Industrial Hemp Market Strong Application and Emerging Trends also Scope by 2028: Grand View Research Inc.

 Industrial Hemp Market Growth & Trends

The global industrial hemp market size is expected to reach USD 12.01 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.2% from 2021 to 2028. The upscaling utilization of hemp oil in food and beverage products for its dietary benefits is expected to increase the demand for hemp over the forecast period.

Population growth, coupled with the rising per capita disposable income, is expected to result in the increased demand for high-quality cosmetics, personal care products, protein supplements, and other health food products. These factors are expected to drive the market over the projected period.

Industrial hemp cultivation, harvesting, and processing are associated with increasing research and development activities to develop new genetic improvements, perfect agronomy, improved technologies to obtain a high yield, and premium quality products. Moreover, investments in research & development for enhanced performance in cancer treatments have offered growth prospects to the hemp industry.

Industrial hemp is an agricultural commodity and is highly dependent on climatic conditions, regulatory tolerance, and the availability of labor. Countries such as China, the world’s leading producer of hemp, have never restricted hemp production and have an advantage of inexpensive labor. However, oversupply is likely to be a major concern for the manufacturers over the forecast period.

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Industrial Hemp Market Report Highlights

• Based on product, seeds accounted for the largest volume share of over 40.0% in 2020 owing to the ascending demand for hemp grain to obtain seed, oil, and food matter for the food and nutraceutical markets on account of the high fatty acid content and nutritional value
• By application, the textilessegment held the largest revenue share in 2020 on account of the strong, hypo-allergic, and UV light resistant characteristics of hemp fibers
• The personal care application segment accounted for the second-largest revenue share in 2020 owing to the high consumption of hemp oil in the body and personal hygiene products, including soap, shampoo, body lotions, and hair care products
• The market in North America is expected to register the fastest volume-based CAGR of 21.2% over the forecast period owing to the rising demand for hemp in the automotive industry for manufacturing panels and as an alternative to fiberglass
• Major players in the industry focus on research & development activities to develop new varieties of the crop, full utilization of hemp crop, processing methods, and technologies used for processing to gain a greater market share

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Industrial Hemp Market Segmentation

Grand View Research has segmented the global industrial hemp market on the basis of product, application, and region:

Industrial Hemp Product Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

• Seeds
• Fiber
• Shives

Industrial Hemp Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

• Animal Care
• Textiles
• Automotive
• Furniture
• Food & Beverages
• Paper
• Construction Materials
• Personal Care
• Others

Industrial Hemp Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • UK.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
• Middle East & Africa

List of Key Players of Industrial Hemp Market

• Parkland Industrial Hemp Growers Cooperative Ltd.
• CBD Biotechnology Co.
• Botanical Genetics, LLC
• Marijuana Company of America Inc.
• HempMeds Brasil
• Terra Tech Corp.
• American Cannabis Company, Inc.
• HempFlax B.V.
• Industrial Hemp Manufacturing, LLC
• American Hemp
• Hemp, Inc.
• Boring Hemp Company
• Plains Industrial Hemp Processing Ltd.
• Ecofiber Industries Operations
• Valley Bio Limited

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.