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
This study provides a particularized anatomy according to the L.E.A.P mechanism
- Latest trends and cardinal growth prospects
- Existing and future insights in growth
- Ascensions in technology
- Pain points
The regional analysis offers market assays across:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
Pain Points
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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