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The global industrial hemp market was valued at US$ 4.0 Billion in 2021.
We expect the global industrial hemp market to exhibit a CAGR of 16.57% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end-use industries for industrial hemp.
The rising demand for industrial hemp across the F&B industry, as it is a rich source of nutrients, such as protein, carbohydrates, vitamins, essential fatty acids, and trace elements, is primarily driving the global industrial hemp market.
Based on the type, the global industrial hemp market can be segmented into hemp seed, hemp oil, hemp fiber, and others. Among these, hemp seed exhibits a clear dominance in the market.
Based on the source, the global industrial hemp market has been bifurcated into conventional and organic, where conventional currently accounts for the majority of the total market share.
Based on the application, the global industrial hemp market can be divided into food and beverages, textiles, personal care products, pharmaceuticals, and others. Currently, the food and beverage industry holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global industrial hemp market include 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.
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