The global industrial hemp market size was worth around USD 8.29 billion in 2023 and is predicted to grow to around USD 46.41 billion by 2032 with a compound annual growth rate (CAGR) of roughly 21.1% between 2024 and 2032.
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Global Market Overview for Industrial Hemp
Commonly known as hemp, industrial hemp is a plant having large leaves with taproots. Under particular circumstances, this agricultural good grows quickly. Furthermore included in industrial hemp are hemp plant byproducts. Two further examples of byproducts—also regarded as industrial hemp—are hemp flour and hemp seed oil. Collected for use in numerous products, including paper goods, nutraceuticals, insulation and building materials, biofuel, fibreglass, bio-plastics, textiles, etc., is industrial hemp. Without reliance on dangerous chemical fertilisers, herbicides, and pesticides, industrial hemp can also be grown for non-food and food goods. cannabis sativa produces industrial hemp.
It has been employed all around to generate several consumer and industrial goods. Generally speaking, every component of the hemp plant—from oils to flowers to seeds to stalks—can be used in a different way. Considered to be the best grade cannabis accessible at a reasonable cost, industrial hemp or Indian cannabis is predicted to favourably affect the global industrial hemp market growth over the forecast time period.
The hemp production is predicted to be driven by the increasing number of research and development activities aiming at perfect agronomy and new genetics of crops to generate high yield and improve product quality. Using fibre treatment technologies, major industry players are creating fibres that are water repellent, fire retardant, extremely soft, and absorptive, which, in turn, is expected to propel the industrial hemp market in the next years.
Better quality personal care items, cosmetics, protein supplements, and other health products would also be highly sought for given the fast expanding global population and rising disposable income of people. These elements also seem to be driving the future industrial hemp market.
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The Global Industrial Hemp Market is segmented based on product, application and region
Global Industrial Hemp Market: Product Segment Analysis
● Seeds
● Fiber
● Shivs
Global Industrial Hemp Market: Application Segment Analysis
● Animal Care
● Textiles
● Automotive
● Furniture
● Food and Beverages
● Paper
● Construction Materials
● Personal Care
● Others
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The Global Industrial Hemp market profiles key players such as:
● Industrial Hemp Manufacturing
● Hemp-E
● Mollerup
● Valley Bio Limited
● Hemp Inc.
● Bombay Hemp Company
● UAB Agropro
● Hemp Oil Canada
● HempFlax
● Hemp Food Australia
Global Industrial Hemp Market Regional Analysis
The regional section covers historical and projected demand for North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
In 2023, the North America area’s primary revenue contribution to the worldwide industrial hemp market by region The growing demand for fibre- and seed-based goods mostly utilised in the personal care, cosmetics, textile, food and beverage sectors helps to explain this regional share. As fibres are increasingly used in the production of biodegradable textiles, the Asia Pacific industrial hemp market is expected to have the greatest growth rate over the forecast period.
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