Significant growth is expected for the global industrial hemp market due to technological innovations in terms of cultivation and machinery for the more efficient development of hemp plants. According to the report published by Allied Market Research, the global Industrial hemp market It generated $ 4.9 billion in 2019 and is projected to reach $ 18.6 billion by 2027, a CAGR of 22.4% from 2021 to 2027.
The increasing use of hemp seeds and hemp seed oil in various food applications, increasing awareness of the benefits of recreational hemp, and increasing demand for hemp-based beauty and personal care products are driving the growth of the global industrial hemp market. However, a complex regulatory structure for the use of industrial hemp is hindering market growth. On the contrary, technological innovations are likely to create lucrative opportunities for market participants in the future.
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Global Industrial Hemp Market Report Has In-depth Analysis Of Key Market Players Such As:
Hempco Food and Fiber Inc.
HempFlax Group BV
The Konoplex group
Plains Industrial Hemp Processing Ltd.
MH medical hemp
Hempro International GmbH & Co. KG.
The global industrial hemp market is segmented by type, application, source and region. Depending on the type, the market is divided into hemp seeds, hemp oil, hemp fiber, and others. The hemp fiber segment is estimated to have the highest CAGR of 24.6% in the forecast period. However, the hemp oil segment held the largest share in 2019 and accounted for almost half of total sales.
- With the Covid-19 outbreak and lockdown in various countries, the lifestyle, health and wellbeing of people have changed drastically. To curb the spread of the virus, governments have put strict social distancing guidelines in place that affected the industrial hemp sector.
- The pandemic and ongoing lockdown resulted in shutdowns in the food and beverage, personal care and textile sectors, negatively impacting demand for industrial hemp.
- However, with some countries announcing a relaxation of the regulation, the industrial hemp industry is expected to get back on track in the near future.
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Based on the application, the market is divided into Food and Beverage, Textiles, Personal Care Products, Medicines, and Others. The personal care products segment held the lion’s share in 2019 and contributed more than a third of the market. However, the highest CAGR of 25.8% is forecast for the pharmaceutical segment from 2021 to 2027.
The global industrial hemp market is analyzed in different regions including Asia-Pacific, North America, LAMEA and Europe. The Asia-Pacific market had the largest share in 2019, accounting for nearly half of total sales. However, the pan-European market is expected to have the highest CAGR of 26.5% over the forecast period.
Main results of the study
- By type, the hemp oil segment dominated the world market in 2019 and is expected to maintain its dominance throughout the forecast period.
- The personal care products segment had the highest share in the growth of the industrial hemp market in 2019 and is expected to grow by 19.6% from 2021 to 2027.
- According to sources, the conventional segment led global demand in 2019 and is expected to maintain its dominance throughout the forecast period of the industrial hemp market.
- By region, Asia-Pacific had the highest industrial hemp market share in 2019 and is expected to grow at an annual growth rate of 20.4%.
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About allied market research:
Allied Market Research (AMR) is a full-service market research and management consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research offers global companies as well as medium and small companies unsurpassed quality of “market research reports” and “business intelligence solutions”. AMR is committed to providing business insights and advisory services to assist our clients with strategic business decisions and sustainable growth in their respective market domains. AMR offers its services in 11 industries including life sciences, consumer goods, materials and chemicals, construction and manufacturing, food and beverage, energy and energy, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense, and BFSI .
We have professional corporate relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data contained in the reports we publish are extracted through primary interviews with top officials from leading companies in the affected domain. Our secondary data acquisition methodology includes extensive online and offline research and discussions with knowledgeable professionals and industry analysts.
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