Industrial Hemp Market Growing Technology Trends and Business Opportunities by 2025
by Mit K. SEOIncreasing
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.
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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.
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Research Coverage
- 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.
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Created on Dec 18th 2020 07:12. Viewed 316 times.