Industrial Hemp Market - Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029
Industrial Hemp Market - Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029
Report Digest
Global Industrial Hemp Market: Overview
The global industrial hemp market is projected to chart a stellar growth between 2019 and 2029, owing to an impressive CAGR (Compound Annual Growth Rate) of 14.0%. The growth is majorly attributable to rising demand for bakery products like cookies and bread. Besides, its use in a number of products like salad dressings, cooking oil, and dairy alternatives has a positive role to play too.
Besides, as benefits of using hemp products – rich in proteins, omega-3, amino acids, and omega-6 – make the rounds, raising consumer awareness regarding the same, demand will be driven up further. And, since these are nutrients that are essential to maintain good joint health, skin health, insulin balance, mood stability, and cardiac health.
Also, it is important to note here that only a few countries cultivate hemp – 36 in 2017. Usually hemp cultivation is done following individual agricultural provisions regarding the same in different countries.
Global Industrial Hemp Market: Notable Development
The global industrial hemp market is in the middle of numerous events that are shaping its future and growth prospects for the forecast period. Few prominent ones are outlined below.
In 2017, the Industrial Hemp Act paved for THC in cultivation, consumption, marketing, processing, and distribution. The legislative procedures have had a major impact on the growth of the industry.
The global industrial hemp market is fragmented. And, prominent players in the global botanical supplements market are Hempco (Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA (Germany), Hemp Poland (Poland), Dun Agro (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), Plains Industrial Hemp Processing (Canada), and MH Medical Hemp (Germany), among others.
Global Industrial Hemp Market: Key trends and driver
The Industrial Hemp market is set to witness growth owing to numerous trends and drivers. Some of these trends and drivers are spelled out ahead and a full-fledged examination of the market can be had from the upcoming report prepared by TMR Research (TMR).
- High incidence of diabetes is leading to demand for hemp oil and other products. From 1980 to 2014, cases rose from 108 million to 422 million. And, it has been noted that major damage is seen and middle and low income groups. It is worth noting here that since CBD oil has anti-inflammatory properties, and since it is often used with hemp seed oil, with demand for CBD will increase the demand for hemp see, adding to growth of industrial hemp.
- A wide use in a variety of products such as personal care products, dietary supplements, construction materials, automotive materials, food and beverages and so on. An expansion in any of these industries, will lead to expansion in the industrial hemp market. There is also a wide demand for hemp to be used in bars, yogurt, cereals, and smoothies.
Global Industrial Hemp Market: Regional Analysis
Between 2018 and 2025, the region that will show remarkable growth statistics is the European region, owing to a large consumer base of products that use hemp as an ingredient. North America will hold a considerable share owing to its being a primary consumer of such products. Besides, the two regions have a rapidly ageing population to cater to.
The report is segmented into the following:
Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Seeds
- Fiber
- Shivs
Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Animal Care
- Textiles
- Automotive
- Furniture
- Food & Beverages
- Paper
- Construction Materials
- Personal Care
- Others
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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