Industrial Hemp Market Global Forecast 2023-2028: Rise in Eco Friendly Shoppers Fuels Demand - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Industrial Hemp Market, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
Global Industrial Hemp Market will grow to US$ 15.01 Billion in 2028, according to the publisher. The hemp industry worldwide is booming, with a new crop of entrepreneurs ready to battle the odds and bet big on the versatile plant by creating innovative products that fit right into the wellness zeitgeist.
Industrial hemp is a versatile plant that can be built up for its fiber, seed, or oil. Over time, industrial hemp has evolved into an even greater variety of products, including health foods, organic body care, clothing, construction materials, biofuels, plastic composites, and more.
Furthermore, The U.S. Department of Agriculture created a regulatory framework around hemp production throughout the United States. Also, In the U.K., the Department for Environment, Food, and Rural Affairs treat hemp as a purely non-food crop. Still, with proper licensing and proof of less than 0.3% THC concentration, hemp seeds can be imported for sowing or sale as a food or food ingredient.
Worldwide Industrial Hemp Market to Grow with a CAGR of 21.22%, from 2022 to 2028
The increasing demand by the pharmaceutical and textile industry and rising consumer awareness about product benefits significantly drive the primary factors. Besides this, the growing consumption of hemp-based products on health benefits and the escalating incidences of epilepsy and other sleep disorders is anticipated, and the long-term profitability of industrial hemp is a real hindrance for potential growers.
Growing Awareness of Several Nutritional Benefits of Hemp Seeds is primarily driving the Global Market
Based on the Product, Global Industrial Hemp Market was categorized into four types: Seeds, Stalks, Fibers, and Others. Seeds will capture the most significant market during the forecast period due to the high demand for seeds in the food and beverage industry commercial industries.
Furthermore, Hemp fibers are mainly used in paper, carpeting, home furnishing, construction materials, and auto parts and composites. In Europe, Hemp Fibers are used for manufacturing car parts, textiles, and construction materials. China has always been the leading industrial hemp producer, primarily for its fiber. In European countries, France is one of the big producers of Industrial Hemp. However, Canada and the United States of America are becoming large producers with a growing influence on international markets. Overall, about 40 other countries currently produce significant quantities of industrial hemp.
Rise of Eco-Friendly Shoppers: Fuelling Textiles Hemp Demand
Based on application, the market is classified into Textiles, Personal Care, Food & Beverages, Animal Care, Paper, Automotive, Construction Materials, Furniture, and Others. The textile application segment will lead the market share in 2022 because the textile industry deals with hemp plant cultivation for fiber production.
Hemp is a fast-growing plant with the ability to sequester an average of zero-point-six-seven tons of carbon dioxide per hectare every year from the atmosphere. This sustainably means that it turned into consistent, durable material, and hemp can store carbon for its lifetime, thus reducing carbon in the atmosphere. Therefore, it could impact global carbon reduction goals negatively if used to substitute more carbon-intensive materials and products.
However, the abuse of the hemp plant as a drug was one of the most significant factors that caused the textile industry to turn away from hemp, but it was not the only reason. Therefore, cotton fiber processing technologies also drove the market's growth in the same period.
Currently, in North America, the grain industry is driving the development of the Hemp Crop
Based on region, the market is classified into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific holds the largest market share due to easy access to raw materials and the rising global demand for hemp from Asia.
Industrial hemp production has remained legal throughout most of the world. Approximately 30 countries in Europe, Asia, and North and South America allow farmers to grow hemp. The world hemp fiber market continues to be dominated by China. Other notable countries include France, Germany, the U.K., Chile, and the Democratic People's Republic of Korea.
Countries are actively involved in producing and consuming industrial hemp and its products, such as producing and consuming easing global product demand and advancing technologies and innovation, making harvesting easier for cultivation. In addition, increasing consumption of hemp-based food products and supplements in developing economies with a growing geriatric population is expected to drive the regional market over the upcoming year.
By Products - Global Industrial Hemp Market will divided into four types:
By Application - Global Industrial Hemp Market will divided into nine types:
2. Personal Care
3. Food & Beverages
4. Animal Care
7. Construction Materials
By Regions - Global Industrial Hemp Market will divided into four types:
1. North America
3. Asia Pacific
4. Rest of the World
1. Marijuana Company of America Inc.
2. American Cannabis Company, Inc.
3. Ecofibre Limited
4. Aurora Cannabis
6. Darling ingredients Inc.
For more information about this report visit https://www.researchandmarkets.com/r/h4iwxn-hemp?w=4
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