The global industrial hemp market size is expected to be worth around US$ 20.01 billion by 2030, according to a new report by Vision Research Reports.
The global industrial hemp market size was valued at US$ 5.60 billion in 2020 and is anticipated to grow at a CAGR of 17.2% during forecast period 2021 to 2030.
|Market Size||US$ 20.01 Bn by 2030|
|Growth Rate||CAGR of 17.2% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Parkland Industrial Hemp Growers Cooperative Ltd.; CBD Biotechnology Co.; Botanical Genetics, LLC; Marijuana Company of America Inc.; HempMeds Brasil; Terra Tech Corp.; American Cannabis Company, Inc.; HempFlax B.V.; Industrial Hemp Manufacturing, LLC; American Hemp; Hemp, Inc.; Boring Hemp Company; Plains Industrial Hemp Processing Ltd.; Ecofiber; Industries Operations; Valley Bio Limited|
The upscaling utilization of hemp oil in food and beverage products for its dietary benefits is expected to increase the demand for hemp over the forecast period.
Population growth, coupled with the rising per capita disposable income, is expected to result in the increased demand for high-quality cosmetics, personal care products, protein supplements, and other health food products. These factors are expected to drive the market over the projected period.
Industrial hemp cultivation, harvesting, and processing are associated with increasing research and development activities to develop new genetic improvements, perfect agronomy, improved technologies to obtain a high yield, and premium quality products. Moreover, investments in research & development for enhanced performance in cancer treatments have offered growth prospects to the hemp industry
By Product Analysis
Seeds held the largest volume share of over 40.0% in 2020. Rising demand for oil, seed cakes, and food matter from the food and nutraceutical markets owing to the high fatty acid content and nutritional value has supported the demand for hemp seeds.
The outer portion of the hemp stalk contains bast fibers, which are majorly used in the textile industry for the manufacturing of yarns, spun fibers, and a range of consumer and industrial textiles. Fibers are also used in paper, carpeting, home furnishing, construction materials, insulation materials, auto parts, and composites.
Hemp fibers are robust, contain a high amount of hemicellulose, and have a high absorbent capacity. These factors make hemp a useful crop for the textile industry. Hemp biocomposites are largely used for molding in automotive parts and components.
Shives or hurd is the inner core part of the hemp stalks and a short woody fiber harvested from industrial hemp crops. Hemp shives cost half the value of fibers and have several applications in different industries, which is expected to fuel the market growth over the forecast period.
By Application Analysis
The textiles application segment led the market and accounted for a revenue share of more than 20.0% in 2020. The rising demand for consumer textiles including apparel, fabrics, denim, fine textiles, and industrial textile products such as twine, rope, nets, canvas bags, tarps, carpets, and geotextiles is expected to support the market growth over the projected period.
Hemp fibers are used in fabrics and textiles, yarns and spun fibers, carpeting, home furnishing, construction materials, paper, insulation materials, auto parts, and composites. Hurds are used in animal bedding, oil absorbents, and paper-making.
Industrial hemp products are widely used in automotive products such as auto parts, oil paints, coatings, lightweight hemp plastics, and related composites and are also used as an alternative to fiberglass in the automotive and aviation sectors.
By Regional Analysis
Asia Pcific dominated the market and accounted for a revenue share of over 30.0% in 2020. Increasing global demand for industrial hemp and advancing technologies and innovation are making harvesting easier for cultivators, thereby changing the face of hemp production in the region.
China was the largest producer and exporter of industrial hemp, hemp products, and end-use products including paper and textiles in 2020. Industrial hemp is cultivated in more than 20 provinces of China, with Heilongjiang, Yunnan, Shanxi, and Anhui being the leading producers.
Industrial hemp production, consumption, and transportation are strictly controlled by various laws in North America. There is still no large-scale commercial production in the U.S. and the market majorly depends on imports.
The European hemp industry focuses on industrial applications of hemp such as automotive and construction materials. Hemp grown in Romania, Hungary, France, Slovenia, and many other European countries is increasingly being used in industrial applications.
Parkland Industrial Hemp Growers Cooperative Ltd.
CBD Biotechnology Co.
Botanical Genetics, LLC
Marijuana Company of America Inc.
Terra Tech Corp.
American Cannabis Company, Inc.
Industrial Hemp Manufacturing, LLC
Boring Hemp Company
Plains Industrial Hemp Processing Ltd.
Ecofiber Industries Operations
Valley Bio Limited
Food & Beverages
Central & South America
Middle East & Africa
The Industrial Hemp market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Industrial Hemp market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Industrial Hemp market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Industrial Hemp market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Industrial Hemp market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Industrial Hemp capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Industrial Hemp by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Industrial Hemp market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Industrial Hemp market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Industrial Hemp market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Industrial Hemp industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Industrial Hemp market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Industrial Hemp market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Industrial Hemp market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Industrial Hemp market. These factors have benefited the growth of the global market for Industrial Hemp. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Industrial Hemp. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Industrial Hemp are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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