The latest report by IMARC Group, titled “Industrial Hemp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global industrial hemp market reached a value of US$ 4.0 Billion in 2021. Industrial hemp is a variety of Cannabis sativa plant species that is grown for commercial purposes. It is a fast-growing, environment-friendly plant with a low cost of production. In addition to this, industrial hemp is a rich source of nutrients such as protein, carbohydrates, vitamins, essential fatty acids, and trace elements. It is a multipurpose and sustainable crop that can be refined into a variety of commercial items, including rope, paper, clothing, textiles, insulation, paint, biodegradable plastics, food, biofuel, as well as animal feed. It is largely grown for products in the food and beverage industry. However, it can also be used in non-food-based products without employing toxic chemicals, herbicides, pesticides, and fertilizers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Industrial Hemp Market Trends:
The market is primarily driven by the growing preference for eco-friendly products in thermal insulation, construction materials, fiberglass alternatives, and automotive products. Besides this, the significant development in the automotive industry is propelling the demand for industrial hemp in the manufacturing of automotive body parts that are versatile, eco-friendly, lightweight, and dent-resistant in nature. In addition to this, the rising need for technical products like varnishes, solvents, oil paints, printing inks, chainsaw lubricants, and coatings is also fueling the market growth. Furthermore, hemp seed and hemp seed oil offer numerous dietary and medicinal benefits, due to which they find application in the food and beverage and pharmaceutical industries, respectively. Apart from this, on account of high and well-balanced fatty acid content, hemp is also utilized in cosmetics and personal care products such as soaps, shampoos, bath gels, hand and body lotions, UV skin protectors, and massage oils. Looking forward, the market is expected to grow at a CAGR of 16.57% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into hemp seed, oil, fiber, and others.
- On the basis of the source, the market has been classified into conventional and organic sources.
- The market has been categorized based on the application into food and beverages, textiles, personal care products, pharmaceuticals, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Aurora Cannabis Enterprises Inc., Boring Hemp Company, Ecofibre Limited, Hemp Inc., HempFlax Group B.V., Hempro International GmbH, MH medical hemp GmbH, Parkland Industrial Hemp Growers Co-op. Limited, South Hemp Tecno srl and Valley Bio Limited.
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