The Global Industrial Hemp Market is expected to grow at a CAGR of --% from 2021-2027 to reach US$ -- billion by 2027.
A comprehensive overview of the industrial hemp market is recently added by UnivDatos Market Insights to its humongous database. The industrial hemp market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the industrial hemp market. The industrial hemp market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the industrial hemp market at the global and regional levels. The Global Industrial Hemp Market is expected to grow at a CAGR of --% from 2021-2027 to reach US$ -- billion by 2027.
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Market Overview
The surging demand for hemp across the globe can be attributed to the growing awareness regarding the benefits of hemp and the increasing consumption of hemp-based products in various industry sectors. For instance, in 2018, the sales of hemp-derived CBD products amounted to USD 390 million while the sales of hemp-based food amounted to be USD 150 million in 2018. Further, the total sales of hemp-based products are expected to reach USD 2.61 billion by 2022. Additionally, the increase in the legalization of industrial hemp leading to the rise in the total level of cannabis consumption is also propelling the growth of this market globally.
Furthermore, The growth of the industrial hemp market is increasing globally on account of the widespread production and consumption of hemp products in the textile and paper industry. For instance, as per the Ministry of Hemp statistics, in North Korea, hemp grows naturally all over the country and at least 47,000 square meters of land is dedicated to hemp textiles in Pyongyang alone. Furthermore, spur in demand for industrial hemp is also due to the changing government regulations for hemp, an overall increase in consumer awareness and the changing attitudes towards marijuana in Asian countries such as Thailand, Malaysia, among others. For instance, in 2017, Thailand legalized marijuana for medical uses and research as a part of a plan to increase agricultural incomes.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. All industries have suffered some form of loss due to the pandemic and the industrial hemp industry has not been left untouched by this unprecedented crisis of modern times. This industry has its share of challenges due to the COVID-19 pandemic as the lockdown restrictions have resulted in the widespread closure of many production and manufacturing functions. As a result, there has been a decline in trade and transportation which has disrupted the supply chains of hemp-based products because of which its market has witnessed shortfalls.
Global industrial hemp market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
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By Type, the market is primarily fragmented into
· Hemp Seed
· Hemp Oil
· Hemp Fibers
· Others
Amongst Types, hemp seed, hemp oil, hemp fibers, and others are the key products. The hemp seed segment of the global industrial hemp market was valued at USD -- billion in 2020 and is likely to reach USD -- billion by 2027 growing at a CAGR of --% from 2021-2027. However, the hemp fiber segment is also anticipated to grow with a considerable CAGR of --% during the forecast period.
By Application, the market is primarily segmented into
· Food & Beverages
· Textiles
· Personal Care Products
· Pharmaceuticals
· Others
By Application, the food & beverage segment dominated the global industrial hemp market and will row at --% CAGR to reach US$ -- billion by the year 2027 owing to the shifting consumer behavior towards online shopping. However, the personal care products segment is also anticipated to grow at a considerable CAGR in the upcoming years.
By Source, the market is primarily segmented into
· Conventional
· Organic
By Source, the conventional segment dominated the global industrial hemp market and will row at --% CAGR to reach US$ -- billion by the year 2027. However, the organic segment is also expected to grow at a CAGR of --% during the projected timeframe.
Industrial Hemp Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
· Rest of the World
Geographically, the Asia-Pacific region dominated the industrial hemp market with almost US$ -- billion revenue in 2020 owing to the growing legalization of hemp and the rising number of key players in the region.
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The major players targeting the market includes
· Hempco
· Hemp Inc.
· Bombay Hemp Company
· HempFlax Group B.V.
· Manitoba Harvest Hemp Foods
· Plains Industrial Hemp Processing Ltd.
· Ecofibre
· GenCanna
· Aurora Cannabis Inc.
· Marijuana Company of America, Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the industrial hemp market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the industrial hemp market?
• Which factors are influencing the industrial hemp market over the forecast period?
• What are the global challenges, threats, and risks in the industrial hemp market?
• Which factors are propelling and restraining the industrial hemp market?
• What are the demanding global regions of the industrial hemp market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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