Industrial hemp Market size worth US$7.976 billion by 2027
Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of “Industrial Hemp Market- which is forecasted from 2020 to 2027”.
The market is being driven by an increase in demand for industrial hemp from businesses such as personal care, F&B, and animal care all around the world. Hemp products are in high demand due to their high nutritional content and healthy fatty & synthesis of protein profile. Hemp fiber's great absorbency makes it ideal for livestock bedding, petroleum & gas cleanup, and hygiene practices. Furthermore, increased product demand from the textiles, paper, & material handling markets, owing to good acoustic and aesthetic features, would aid market expansion. Hemp-based products are environmentally benign, renewable, and connected with less damaging processing processes. When compared to paper made from wood pulps, hemp fiber paper uses fewer chemicals for processing. As a result, increased consumer knowledge of product benefits is expected to boost the market growth.
As per the report, the Industrial Hemp Market is expected to grow at a steady pace.
Industrial hemp is a member of the Cannabis sativa plant family. This plant is utilized as a raw material in a wide variety of consumer as well as industrial products all over the world. Fiber and tetrahydrocannabinol are the two main compounds found in industrial hemp. It is a valuable component since it contains tetrahydrocannabinol.
However, companies that sell hemp and hemp-derived goods must follow various regulatory rules around the world. While different countries have different levels of legalization for various forms of hemp, producers and stakeholders may find it difficult to comply with the tight regulatory requirements governing the production and sale of industrial hemp in different states within the same country. Furthermore, legislation governing hemp comprising cannabidiol and tetrahydrocannabinol varies greatly from state to state, complicating the commodity's trading. The market's growth is being stifled by these extremely complicated regulations.
By type, the Industrial Hemp market has been segmented into hemp seed and oil, hemp fiber, and CBD hemp oil. CBD hemp oil is predicted to have a significant market share and increase at a significant rate. One of the primary factors driving market demand is the growing demand for CBD-based cosmetics.
By source, the Industrial Hemp market has been segmented into organic and conventional. Industrial hemp grown organically is projected to dominate the market. The primary driver of market demand for the category is projected to be an increase in demand for organic products.
By application, industrial hemp is classified into food, beverage, personal care products, textiles, and pharmaceuticals. Textiles and personal care goods are likely to have a considerable market share. The cosmetic industry's market needs for industrial hemp are expected to be supported by rising demand for THC & fiber-based products.
Based on geography segmentation, the industrial hemp market in the Asia Pacific is expected to increase at a steady rate over the anticipated period. Industrial hemp as well as its products, such as fibers, seed, hurds, & oil, are actively produced and consumed in economies such as India, China, Japan, Thailand, and Korea. Growing worldwide product demand, as well as advancements in technology and innovation, are attempting to make harvesting easier for growers, transforming the face of hemp cultivation in the region. Over the projected period, the regional market is likely to be driven by the high demand for hemp-based food items or even supplements in emerging economies with an increasing geriatric population.
As a part of the report, the major players operating in the Global Nanocellulose market, that have been covered are Aurora Cannabis Inc., Ecofibre Ltd., Hemp Inc., Hempflax BV, Konoplex Group, Dun Agro, and GenCanna.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/industrial-hemp-market
This analytics report segments the Industrial hemp market on the following basis:
- By Type
- Hemp Seed
- Hemp Seed Oil
- Hemp Fiber
- Cbd Hemp Oil
- By Source
- By Application
- Personal Care Products
- By Geography
- North America
- South America
- United Kingdom
- The Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
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