LONDON–(BUSINESS WIRE)–The global industrial hemp market size is poised to reach USD 3.8 billion by 2023, according to a new report by Technavio, progressing at a CAGR of 16% during the forecast period.
Read the 125-page research report with TOC on “Industrial Hemp Market Analysis Report by application (textiles, personal care, hemp CBP, food and supplements, and others) and geography (APAC, Europe, the Middle East and Africa, North America, and South America) 2019 – 2023” at
The market is driven by the high demand from the textile industry as hemp fibers are increasingly being used as a raw material for textile yarn production. Also, the high demand from China and the US is anticipated to further boost the demand for the industrial hemp market during the forecast period.
The textile industry is the largest user of hemp, accounting for close to half of the global market in 2018. Hemp fibers are used to manufacture textile yarn and are substituted for cotton and synthetic fibers. These fibers are strong and durable and have significant ecological and economic advantages. Hemp fiber is also good at absorbing moisture and has excellent breathability. With all of these qualities, hemp is witnessing high demand from textile manufacturers.
China and the US are the largest consumers of hemp in the global market. In China, demand is driven primarily by the country’s growing textile industry, while in the US it comes from hemp-derived CBD, personal care, and industrial applications such as construction. The US is the largest importer of hemp-based products from China, Europe, and Canada. Therefore, due to such high demand from various end-user industries and countries, the market for industrial hemp is expected to showcase a positive outlook during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- 22nd Century Group
- Aurora Cannabis
- Canopy Growth
- Charlotte’s Web
- Medical Marijuana, Inc.
- Hemp, Inc.
Market Segmentation by Category and Product Types:
The Industrial Hemp Market can be broadly categorized into the following applications:
- Personal care
- Hemp CBP
- Food and supplements
Key Regions for the Industrial Hemp Market:
Featuring a breakdown of region-wise market shares until 2019.
- Middle East and Africa
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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