fertilizers.
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Global Industrial Hemp Market Key Findings:
- Industrial hemp is defined as a broad-leaved plant including taproot which is capable of rapid growth under perfect growing conditions. It also includes the by-products of hemp plants and plant part. Increasing demand in application industries is the key driving force for the global industrial hemp market growth. In addition, growing legalization of hemp cultivation, capacity expansions and product developments are supplementing factors fuelling the growth of the market. But strict rules and regulations of government may restrict the growth of industrial hemp market.
- However, increasing beneficial use of the industrial hemp product in paper making, textiles, biodegradable plastics, fuel, construction, and health food is expected to provide numerous growth opportunities in the forthcoming years.
- The product segment is divided into segments such as seeds, fiber, and shivs. The seeds segment is dominating the market with the highest share of 50.90% in 2018 owing to the growing demand for hemp grain to obtain seed oil, and food matter due to its high fatty acid content and nutritional value. Hemp seeds include about 35% of oil in 80.0% is essential fatty acids and 20.0% is crude protein. Hemp seeds can be prepared into a liquid and used for baking or for beverages such as hemp milk and tisanes.
- The nature segment is classified into organic and conventional. The organic segment is anticipated to grow at highest CAGR of 18.91% during the forecast period. The preference for an organic segment is growing in developed and developing countries along with an on-going organic trend as well as increased spending capacity of the consumers. The legalization of producing the hemp and increasing production of organic hemp oil that are grown without the use of pesticides or herbicides has driven the organic segment growth.
- The application segment includes animal care, textiles, automotive, furniture, food & beverages, paper, construction materials, personal care, and others. The textile industry segment is dominated the industrial hemp market and held the value around USD 1.03 Billion in 2018. The textile industry is one of the largest consumers in the industrial hemp market as it is used in manufacturing apparel, fabrics, denim, fine textiles, and others. It is also used in manufacturing several industrial textile products such as twine, rope, nets, canvas bags, tarps, carpets, and geotextiles. Increasing demand of the hemp in the production of the fiber products has further increased the textiles segment market size in the global industrial hemp market.
- The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America is dominating the global industrial hemp market with the highest share of 41.20% in 2018.
- North America is dominating the market owing to the rising geriatric population and increasing concerns about skin diseases and UV protection which are expected to drive demand for hemp oil from the personal care industry in the region.
- Asia Pacific is a rapidly growing region owing to increasing fiber consumption in the manufacturing of biodegradable textiles for consumer and industrial applications. Presence of major supplier countries including China, India, Australia, and South Korea, is expected to have a positive impact on the regional growth
- For instance, in 2018, Alfa Laval launched an aseptic double-seat valve to its range of Alfa Laval Mixproof valves. This product reduces the total cost of ownership for dairy, food, beverage, and other manufacturers by up to 45% compared with the leading Aseptic Double Seat Mixproof valves. Further, it also ensures product safety through full protection against the intrusion of harmful microorganisms, even during unwanted pressure spikes.
- The major players of global industrial hemp market include Botanical Genetics, LLC, Ecofibre, Hemp Inc., Plains Industrial Hemp Processing Ltd., MARIJUANA COMPANY OF AMERICA, INC., Global Hemp Group Inc., American Hemp LLC, Valley Bio Limited, Boring Hemp Company, and HempFlax BV. The companies are adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership to maintain their presence in the global industrial hemp market.
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All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
This study forecasts revenue growth and volume at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global industrial hemp market on the basis of below mentioned segments:
Global Industrial Hemp Market, By Product:
- Seeds
- Fiber
- Shivs
Global Industrial Hemp Market, By Nature:
- Organic
- Conventional
Global Industrial Hemp Market, By Application:
- Animal Care
- Textiles
- Automotive
- Furniture
- Food & Beverages
- Paper
- Construction Materials
- Personal Care
- Others
Global Industrial Hemp Market, By Regions:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- Japan
- China
- India
- South America
- Brazil
- Middle East and Africa
- UAE
- South Africa
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