Explore Growth Opportunities In Industrial Hemp MarketSeptember 29, 2023
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MarketsandMarkets projects that the globalindustrial hemp marketis projected to grow from USD 4.6 billion in 2019 to USD 26.6 billion by 2025, recording a compound annual growth rate (CAGR) of 34.0% during the forecast period. The growing usage of hemp-derived seed as a superfood due to its rich nutritional profile and other health benefits is driving the market for industrial hemp. Furthermore, increasing legalization of hemp in different countries across the world is also driving the growth of industrial hemp.
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Hemp fiber is estimated to dominate the market for industrial hemp in 2019. It is used primarily in the textile and pulp & paper industry, due to its long and robust fibers as compared to cotton. Furthermore, being a renewable source material, its application to obtain biofuels and bioplastics has been expected to increase its demand in the coming years.
Food is projected to be the dominating application segment of the industrial hemp market during the forecast period due to the wide application of hemp seeds and hemp seed oil in food products for their vitamins, proteins, and omega-3 fatty acid content. Hemp seeds are consumed raw or are used as a topping in cereals, smoothies, and yogurt. Rising consumer awareness about the benefits of consuming hemp-based products is driving the market for its application in food.
Scope of the Report:
This research report categorizes the industrial hemp market based on type, application, source, and region.
Based on type, the industrial hemp market has been segmented as follows:
- Hemp seed
- Hemp seed oil
- CBD hemp oil
- Hemp fiber
Based on application, the industrial hemp market has been segmented as follow:
- Snacks & cereals
- Soup, sauces, and seasonings
- Diary & frozen desserts
- Others (cold cereals, pasta, chocolate spreads, and pet food)
- Hot beverages
- Sports & energy drinks
- Ready to drink
- Others (meal replacement drinks, beverage mixes, beverage concentrates, and juice drinks)
- Personal care products
- Others (paper, automobiles, construction & materials, furniture, and pet food)
Based on the source, the industrial hemp market has been segmented as follows:
Based on the region, the industrial hemp market has been segmented as follows:
- North America
- Asia Pacific
- RoW (South America, Africa, and the Middle East)
- Further breakdown of the Rest of Europe industrial hemp market, by key country
- Further breakdown of the industrial hemp market for food application by region
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The increasing legalization of the cultivation of hemp provides enormous opportunities to the manufacturers and research institutions to develop new products from industrial hemp. Bioplastic is one such product that can be manufactured from the leftover of hemp seeds and CBD oil. Furthermore, biofuel derived from the hemp plant provides opportunities for the companies to explore this application of hemp as a fuel for automobiles. The growing consumer demand for sustainable goods, along with initiatives and support from corporate and government, is expected to support the growth of hemp-based biofuel and bioplastics in the coming years.