New York, USA, May 23, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), The Global “Industrial Hemp Market Information By Product, Application and By Region - Forecast Till 2032" Will Touch USD 21.23 Billion At A 12.50% CAGR By 2032, As Per The Present Market Research Future Report.
Report Scope
| Report Attribute | Details |
| Market Size in 2032 | 2032: USD 21.23 Billion |
| CAGR | 12.50% CAGR (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Application and By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing Demand for Industrial Hemp In Textiles And Paper Manufacturing |
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Key Players:
Eminent market players profiled in the industrial hemp market report include :
- Hemp Oil Canada
- Nutiva
- The Hemp Food Company
- HempFlax
- Hemp Traders
- Hemp Technology
- Canvax
- Living Harvest
- Manitoba Harvest and Hemp Company.
Drivers :
Increasing Adoption in F&B Industry to Boost Market Growth
Due to the increased need for hemp oil for its rich essential fatty acid content that prevents and heals ailments, the food and beverage sector is expanding. Numerous food and beverage items, such as protein bars, oats, milk alternatives, and even beer, can contain hemp seeds, oil, & fiber. One natural option for food packaging is hemp fiber. It is a sturdy, long-lasting, and compostable replacement for conventional plastic packaging.
Opportunities:
Rising Legalization of Industrial Hemp to offer Robust Opportunities
The global industry is expanding as industrial hemp is being increasingly legalized in a number of nations. Many nations, including Canada, the United States, the European Union, South Africa, India, Australia, China, and Uruguay, have legalized industrial hemp. Industrial hemp farming is permitted in some nations, though. Each nation has also implemented a number of rules around processing & sales. Due to global legalization, there are an increasing number of participants joining the market, which is intensifying competition.
Restraints and Challenges:
Stringent Regulations to act as Market Restraint
The stringent regulations related to hemp and dearth of proper planting & harvesting equipment may act as market restraints over the forecast period.
Market Segmentation:
The global industrial hemp market is bifurcated based on product and application.
- By product, hemp seeds will lead the market over the forecast period. Due to their abundance in beneficial lipids and vital amino acids, hemp seeds are primarily employed in food.
- By application, textile will domineer the market in the assessment period for the growing need for the hemp-based yarns and fabrics.
COVID-19 Analysis :
The COVID-19 epidemic possessed a significant influence on the industrial hemp business. As a result of the lockdown limitations put in place to contain the COVID-19 pandemic outbreak, numerous manufacturing and construction projects have been put on hold. The COVID-19 outbreak has had a number of immediate and long-term effects on the building sector. The closure hurt national production and will make trade uncertainties and the current manufacturing slump worse. Comparatively speaking, the pandemic had little effect on the operations of the food & beverage sector, but its global supply chain was badly disrupted, which prevented further growth. On the plus side, this market is anticipated to expand significantly after COVID-19.
Regional Analysis:
North America to Command Industrial Hemp Market
Due to the early legalization of industrial hemp, the rising production & manufacturing of items derived from industrial hemp, and the government's favorable stance towards the legalization of hemp-related products, North America currently holds a monopoly on the worldwide market for industrial hemp. Industrial hemp products are primarily consumed in North America. These goods are used across a variety of application industries. The need for hemp oil in personal care sector in the region will be driven by the region's high consumer disposable income, ageing population, and growing worries about skin illnesses and UV protection.
Over the assessment period, North America will see a high CAGR in the industrial hemp market. Demand for cannabis has increased in both Canada & the US as a result of the region's ageing population growth and changing consumer perceptions. Demand for cannabis in fact is projected to rise as a result of rising concern over chronic diseases and skin conditions. Due to the region's growing senior population, high consumer discretionary income levels, and growing worries about skin illnesses and UV protection, North America is predicted to have considerable growth during the projection period.
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APAC to Have Admirable Growth in Industrial Hemp Market:
Due to the increased demand for hemp products, expanding knowledge of the health advantages of hemp products, and rising investment in industrial hemp research and development programs, Asia Pacific will have robust growth in the forecast period. The region's hemp production is changing as a result of rising worldwide product demand, developing technologies, and innovation that make harvesting simpler for growers.
Over the assessment period, the hemp market is anticipated to be driven by rising elderly population levels in developing nations and rising use of hemp-based food and supplements. The growing consumer demand for cannabis worldwide and technological improvements make harvesting simpler for farmers, thus changing the landscape of cannabis production in this area. In terms of industrial cannabis, the hemp products, & end products like paper and textiles, China is the world's top producer and supplier. Demand for the product is projected to be supported by the presence of illustrious manufacturers and cannabis application in industrial processes.
Due to the region's growing nations' rising consumption of hemp-based food items and supplements, as well as the region's booming market for cosmetics & personal care goods, Asia-Pacific now holds a monopoly on the industrial hemp industry.
Industry Updates (April 2023): The government in Himachal Pradesh is contemplating to legalize the cultivation of industrial hemp as this will play a pivotal role to generate revenue for the state along with proving highly beneficial for patients owing to its medicinal properties along with being utilized for industrial purposes too.
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