The global industrial hemp Market is expected to grow at CAGR 13.2% during the forecast period, 2019-2026
Hemp or industrial hemp is strain of cannabis sativa species. They are especially grown for industrial uses and purposes. Industrial hemp is found largely in the northern hemisphere and refined for range of commercial uses such as food, paints, insulation, medical, textile paper, personal care and others. Industrial hemp is grown in the temperate zones as an annual cultivated from seed and can reach a height of up to 16 feet. Industrial hemp is also known as hemp which different from cannabis plant and used for other application rather recreational and medical purposes. Unlike marijuana, industrial hemp does not require a license to grow for various purposes.
The global industrial Hemp market is still operating in the introductory phase of its industry life cycle and is expected to pick growth momentum over the coming years. Rising use of industrial hemp in the various end use industries such as animal care, textile, automotive, furniture, food and beverages, paper, construction material, personal care and others is driving the growth of this market. Increasing demand for industrial hemp based is food including salad dressing, cooking oil, dairy products, and range of food products is increasing its adoption in food and beverages industry. Slowly growing use of industrial hem in bakery products expected to come up with new growth opportunities over the coming years.
Essential skin benefits associated with industrial hemp products such as anti-aging properties, miniaturization, and skin cell repair is contributing in the overall market growth. Hemp based food products have rich amount of essential nutrients which helps in insulin balance, cardiac function, mood stability, and skin and joint health. Due these reason industrial hemp adoption in food & beverages and personal care industry is witnessing rapid rise. On account of this, majority countries are commercially raisin this plant. In textile industry, industry players are adopting sustainable ways to offer solution to the consumers, wherein, hemp fibers are also one of largely used option. This is due to environmentally free nature of the hemp based fibers that help companies to offer sustainable solution to the consumers.
Pulp obtained from hemp plant is increasing used in the paper production used in the which further used in the applications such as cigarette filter, bank notes, technical filter paper and specialty papers. These all factors collectively driving the demand for industrial hemp oil market. Driven by above mentioned factors, the growth of this market is restrained by the illegal application of industrial hemp that mainly aims recreational purposes. This factor can further hamper the growth f this market over the forecast period. Nevertheless, expanding application scope of the industrial hemp is further anticipated to offer new growth opportunities to this market over the years to come.
The market research study on “Industrial Hemp Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Industrial Hempmarket. The report also analyzes the key players operating in Industrial Hemp market and identifies the key strategies deployed by them along with the market share of leading players.
The global Industrial Hemp market is segmented as below:
Industrial Hemp Market by Product
Industrial Hemp Market By Application
Industrial Hemp Market by Geography
The global Industrial Hemp market is segmented By Product, Application, and region.
On the basis of Product, the market is segmented into seeds, fiber, and shivs.Hemp seeds is one of the prominent product of industrial hemp accounted for the largest market share over other segment. High demand for hemp seed oil, due to associated benefits with it and rich nutritional valued of the hemp seed oil.
Market segmentation based on application includes animal care, textile, automotive, furniture, food & beverages, paper, construction material, personal care, others. Textile industry considered as one of the prominent consumer of the industrial hemp. Textile manufacturers are using sustainable ways to offer solution to the consumers, wherein, hemp based fibers used increasingly to manufacture environmentally free clothing products. On the other hand, personal care industry further expected to growth at highest CAGR due to associated skin related benefits of hemp oil
Geographically, Industrial Hemp market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
North America is the largest region over other regional markets. This is due to industrial hemp is largely produced and legalized in the U.S. due to governmental support at earlier stages. Apart from this, rising demand for hemp based food products, increasing medical applications; along with growing concerns for skin related diseases are some of the factors contributing n the regional growth.
However, due to legalization of hemp and hemp-derived in the recent years these products are open considerably to new regulations through various avenues of economic machinery. Industries functioning in the hemp business,either for CBD, fiber, or other cannabinoids, ought to anticipate major, continuing regulatory changes in the coming years.
Some of the major players in the global industrial hemp market are Parkland Industrial Hemp Growers Cooperative Ltd. (PIHG), IHP Partners LLC, CBD Biotechnology Co., Ltd., Botanical Genetics, LLC, Marijuana Company of America Inc., HempMedsBrasil, Terra Tech Corp., American Cannabis Company, Inc., HempFlax B.V., Industrial Hemp Manufacturing, LLC, American Hemp.
Industrial Hemp Partners LLC (IHP) is a strategic player in the industrial hemp industry. IHP offers industrial hemp biomass & CBD isolate, these are non-GMO certified and presently manufactured in U.S. The company supplies key raw materials for several CBD goods on a wholesale-basis for various popular upcoming brands.