Industrial Hemp Market – Size, Share, Trends, Growth, Forecast (2024 – 2032)

Introduction:

Industrial Hemp, generally known as hemp, is an agricultural annual broad-leaved plant product consisting of a taproot which is capable of rapid growth under perfect growing conditions. Industrial Hemp also includes the byproducts of hemp plants and plant parts, for instance, byproducts that are considered as Industrial Hemp include hemp flour and hemp seed oil. Industrial Hemp is harvested for use in producing a wide range of products, including construction and insulation materials, paper products, fiberglass, textiles, biofuel, nutraceuticals, bio-plastics, some others. Industrial Hemp can be grown for food and non-food products without relying on toxic chemical pesticides, herbicides and fertilizers. Basically, every part of the plant can be put to a worthy use like flowers, stalks, seeds, and oils all have applications. Consumed universally, Indian Cannabis or Industrial Hemp is counted amongst the finest grades available at a reasonable price.

Global Industrial Hemp Market Size & Growth:

The global industrial hemp market was valued at $XX Billion in 2018 and is estimated to reach $XX Billion by 2026, growing at a CAGR of around X.XX% during the forecast period. The growth of this market is attributed to the increased consumption of hemp-based products due to their several health benefits and increased incidences of diseases such as epilepsy and other sleep disorders. However, the complex regulatory structure for the usage of industrial hemp in various countries is expected to hinder the market growth of industrial hemp. Rising awareness among the consumers about the benefits of industrial hemp, increasing legalization to cultivate industrial hemp in many countries and rising application of industrial hemp in diverse industries such as textile, pharmaceutical, food, beverage, personal care, construction & material, furniture, and paper is expected to drive the market for industrial hemp.

Global Industrial Hemp Market Segments:

The global industrial hemp market is segregated on the basis of type, source, application, and geography. By type, the market is categorized into hemp seed, hemp seed oil, hemp fiber and CBD hemp oil. Among these, hemp fiber dominated the market for industrial hemp, by type, in terms of value, in 2018. Hemp fiber is majorly used in the textile and pulp & paper industry, due to its long and robust fibers as compared to cotton. Additionally, its usage to obtain biofuels and bioplastics has been anticipated to increase its demand in the coming years.

By source, the market for industrial hemp from a conventional source dominated in 2018.  low prices of conventionally obtained hemp as compared to organic source and their growing application of in construction & material, automotive, and furniture industries are expected to drive its market in the coming years.

By application, the industrial hemp market was dominated by the food segment in 2018, owing to the wide application of hemp seeds and hemp seed oil, due to their rich vitamin, protein, and omega-3 fatty acid content. Hemp seeds are consumed raw or are being used as a topping in cereals, smoothies and yogurt.  Rising consumer awareness regarding the benefits of consuming hemp-based products is driving the market for its application in food.

Based on region, Europe and the Asia Pacific are currently the dominant players in the global industrial hemp market. The suitable environmental conditions and appropriate government policies along with a constant rising demand for industrial hemp-based products from various sectors is fueling the demand for industrial hemp largely in Europe and the Asia Pacific. North America is expected to surpass Europe and Asia Pacific in the global industrial hemp market during the forecast period, owing to the increasing awareness, rising demand for hemp-based products and changing government policies in the region.

Global Industrial Hemp Market Trends:

• In May 2019, GenCanna and Atalo Holdings (US), entered into a strategic partnership to form a vertically integrated hemp processing and distribution facility in Kentucky, US.
• In January 2019, Hemp Inc. entered into a joint venture with Hemp Healthcare (US) to sell high-end CBD and hemp-based products, which would upsurge the company’s presence in Arizona, US.
• In December 2018, GenCanna announced to magnify its processing facility with a fourth processing facility in Kentucky with an investment of USD 40 million.

 Global Industrial Hemp Market Research Report Include:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have complete market analysis through industry value chain analysis, porter’s five, PESTLE, SWOT analysis, and Y-o-Y analysis.
• Regional and global diversity is analyzed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
• Identifying DROC in the current market and their impact in altering the market dynamics.
• Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial analysis with major competitors.
• Expertise investment opportunities by analyst to the individual and organization to have better foothold in the market.
• Identify the latest developments, market shares and strategies that are employed by the major market players, such as
• HempFlax B.V.
• Ecofibre
• Hemp Inc.
• Gencanna
• Hempflax BV
• Konoplex Group

Along with these companies, there were many other companies considered/ cited in the report while analyzing the industrial hemp market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.