Global Industrial Hemp Market Report and Forecast 2021-2026
According to Expert Market Report’s latest report, ‘Global Industrial Hemp Market Report and Forecast 2021-2026’, the global industrial hemp market attained a value of USD 4.7 billion in 2020. Aided by the introduction of favourable regualtions, the market is projected to further grow at a CAGR of 22.5% between 2021 and 2026 to reach a value of USD 14.6 billion by 2026.
Industrial hemp is defined as the fibre of the cannabis plant, which is extracted from the stem and is used to produce a variety of industrial and consumer products. Hemp is grown in more than 30 nations and is known to be high in fibre and low in active tetrahydrocannabinol (THC). The colour of hemp fibre is yellowish grey to deep brown, with a length of 4 to 6.5% feet. Hemp has a superior resistance to degradation by heat. Innovative applications are offered by hemp in the industrial sector, such as food and beverage, personal care, and animal care, among others.
The industrial hemp market is being driven by the rising application of the fibre in various industries, including food and beverage, personal care, pharmaceutical and textiles, among others. Hemp seed oil, which is a derivative of hemp fibre, is a crucial component in the personal care and beauty industry, as it provides a barrier to the skin from pollutants and also helps the issues with the skin, such as skin dryness and itchiness. Therefore, the thriving beauty and personal care industry in the emerging economies, owing to the rising disposable income, growing population, and changing consumer preference towards premium care products, have aided the market growth. The rising demand for hemp from the pharmaceutical industry, owing to the medicinal properties of the hemp fibre and hemp seed oil is likely to aid the market further in the forecast period. In terms of region, the Asia Pacific is likely to account for a significant share in the market, owing to the robust economic growth in countries like India and China, which is expected to bolster the demand for pharmaceutical products and beauty and personal care products.
The market report by Expert Market Research analyses the market based on segmentations such as sources, product types, applications, and major regions.
Market Breakup by Source:
Market Segmentation by Product Type:
• Hemp Seed
• Hemp Fibre
• Hemp Seed Oil
• CBD Hemp Oil
Market Categorisation by Application:
• Food and Beverages
• Personal Care
• Animal Care
• Construction Materials
Market Breakup by Region :
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the key players in the industry. Some of the major players in the market explored in the Expert Market Research report are:
• Manitoba Harvest Hemp Foods
• Hemp Inc.
• Hemp Oil Canada Inc.
• HempFlax Group B.V.
• Hemp Production Services
• Unrivaled Brands, Inc
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