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The global industrial hemp market reached a value of US$ 4.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2027, exhibiting a CAGR of 16.57% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Industrial hemp is a plant species of Cannabis sativa that is a rich source of fiber and oilseed. It has considerable amounts of protein, carbohydrates, vitamins, essential fatty acids, and trace elements. As a result, it is used to manage or treat several debilitating conditions. Besides this, it is utilized in the production of nutritional supplements, fabrics and textiles, paper, construction materials, food and beverages, personal care products, and other industrial goods across the globe.
Industrial hemp is a versatile and eco-friendly alternative for manufacturing lightweight and dent-resistant automobile bodies. This, along with the increasing need for reducing carbon footprint and the burgeoning automotive industry, represents one of the key factors strengthening the growth of the market. Apart from this, industrial hemp assists in weeding fields, soil remediation, and bio-absorption of heavy metals and contaminants. As a result, it is widely employed in the agriculture sector of countries that have permitted its usage under license. Moreover, as the fiber of industrial hemp is longer, stronger, more absorbent than cotton, hemp fabrics and textiles are gaining popularity gradually in numerous countries. Hemp fabrics are utilized in the manufacturing of yarns and spun fibers, home furnishings, insulation materials, and composites. This, in confluence with the rising adoption of industrial hemp for the production of oil paints, printing inks, fuel, putty, chain-saw lubricants, and coatings, is also contributing to the market growth. Furthermore, the liberalization in government regulations for the production of industrial hemp is offering lucrative growth opportunities to the key market players. Besides this, the rising consumption of hemp-based products on account of their health benefits and the escalating incidences of epilepsy and other sleep disorders is anticipated to impel the market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial hemp market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, source and application.
Breakup by Type:
Breakup by Source:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aurora Cannabis, Boring Hemp Company, Ecofibre Limited, Hemp Inc, HempFlax Group B.V., Hempro International GmbH, MH medical hemp GmbH, Parkland Industrial Hemp Growers Co-op. Ltd., South Hemp Tecno srl and Valley Bio Limited.
|Base Year of the Analysis||2021|
|Segment Coverage||Type, Source, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||Aurora Cannabis, Boring Hemp Company, Ecofibre Limited, Hemp Inc, HempFlax Group B.V., Hempro International GmbH, MH medical hemp GmbH, Parkland Industrial Hemp Growers Co-op. Ltd., South Hemp Tecno srl and Valley Bio Limited|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
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Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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