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The industrial hemp market size is forecast to increase by USD 6.87 billion between 2022 and 2027, accelerating at a CAGR of 17.1%. In 2017, China held the largest market share, projecting an annual revenue of USD 0.79 billion. The report offers extensive research analysis on the Industrial Hemp Market, with a categorization based on Product, including Seeds, Fiber, and Shivs. It further segments the market by Application, encompassing Textile, Food and beverages, Personal care, Animal care, and Others. Additionally, the report provides geographical segmentation, covering APAC, North America, Europe, South America, and Middle East and Africa. Market size, historical data (2017-2021), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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The high demand from the textile industry is a key factor driving the industrial hemp market growth. Hemp fibers are gaining popularity as exceptionally strong and durable textile materials, serving as a viable alternative to cotton and synthetic fibers in the textile industry. Their technological, ecological, and economic advantages have led to increased demand for various textile products, including canvas, sailcloth, rope, clothing, and specialty textiles.
Hemp fibers, known for their remarkable capillary action, moisture absorption, and breathability, are ideal for manufacturing military apparel that is waterproof, windproof, wear-resistant, and antimicrobial. They are also used in summer clothing due to their ability to dissipate heat, resist static, and provide UV protection. Furthermore, the government of Uttarakhand introduced a policy in January 2022 to allow industrial and horticultural hemp cultivation under Section 14 of the NDPS Act, 1985. These factors are expected to drive the growth of the industrial hemp market in the forecast period.
The seeds segment was valued at USD 1.11 billion in 2017 and continued to grow until 2021. There are typically two types of hemp seeds organic and conventional. The rising consumer preference for natural and organic food products can be linked to the market growth for organic hemp seeds. As they do not contain any harmful chemicals or pesticides, organic hemp seeds are a healthier alternative to conventional hemp seeds. Additionally, the market is divided into hemp hearts or hulled hemp seed, a preferred option for consumers because of its nutty flavor and high nutritional value.
Moreover, owing to its abundant fiber content and adaptability, whole hemp seed is also becoming more and more popular. Additionally, because of its moisturizing qualities and high concentration of essential fatty acids, the hemp seed oil is frequently used in food and cosmetic products. The versatility and high nutritional content of hemp seeds are fueling the demand for hemp-based food and beverage products globally, which will contribute to the growth of the seeds segment of the global market during the forecast period.
APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Industrial hemp is widely used in the APAC region, where China, Japan, and South Korea are among the major producers and consumers of hemp-based goods. The increasing use of hemp-based products across industries and the legalization of hemp cultivation in several nations, including China, India, Bangladesh, Japan, Australia, etc., are expected to fuel the significant growth of the market in APAC over the coming years.
China accounts for the major portion of the regional market and is also the region's top producer of industrial hemp. The nation has a long history of hemp farming and has used the plant for a variety of things, including papermaking, textiles, and medicine, for many years. The Chinese government has promoted hemp cultivation as a cash crop and acknowledged hemp's potential as a sustainable resource. Moreover, China made up about 26.27% of the industrial hemp market worldwide in 2022. Hence, all the abovementioned factors will boost regional market growth during the forecast period.
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The Industrial Hemp Market is fragmented in nature. Some significant players include 22nd Century Group Inc., Aurora Cannabis Inc., Bombay Hemp Co. Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Charlottes Web Holdings Inc., CV Sciences Inc., Deep Nature Project GmbH, Dun Agro Hemp Group, Ecofibre Ltd., Elixinol Wellness Ltd., GFR Ingredients Ltd., Hanma Investment Group Co. Ltd., HempFlax Group BV, HemPoland Sp zoo, Liaoning Qiaopai Biotech Co. Ltd., Medical Marijuana Inc., Nutiva Inc., Parkland Industrial Hemp Growers Co op. Ltd., and Tilray Brands Inc.
The industrial hemp market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
Industrial Hemp Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.1% |
Market growth 2023-2027 |
USD 6.87 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
16.76 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 40% |
Key countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
22nd Century Group Inc., Aurora Cannabis Inc., Bombay Hemp Co. Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., CV Sciences Inc., Deep Nature Project GmbH, Dun Agro Hemp Group, Ecofibre Ltd., Elixinol Wellness Ltd., GFR Ingredients Ltd., Hanma Investment Group Co. Ltd., HempFlax Group BV, HemPoland Sp zoo, Liaoning Qiaopai Biotech Co. Ltd., Medical Marijuana Inc., Nutiva Inc., Parkland Industrial Hemp Growers Co op. Ltd., and Tilray Brands Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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