New York, United States , June 17, 2024 (GLOBE NEWSWIRE) -- The Global Industrial Hemp Market Size is to Grow from USD 5.38 Billion in 2023 to USD 24.30 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.27% during the projected period.
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A cultivar of Cannabis sativa called "industrial hemp" is a herb that is used to make a variety of consumer and industrial products. It also has oil, seeds, and fiber. Food, dietary supplements, paper, fibers, building materials, soap, textiles, and cosmetics are among them. Despite being members of the same species, Cannabis sativa, industrial hemp, and marijuana have significantly different quantities of delta-9-THC, which is the main psychoactive element in marijuana. Cannabis sativa is used for many purposes, and its genetic and chemical makeup varies depending on whether it is grown for medical or recreational purposes. Furthermore, the growth of the global market is being driven by demand from industries such as paper, construction materials, textiles, furniture, food & beverage, automotive, recycling, personal care, and agriculture. Industrial hemp is experiencing significant economic expansion as it acquires popularity as a crop that offers several environmental benefits. Furthermore, hemp grows faster and needs fewer pesticides and herbicides than conventional crops do, making it a more environmentally friendly crop. Its ability to regain soil nutrients, efficiently absorb carbon, and need less water than many other crops make it desirable in the context of climate change and environmental preservation. However, numerous regulations and laws control the growing and marketplace of hemp, and using the plant to make consumer goods is prohibited in several countries. The government's stringent regulations on the production, trade, and farming of hemp consequently limit the potential for the industry to expand.
Browse key industry insights spread across 255 pages with 110 Market data tables and figures & charts from the report on the "Global Industrial Hemp Market Size, Share, and COVID-19 Impact Analysis, By Product (Seeds, Fiber, and Shivs), By Application (Textiles, Automotive, Animal Care, Furniture, Food & Beverages, Pharmaceuticals, and Others), By Source (Conventional, and Organic), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The seeds segment is anticipated to hold the largest share of the global industrial hemp market during the projected timeframe.
Based on the product, the global industrial hemp market is divided into seeds, fiber, and shivs. Among these, the seeds segment is anticipated to hold the largest share of the global industrial hemp market during the projected timeframe. These seeds are regarded as a complete protein source since they provide each of the nine necessary amino acids. Omega-3 fatty acids are present in hemp seeds in substantial amounts, and the ratio of omega-3 to omega-6 fatty acids is advantageous. Hemp seed oil has several uses, such as in food and beverage products, personal hygiene products, animal feed, nutritional supplements, medications, and other products. Hemp seeds are derived from Cannabis sativa plants, which are used for their pleasant properties. As a result of the rising demand for hemp seed oil in personal care products, the seed market is expanding through the projected timeframe.
The textiles segment is projected to grow at the fastest pace in the global industrial hemp market during the predicted timeframe.
Based on the application, the global industrial hemp market is classified into textiles, automotive, animal care, furniture, food & beverages, pharmaceuticals, and others. Among these, the textiles segment is projected to grow at the fastest pace in the global industrial hemp market during the predicted timeframe. Hemp fiber is the strongest fiber used in textile manufacture. Compared to other fabrics made of natural fibers, it provides superior ultraviolet (UV) protection and is noticeably more durable and dependable than cotton.
The conventional segment is estimated for the largest revenue in the global industrial hemp market through the forecast period.
Based on the source, the global Industrial Hemp market is divided into conventional and organic. Among these, the conventional segment is estimated for the largest revenue in the global industrial hemp market through the forecast period. Hemp's extremely resistant nature indicates that it doesn't need particular or organic treatments to produce a substantial harvest that can withstand severe weather. There is almost no difference in production and quality between hemp sourced through conventional and organic methods.
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Asia Pacific is expected to hold the largest share of the global industrial hemp market over the forecast period. The world's largest producer and consumer of industrial hemp and its byproducts, such as fiber, oil, seeds, and herbs, is Asia Pacific. Thailand, Australia, New Zealand, Japan, Korea, China, and India are the countries that produce industrial hemp. The world's rising hemp product market, along with technological and creative innovations, is making hemp harvesting easier for farmers and transforming the hemp agricultural landscape in the region.
North America is predicted to grow at the fastest pace in the global Industrial Hemp market during the projected timeframe. The market for hemp oil is expected to increase in North America due to the personal care industry, the aging population, rising disposable income, and growing concerns about skin disorders and UV protection. The region's industrial hemp industry is growing faster than expected because additional funding is being invested in R&D to further the development of industrial hemp, as well as because more production and distribution facilities are being established there.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Industrial Hemp Market are Parkland Industrial Hemp Growers Cooperative Ltd., CBD Biotechnology Co., Botanical Genetics, Marijuana Company, HempMeds, Terra Tech Corp., American Cannabis Company, HempFlax B.V., Industrial Hemp Manufacturing, American Hemp, Boring Hemp Companyand Other Key Vendors.
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Recent Developments
- In March 2024, To introduce the new hemp smokeables, Coast Smokes collaborated with Willie's Remedy, the renowned hemp brand owned by Willie Nelson. Willie's historic switch from cigarettes to cannabis was significantly helped by the introduction. The three CBD vapes—Elevate, Chill, and Slumber—combined with biodegradable filters to create organic hemp smoke.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Industrial Hemp Market based on the below-mentioned segments:
Global Industrial Hemp Market, By Product
- Seeds
- Fiber
- Shivs
Global Industrial Hemp Market, By Application
- Textiles
- Automotive
- Animal Care
- Furniture
- Food & Beverages
- Pharmaceuticals
- Others
Global Industrial Hemp Market, By Source
- Conventional
- Organic
Global Industrial Hemp Market, Regional Analysis
-
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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