(Food-Beverage-News.Com, December 21, 2020 ) Increasing legalization in the cultivation of industrial hemp and functional properties of hemp seed and hemp seed oil are projected to drive the growth of the industrial hemp market
The industrial hemp market size is projected to grow from USD 4.6 billion in 2019 to USD 26.6 billion by 2025, recording a compound annual growth rate (CAGR) of 34.0% during the forecast period. The industrial hemp market is driven by factors such as increasing legalization in the cultivation of industrial hemp, functional properties of hemp seed and hemp seed oil, and their increased use in different food applications, and an increasing number of chronic diseases.
Hemp fiber segment dominates the industrial hemp market throughout the forecasted period
Hemp fiber is used majorly in the textile and pulp & paper industry, due to its long and strong fibers as compared to cotton. Furthermore, being a renewable source material, its application has been increasing in many diverse industries such as construction, animal bedding, agriculture, furniture, and automobile. Additionally, its usage to obtain biofuels and bioplastics has been expected to increase its demand in the coming years.
The organic segment is projected to grow at a higher growth rate during the forecast period
Organic hemp is grown under the strict regulations and guidelines provided by organic certification bodies. Organically certified hemp ensures the consumers that it is produced under strict guidelines and does not contain any pesticides and fertilizers residues. Organic hemp is used majorly in food, beverages, and pharmaceuticals products. Mostly, certified organic hemp seeds are preferred by consumers as they believe that certified hemp seeds have better safety and quality. The growing trust towards the organically cultivated hemp products is projected to drive the demand for organic hemp products significantly.
The Asia Pacific holds the largest market share
Asia Pacific accounted for the largest market share in 2018. This dominance is attributed to the extensive production and consumption of hemp fiber in the textile and paper industry. Furthermore, due to the booming market for cosmetics and personal care products in the Asia Pacific region and legalization of industrial hemp in food supplements is estimated to drive the market growth.
The industrial hemp market comprises major players such as Hempco (Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA (Germany), Hemp Poland (Poland), Dun Agro (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), Plains Industrial Hemp Processing (Canada), and MH Medical Hemp (Germany). The study includes an in-depth competitive analysis of these players in the industrial hemp market, with their company profiles, recent developments, and the key market strategies.
The study covers the industrial hemp market across segments. It aims at estimating the market size and its growth potential across different segments such as application, type, source, and region. The study also includes an in-depth competitive analysis of key players in the market; along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies. Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall industrial hemp market and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.