Industrial Hemp Market By Product Type (Seeds, Fiber, Shivs, and Stalks), By Source (Natural and Organic), By Applications (Animal Care, Textiles, Automotive, Furniture, Food & Beverages, Paper, Construction Materials, and Personal Care), and By Region - Trends, Analysis and Forecast till 2029

Industrial Hemp Market is estimated to be USD 15.99 Billion by 2030 with a CAGR of 16.2 % during the forecast period

Hemp fibers is rigorously being used as a raw material for textile yarn production and considered as a great substitute for cotton and synthetic fibers especially for industrial purpose, hemp is grown. It is a cannabis sativa plant species which has tetrahydrocannabinol content less than 0.3% in it. It is a lucrative rotation crop for farmers attributing to the characteristics of hemp to take in CO2 detoxify the soil, and inhibit soil erosion. It is an agricultural commodity and industrial hemp is highly dependent on climatic conditions, regulatory tolerance, and availability of labor. Hemp seeds and flowers find application in health foods, organic cosmetic products, and other nutraceuticals. It is used to make a variety of commercial and industrial products, including rope, textiles, clothing, shoes, food, paper, bioplastics, insulation, and biofuel. It has potential to be an excellent substitute or renewable resource in everything from building materials, energy, food, fuel, body care, and more. The global industrial hemp market accounted for USD 3.61 billion in 2020 and is estimated to be USD 15.98 billion by 2030 and is anticipated to register a CAGR of 16.2%.

Rising demand for oil in food & beverage industry

Rising demand for oil in food and beverages owing to growing awareness regarding dietary advantages of hempseed and oil is expected to drive the target market. Rising demand for bakery products such as bread and cookies are expected to enhance the growth of the target market. The industry is witnessing growth on account of increasing consumer awareness containing benefits associated with hemp products as it aids in insulin balance, cardiac function, mood stability, and skin and joint health.

However, low yield availability, lack of harvesting innovations and processing facilities, and difficulties in transporting the product in highly regulated markets are factors inhibiting the growth of the global market. The use and consumption of hemp in some countries are not legalized by the government also affects the growth of the target market.

The global industrial hemp market is segmented based on product type, source, applications, and region.

On the basis of product type, the target market is divided into seeds, fiber, shivs, and stalks. Hemp fibers are robust, contain high amount of hemicellulose, and have a high absorbent capacity, which makes it useful for the textile industry. On the basis of source, the target market is divided into natural and organic. On the basis of application, the target market is divided into animal care, textiles, automotive, furniture, food & beverages, paper, construction materials, and personal care.

Regional Insights:

The global industrial hemp market accounted for US$ 3.61 billion in 2020 and is estimated to be US$ 15.98 billion by 2030 and is anticipated to register a CAGR of 16.2%. On region the global industrial hemp market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to exhibit a high growth in terms of revenue as it is a major consumer of seed and fiber-based products, primarily used in food and beverages, textile, and personal care industries. Asia Pacific is to register an unexpected growth due to increasing fiber consumption in manufacturing of biodegradable textiles for consumer and industrial applications. The Middle east market is driven by rise in consumption of oil derived from the product for pharmaceutical and food and beverage industry.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global industrial hemp market report based on product type, source, application, and region.

Global Industrial Hemp Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating in the global industrial hemp market includes CBD Biotechnology Company Limited, Marijuana Company of America Inc., Botanical Genetics LLC Inc., HempMeds co., Terra Tech Corp, Industrial Hemp manufacturing company, American Hemp Manufacturers Limited, Plains Industrial Hemp Processing Limited, Hemp FoodS corp., Blue Sky Hemp Ventures Limited, and Hemp Oil limited.

Hemp Meds:

Medical Marijuana Inc. the first ever publicly traded cannabis company in the USA launched the world’s first-ever cannabis-derived nutraceutical products, brands and supply chain, announced today that its subsidiary Hemp Meds will be attending and exhibiting at SuperZoo, the most-attended pet industry shows in North America, in Las Vegas.

• CBD Biotechnology Company Limited
• Marijuana Company of America Inc.
• Botanical Genetics LLC Inc.
• HempMeds co.
• Terra Tech Corp
• Industrial Hemp manufacturing company
• American Hemp Manufacturers Limited
• Plains Industrial Hemp Processing Limited
• Hemp FoodS corp
• Blue Sky Hemp Ventures Limited
• Hemp Oil limited