Industrial Hemp Market to Observe Utmost CAGR of 21.2% by 2029
Global Industrial Hemp Market report contains myriad of factors that have an influence on the market and include industry insight and critical success factors (CSFs), market segmentation and value chain analysis, industry dynamics, drivers, restraints, key opportunities, technology and application outlook, country-level and regional analysis, competitive landscape, company market share analysis and key company profiles. A comprehensive discussion about numerous market related topics in the report is sure to assist the client in studying the market on competitive landscape. Global Industrial Hemp Market research report is prepared with detailed statistics and market research insights that results in sharp growth and thriving sustainability in the market for the businesses.
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. The “Hemp fiber” accounts for the largest type segment in the industrial hemp market within the forecasted period owing to its usage to obtain biofuels and bioplastics. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and patent analysis.
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Industrial Hemp Market Scenario
According to Data Bridge Market Research, the Industrial Hemp Market is witnessing a significant growth in developed economies during the forecast due to factors such as, growing awareness regarding the benefits of recreational hemp, rising applications of hemp in different food products and increasing occurrences of chronic disorders, driving the market swiftly. Moreover, growing investment for the product development, will further create opportunities for the industrial hemp market in the above mentioned forecast period.
Now the question is which are the other regions industrial hemp market is targeting? Data Bridge Market Research has estimated a large growth in North America industrial hemp market will be their next revenue pockets for 2020. The Data bridge market research new reports highlight the major growth factors and opportunities in the industrial hemp market.
There has been increasing demand for biodegradable and renewable natural materials in various consumer products across the globe. The products in the global industrial hemp market are considered to be highly eco-friendly, less harmful and even renewable. Owing to its ecologically friendly character, this has prompted players in a variety of end-use industry verticals to choose goods from the global industrial hemp market, which is projected to aid the market growth. The industrial hemp market is projected to show immense growth over the forecasted period.
Market Definition
Hemp (also known as cannabis) is a psychotropic substance derived from cannabis plants. Hemp is a plant that is utilized for both medicinal and recreational uses. Hemp also aids in the reduction of pain by modifying pain perception circuits in the brain. It can also assist to avoid chronic pain diseases including arthritis, migraines, fibromyalgia, and endometriosis. Hemp fabric is very absorbent, mold-resistant, and more insulating than cotton, as well as UV-resistant. It creates long-lasting goods with constant quality and softness when combined with fabrics like silk, linen, and cotton.
Some of the major players operating in the industrial hemp market are Nhempco (Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax Group B.V., (Netherlands), Konoplex (Russia), Hemp Oil Canada (Canada), 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.
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What to Expect from the Report, a 7-Pointer Guide
- The Industrial Hemp Market report dives into the holistic Strategy and Innovation for this market ecosystem
- The Industrial Hemp Market report keenly isolates and upholds notable prominent market drivers and barriers
- The Industrial Hemp Market report sets clarity in identifying technological standardization as well as the regulatory
- framework, besides significantly assessing various implementation models besides evaluation of numerous use cases
- The Industrial Hemp Market report is also a rich repository of crucial information across the industry, highlighting details on novel investments as well as stakeholders and relevant contributors and market participants.
- A thorough market analytical survey and forecast references through the forecast tenure, encapsulating details on historical developments, concurrent events as well as future growth probability
Industrial Hemp Market Scope
The industrial hemp market is segmented on the basis of type, application and source. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Hemp Seed
- Hemp Seed Oil
- CBD Hemp Oil
- Hemp Fiber
On the basis of type, the industrial hemp market is segmented into hemp seed, hemp seed oil, CBD hemp oil and hemp fiber. Hemp fiber registers highest growth within the forecasted period owing to its usage to obtain biofuels and bioplastics.
Application
- Food
- Textiles
- Beverages
- Personal Care Products
- Pharmaceuticals
- Others
On the basis of application, the industrial hemp market is segmented into food, textiles, beverages, personal care products, pharmaceuticals and others.
Source
- Conventional
- Organic
On the basis of source, the industrial hemp market is segmented into conventional and organic.
Browse the complete table of contents at – https://www.databridgemarketresearch.com/toc/?dbmr=global-industrial-hemp-market&Shri
Industrial Hemp Market Regional Analysis/Insights
The industrial hemp market is analyzed and market size insights and trends are provided by country, type, application and source as referenced above.
The countries covered in the industrial hemp market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa(MEA).
Asia-Pacific dominates the industrial hemp market because of the booming market for cosmetics and personal care products and increasing consumption of hemp-based food products and supplements in developing economies within the region.
North America is expected to witness significant growth during the forecast period of 2022 to 2029 due to the growing geriatric population, high consumer disposable income levels and rising concerns related to skin diseases and UV protection within the region.
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