The global industrial hemp market is characterized by the versatile applications of hemp, a psychotropic substance derived from cannabis plants. With both medicinal and recreational uses, hemp's potential in pain management is noteworthy, as it alters pain perception circuits and offers relief from chronic conditions such as arthritis, migraines, and fibromyalgia. The market also witnessed the rise of hemp fabric, renowned for its absorbency, mold resistance, insulation, and UV resistance. As it integrates with materials such as silk, linen, and cotton, hemp contributes to the creation of enduring, high-quality goods. The market thrives on hemp's multifaceted utility across diverse industries.
According to Data Bridge Market Research, the Global Industrial Hemp Market was valued at USD 4.6 billion in 2021 and is expected to reach USD 30.9 billion by 2029, registering a CAGR of 21.02% during the forecast period of 2022-2029.
“Increasing adoption of hemp due to its functional properties facilitate market growth”
The global industrial hemp market is driven by the increasing adoption of hemp due to its functional properties. Hemp offers a diverse range of functional benefits, such as its use in textiles, construction materials, biofuels, and health products. Its natural strength, durability, and versatility make it an attractive choice in various industries. Moreover, hemp's sustainable and eco-friendly attributes align with the growing demand for environmentally conscious products. As industries seek innovative and sustainable solutions, the functional properties of hemp position it as a key driver of its global market expansion.
What restraints the growth of the global industrial hemp market?
“Complex regulatory structure”
The global industrial hemp market encounters a significant restraint due to its complex regulatory structure. Varying regulations and legal frameworks surrounding the cultivation, processing, and distribution of industrial hemp create hurdles for market participants. Divergent interpretations of hemp's legal status across different jurisdictions pose challenges for businesses seeking to navigate this market. These regulatory complexities can result in confusion, compliance issues, and barriers to entry, hindering the seamless expansion and growth of the global industrial hemp market.
Segmentation: Global Industrial Hemp Market
The industrial hemp market is segmented on the basis of type, application, and source.
- On the basis of type, the industrial hemp market is segmented into hemp seed, hemp seed oil, CBD hemp oil, and hemp fiber.
- On the basis of application, the industrial hemp market is segmented into food, textiles, beverages, personal care products, pharmaceuticals, and others.
- On the basis of source, the industrial hemp market is segmented into conventional and organic.
Regional Insights: Asia-Pacific dominates the Global Industrial Hemp Market
Asia-Pacific asserts its dominance in the industrial hemp market driven by a thriving cosmetics and personal care sector. The region experiences a surge in demand for hemp-infused cosmetics and personal care products. Simultaneously, increasing consumption of hemp-based food items and supplements in developing economies bolsters the market's growth trajectory. These factors collectively position Asia-Pacific as a significant player in the industrial hemp market.
North America anticipates substantial growth between 2022 and 2029. The region's burgeoning geriatric population, coupled with higher consumer disposable income levels, catalyze demand for hemp-infused products. Escalating concerns regarding skin diseases and UV protection elevates the need for hemp-derived skincare and protection solutions. These factors converge to create a favorable environment for industrial hemp market expansion in North America, reflecting evolving consumer preferences and health consciousness.
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The Prominent Key Players Operating in the Global Industrial Hemp Market Include:
- Nhempco (Canada)
- Ecofibre (Australia)
- Hemp Inc. (U.S.)
- GenCanna (U.S.)
- HempFlax Group B.V.
- (Netherlands)
- Konoplex (Russia)
- Hemp Oil Canada (Canada)
- Hemp Poland (Poland)
- Dun Agro (Netherlands)
- Colorado Hemp Works (U.S.)
- Canah International (Romania)
- South Hemp Tecno (Italy)
- Plains Industrial Hemp Processing (Canada)
- MH Medical Hemp (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of global industrial hemp market companies contact, https://www.databridgemarketresearch.com/es/contact
Research Methodology: Global Industrial Hemp Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
