Industrial Hemp Market was valued at USD 3,014 million in 2020 and is forecast to touch USD 10,227 million in 2028, and the market is expected to grow at a whopping CAGR 16.5%

Introduction of the Industrial Hemp Market Report

Hemp is a plant obtained from Cannabis sativa. This is usually utilized in the industries related to personal care products, paint, insulation, biofuel, food & beverages, food, animal feed, and pharmaceuticals. Hemp seeds are rich in two fatty acids, linoleic and linolenic. They are considered as an ideal source of vitamin B1, vitamin E, vitamin B2, vitamin D, vitamin B6, calcium, potassium, and magnesium. Hemp seeds are among the few plant-based foods that are a complete protein source and can be used as a value addition to a vegan diet.

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Increasing legalization to cultivate industrial hemp in many countries, increasing awareness regarding the benefits of hemp seed and hemp seed oil, rising use of hemp in various food applications along with the growing number of chronic diseases are driving the industrial hemp market growth. Moreover, consumers are increasingly opting for industrial hemp due to its easy accessibility will further surge the growth of the global industrial hemp market. Continuous technological advancements and the expansion in product offering is bringing various growth opportunities in the market.

Germany and the Netherlands are heavily investing in R &D activities. Moreover, growing health concerns and rapid change in food habits will further boost the market growth. Hemp seeds offer various health benefits such as they are highly nutritious, reduce the risk of heart diseases, relieve dry skin, improve blood levels of fatty acids, decreases PMS and Menopause symptoms, and others, which will positively influence the market growth. In addition to this, the increasing demand for printing inks, solvents, chain-saw lubricants, varnishes, putty, oil paints, and the coating is another factor fuelling demand for the market. On the other hand, the increasing number of complex regulatory structures related to industrial hemp usage is likely to hamper the growth of the industrial hemp market.

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Based on the Source, the market is segmented organic and conventional. The conventional segment is expected to grow at a higher CAGR during the forecast period due to the low prices of conventional hemp as compared to the organic source, followed by rising application of conventional hemp in construction and material, automotive and furniture industries are projected to fuel its growth of the segment in the upcoming years.

Based on the Type, the market is segmented hemp seed, hemp seed oil, hemp fiber, and CBD hemp oil. The hemp fiber segment is projected to dominate the market during the forecast period due to the growing application of hemp fiber among various industries, including agriculture, construction, animal bedding, automobile, and furniture, will propel the growth of the segment. Furthermore, the usage of hemp fiber to obtain biofuels and bioplastics will further surge the demand during the forecast period.

Based on the Application, the market is segmented food, beverages, personal care products, textiles, and pharmaceuticals. The food segment is expected to grow at a higher CAGR during the forecast period owing to large application of hemp seed oil as it contains rich source of vitamin, omega-3 fatty acid, and protein. Increasing consumer awareness about the advantages of consuming hemp-based products is boosting the market growth.

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Based on the region, the Asia Pacific region is expected to dominate the industrial hemp market size during the forecast period owing to the increasing consumption and production of hemp fiber in the textile and paper industry. Moreover, the legalization of industrial hemp in food supplements is fuelling the market growth in the APAC region. On the other hand, the European region is projected to grow at a higher CAGR due to the rising consumption of hemp seeds driven by its increasing application in various food products such as yogurt, cereals, bars, and smoothies, particularly in economies, including Germany and the Netherlands.

Various notable players operating in the market include Hempco Inc., Hemp Inc., Konoplex, Ecofibre, GenCanna, Colorado Hemp Works, LLC, Canah International, Plains Industrial Hemp Processing Ltd., HempFlax Group B.V., and Dun Agro Hemp Group, among others. 

Key Developments: 

• • In 2020, Ecofibre’s purchased the portfolio of manufacturing businesses, which will support the supply chain of hemp facemask. Ecofibre Limited, an Australian manufacturer of hemp-derived CBD, textiles, composites, and food products has purchased a $42 million portfolio in North Carolina to support the Hemp Black facemask and gaiter line.
  • In 2019, GenCanna Global Inc. and Specialty Oil Extractors together announced a strategic processing and manufacturing agreement. This agreement aims to expand the scale of GenCanna’s industry processing capacity and provides required optionality for farmers throughout the state of Kentucky.

The global industrial hemp market has been segmented on the basis of source, type, application, and regions. Based on Source, the market is segmented into organic and conventional. Based on Type, the market is segmented into hemp seed, hemp seed oil, hemp fiber, and CBD hemp oil. Based on Application, the market is segmented into food, beverages, personal care products, textiles, pharmaceuticals, and others.

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Key questions answered in this research report:

• • At what pace is the global industrial hemp market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the industrial hemp market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global industrial hemp market?
  • Which source generated maximum revenues in 2020 and identify the most promising source during the forecast period?
  • What are the various types of global industrial hemp market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2020)	USD 3,014 million
Market Base Year	2020
Market Forecast Period	2021-2028
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Source, By Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Hempco Inc., Hemp Inc., Konoplex, Ecofibre, GenCanna, Colorado Hemp Works, LLC, Canah International, Plains Industrial Hemp Processing Ltd., HempFlax Group B.V., Dun Agro Hemp Group, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Industrial Hemp Market by Source

• • Organic
  • Conventional

Global Industrial Hemp Market by Type

• • Hemp Seed
  • Hemp Seed Oil
  • Hemp Fiber
  • CBD Hemp Oil

Global Industrial Hemp Market by Application

• • Food
  • Beverages
  • Personal Care Products
  • Textiles
  • Pharmaceuticals
  • Others

Global Industrial Hemp Market by Region

• • North America Industrial Hemp Market (Option 1: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Industrial Hemp Market (Option 2: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Industrial Hemp Market (Option 3: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Industrial Hemp Market (Option 4: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Industrial Hemp Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Hempco Inc.
  • Hemp Inc.
  • Konoplex
  • Ecofibre
  • GenCanna
  • Colorado Hemp Works, LLC
  • Canah International
  • Plains Industrial Hemp Processing Ltd.
  • HempFlax Group B.V.
  • Dun Agro Hemp Group