Zion Market Research has published a new report titled “Industrial Hemp Market by Product (Seeds, Fiber, and Shivs) and by Application (Animal Care, Textiles, Automotive, Furniture, Food & Beverages, Paper, Construction Materials, Personal Care, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”.
According to the report, the global industrial hemp market was approximately USD 3.97 billion in 2018 and is expected to generate around USD 9.64 billion by 2025, at a CAGR of around 13.5% between 2019 and 2025.
Industrial hemp is an exceptionally renewable resource. The crop once harvested generates a high yield of edible proteins and fibers, with over 50,000 product applications. The need for industrial hemp products is increasing significantly on a daily basis, due to the rising health awareness among global consumers. The increasing global demand for hemp-based food items is expected to drive the global industrial hemp market over the forecast time period. Consumers are majorly switching to natural products, which is further likely to fuel the industrial hemp market in the upcoming years. Industrial hemp has major applications in fuel, textiles, biodegradable plastics, healthy food, paper making, and construction industries. It can also be used as an alternative for various products, such as tree paper and as raw material for the production of plastics and cosmetics. Additionally, the rising need for a healthy lifestyle is also predicted to provide significant growth opportunities to the players engaged in the industrial hemp market.
Browse through 83 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Industrial Hemp Market Size, Share 2018 Report: By Product, Prices, Companies, Industry Segments, Growth Analysis and Forecast to 2025”.
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Industrial hemp, commonly called hemp, is a plant with broad leaves that consists of taproots. This agricultural product grows rapidly under specific conditions. Industrial hemp also includes the by-products of hemp plants. The examples of by-products are hemp flour and hemp seed oil, which are also considered as industrial hemp. Industrial hemp is collected for producing several products, such as paper products, nutraceuticals, insulation and construction materials, biofuel, fiberglass, bio-plastics, textiles, etc. Industrial hemp can also be grown for non-food and food products without depending on toxic chemical fertilizers, herbicides, and pesticides. Industrial hemp is obtained from Cannabis sativa. It has been used across the globe to produce various industrial and consumer products. Mostly, every part of the hemp plant can be used in various applications, such as oils, flowers, seeds, and stalks. Industrial hemp or Indian Cannabis is known to be the best grade cannabis available at a reasonable price, which is expected to positively impact the global industrial hemp market growth over the forecast time period.
The rising number of research and development activities to develop flawless agronomy and new genetics of crops to produce high yield and enhance product quality is expected to fuel the hemp production. Major industry players are using fiber treatment technology to produce fibers that are water repellant, fire retardant, super soft, and absorptive, which, in turn, is predicted to further drive the industrial hemp market in the upcoming years. Moreover, the rapidly growing global population and rising disposable income of people would generate a high demand for better quality personal care products, cosmetics, protein supplements, and various other health products. These factors are also predicted to propel the industrial hemp market in the future.
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Based on product, the global industrial hemp market includes seeds, fiber, and shivs. Based on application, the global industrial hemp market includes animal care, textiles, automotive, furniture, food and beverages, paper, construction materials, personal care, and others.
By region, the North America region contributed a major revenue share to the global industrial hemp market in the year 2018. This regional share can be attributed to the increasing demand for fiber- and seed-based products that are majorly used in personal care, cosmetics, textiles, and food and beverage industries. Moreover, the rapidly growing aging population and the rising concerns regarding UV protection and skin diseases are predicted to surge demand for hemp oil in the personal care industry, which will further drive the region’s industrial hemp market.
Europe held a substantial share of the global industrial hemp market in 2018, due to the rising industrial hemp demand for various applications, such as auto parts, construction materials, and fiberboards. Moreover, Europe’s flourishing construction sector is likely to further drive the industrial hemp market for producing various construction materials.
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The Asia Pacific industrial hemp market is predicted to register the highest growth rate over the forecast timeframe, owing to the increasing use of fibers in the manufacturing of biodegradable textiles and the presence of major distributors of industrial hemp in India, China, India, South Korea, and Australia.
The Latin American industrial hemp market is expected to experience lucrative growth in the years ahead, owing to the increasing consumption of hemp-based food and supplements due to the rising incidences of chronic diseases across the region.
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Some major players operating in the global industrial hemp market include Industrial Hemp Manufacturing, Hemp-E, Mollerup, Valley Bio Limited, Hemp, Inc., Bombay Hemp Company, UAB Agropro, Hemp Oil Canada, HempFlax, and Hemp Food Australia.
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This report segments the global industrial hemp market into:
Global Industrial Hemp Market: Type Analysis
Global Industrial Hemp Market: Application Analysis
- Animal Care
- Food and Beverages
- Construction Materials
- Personal Care
Global Industrial Hemp Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa