United State- Report Ocean (150+ country’s markets analyzed, function on 1,00000+ published and forthcoming reports every year.] presents a research report and top winning strategies for the Industrial Hemp Market. Best subject matter experts, researchers, and market research professionals organized this report in order to ensure that the information in it is compiled from the most authentic sources and that the forecast is of the highest accuracy. To forecast market growth, specialists employ a variety of methodologies and analytical approaches, including S.W.O.T. (analysis methods), P.E.S.T.E.L. analysis, and regression analysis. The Industrial Hemp study also looks at the various regulations and policies that the firm has implemented. This report discusses the industry in terms of research technology and precise prospective utilization, innovation, and future advancements in the Industrial Hemp Market.
The global industrial hemp market size was US$ 6.9 billion in 2021. The global industrial help market is forecast to grow to US$ 134.6 billion by 2030 by growing at a compound annual growth rate (CAGR) of 35.1% during the forecast period from 2022 to 2030.
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Industrial hemp is a variety of the Cannabis Sativa plant species grown specifically for industrial purposes. These plants are used to make a variety of products. Hemp is one of the most rapidly growing plants on the planet. It can be shifted into rope, paper, textiles, clothing, disposable polymers, paint, insulation, food, and animal feed.
Factors Influencing the Market
The global industrial hemp market is forecast to experience ample growth opportunities due to the growing awareness of the benefits of the product. For instance, hemp seeds obtained from the plant “Cannabis sativa” are widely used to derive vitamin B1, vitamin B2, vitamin E, calcium, etc. Thus, it will drive the overall industrial hemp market forward.
Growing consumer demand for a nutrition-rich vegan diet, mainly to obtain Omega-6 and Omega-3, will prompt the growth of the market.
The growing legalization of industrial hemp farming around the world is driving demand for the industrial hemp market. Rapid expansion of various R&D activities will benefit the market during the study period. Furthermore, beneficial properties of hemp seed oil and hemp seeds are significantly influencing the industrial hemp market. On the contrary, strict government regulations to limit the illegal use of industrial hemp may limit the growth of the market.
COVID-19 Impact Analysis
Due to the COVID-19 spread, the demand for a nutrition-rich diet increased across the world. Thus, it had been opportunistic for the industrial hemp market. Furthermore, the demand for nutritious packed food products increased due to a lifestyle change. Thus, it accelerated the growth of the global industrial hemp market. The product is also used in a variety of pharmaceuticals, which gained traction throughout the pandemic period.
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The Asia-Pacific industrial hemp market is forecast to gain traction in the coming years. It is majorly due to the extensive production and consumption of hemp fibers across the paper and textile industry. Furthermore, rising demand for personal care and beauty products will also lead the industrial hemp market towards growth. Moreover, growing awareness related to the nutritional benefits of consuming hemp will further prompt the demand for hemp-based beauty and food products.
Competitors in the Market
• HempFlax BV
• Blue Sky Hemp Ventures Ltd.
• Marijuana Company of America Inc.
• North American Hemp & Grain Co. Ltd.
• Green Source Organics
• Trigone Foods Inc.
• Other Prominent Players
The global industrial hemp market segmentation focuses on Product, Application, Source, and Region.
By Product Type
• Hemp Seed
• Hemp Seed Oil
• Hemp Fiber
• CBD Hemp Oil
• Personal Care Products
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By Regional Outlook
● North America
o The U.S.
o The UK
o Rest of Western Europe
o Rest of Eastern Europe
● Asia Pacific
o Australia & New Zealand
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Rest of South America
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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