Global Industrial Hemp Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2026, at CAGR of 33.12% during forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Major driver of the global Industrial Hemp Market is increasing demand for hemp-based products like dairy alternatives, cooking oil, etc. Also, increasing awareness among consumers regarding the benefits of recreational hemp products is another factor further propelling the growth of the global market. Furthermore, regulators like Agricultural Act of 2014, Industrial Hemp Act 2017, U.S. Drug Enforcement Agency (DEA), etc. have regulated the limit for allowed tetrahydrocannabinol (THC) content in processing, cultivation, distribution, and consumption of hemp products. This factor is expected to further drive the growth of the global market to a significant extent over the forecast period.
However, stringent government regulation over hemp cultivation across the globe, because of its illegal use and consumption is a key factor restraining the growth of the global industrial hemp market. Also, the lack of standard harvesting and cultivation techniques is another factor hampering the growth of the global market. However, the legalization of hemp cultivation in some countries and increasing R&D activities are factors expected to create lucrative business opportunities for major manufacturers and suppliers in the global Industrial Hemp Market over the next 10 years.
Based on the source segment, the conventional source segment dominated the global Industrial Hemp Market as they are cheaper than organic hemp products. Furthermore, despite the lack of certification, conventionally grown hemp is rich in vitamins and other essential fatty acids.
On the basis of the application type segment, the food segment is estimated to be a leading segment in the global industrial hemp market. This is attributed to the usage of hemp in food products, as these are rich in essential fatty acids vitamin E as well as minerals like phosphorus, potassium, sodium, magnesium, zinc, calcium, iron, and protein. Hemp is mostly consumed in the form of hemp seed, raw or roasted. It is added to salads, smoothies, yogurt, and cereals. The growing consumption of plant-based protein, owing to the popularity of veganism, globally, is expected to increase the demand for hemp-based processed food products like bars, flour, snacks, and cheese.
In terms of region, The European region is expected to be the fastest-growing region in the global industrial hemp market during the forecast period because of growth in consumption of hemp seeds as food, as well as their wide application in other food products such as smoothies, yogurt, cereals, and bars especially in countries such as Germany and the Netherlands. Furthermore, increasing legalization of industrial hemp in the European region in the coming years is expected to boost the global industrial hemp market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global Industrial Hemp Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the modest analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global Industrial Hemp market.
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Scope of the Global Industrial Hemp Market:
Global Industrial Hemp Market, By Type
• Hemp Seed
• Hemp Seed Oil
• CBD Hemp Oil
• Hemp Fiber
Global Industrial Hemp Market, By Application
• Personal Care Products
Global Industrial Hemp Market, By Source
Global Industrial Hemp Market, By Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key players operating in Global Industrial Hemp Market
• Bombay Hemp Company
• E Hemp
• Industrial Hemp Manufacturing, LLC
• Hemp Eyewear
• Badische Naturfaseraufbereitung
• Blue Sky Hemp Ventures Ltd.
• Bluebird Botanicals
• Aliments Trigone Inc.
• Hanf Farm GmbH
• HempFlax Group
• Hempoil Canada
• Hempoint Ltd.
• Isolate Extraction Systems Inc.
• Kannabio Hemp Cooperative
• Natural Good Medicines
• UAB Agropro
• Livity Foods LLC
• Hemp Food Australia
• Earth Science Tech
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