Key Emerging Trends in Industrial Hemp Market - Forecast to 2025
by Mit K. SEOThe global
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. Rising awareness among the
consumers about the benefits of industrial hemp, increasing legalization to
cultivate industrial hemp across different countries, and growing application
scope of industrial hemp in diverse industries such as textile, pharmaceutical,
food, beverages, personal care products, construction & material,
furniture, and paper is driving the market for industrial hemp.
Key industrial hemp players include 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). Agreements, joint ventures, and
partnerships were the dominant strategies adopted by major players, followed by
expansion. These strategies have helped them to increase their presence in
different regions.
To know about the assumptions considered for the study download the pdf brochure
The CBD hemp oil
segment is projected to be the fastest-growing segment in the industrial hemp
market during the forecast period.
The industrial hemp market is segmented, based on type, into
hemp fiber, hemp seed, hemp seed oil, and CBD hemp oil. The CBD hemp oil
segment is projected to be the fastest-growing segment in the industrial hemp
market during the forecast period. This is attributed to the growing usage of
CBD hemp oil in various applications such as personal care, health supplements,
and food & beverages products. Furthermore, the numerous health benefits of
CBD hemp oil make it useful to treat and prevent conditions like anxiety,
depression, pain, and acne are also expected to drive the growth.
The food segment is
projected to account for the largest market share in the industrial hemp market
during the forecast period.
The industrial hemp market is segmented, based on application,
into food, beverages, textiles, personal care products, pharmaceuticals, and
others. The food segment is projected to be a leading segment in the industrial
hemp market. This is attributed to the usage of hemp in food products, as these
are rich in essential fatty acids (linoleic and linolenic); vitamin E; as well
as minerals such as phosphorus, potassium, sodium, magnesium, calcium, zinc,
iron, and protein. Hemp is mostly consumed in the form of hemp seed, raw or
roasted. It is added to salads, smoothies, yogurt, and cereals. The growing
consumption of plant-based protein, owing to the popularity of veganism,
globally, is expected to increase the demand for hemp-based processed food
products such as bars, flour, snacks, and cheese.
The European region is projected to be the fastest-growing
region in the industrial hemp market during the forecast period.
The European region is projected to be the fastest-growing region in the industrial hemp market during the forecast period owing to growth in consumption of hemp seeds as food as well as their wide application in other food products such as smoothies, yogurt, cereals, and bars especially in countries such as Germany and the Netherlands. Furthermore, increasing legalization of industrial hemp in the European region in the coming years is expected to boost the industrial hemp market.
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Created on Apr 27th 2020 08:29. Viewed 361 times.