NEW
YORK, July 17, 2024 /PRNewswire/ -- The global
industrial hemp market size is estimated to grow by USD 13.90 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
over 25.25% during the forecast period. High demand from
the textile industry is driving market growth, with a
trend towards growing strategic collaboration, partnership,
and M and A. However, challenges associated with the
production of hemp poses a challenge. Key market players
include Aurora Cannabis Inc., Bombay Hemp Co. Pvt. Ltd., Boring
Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., CV
Sciences Inc., Deep Nature Project GmbH, Dun Agro Hemp Group,
Ecofibre Ltd., Elixinol Wellness Ltd., GFR Ingredients Ltd., Hanma
Investment Group Co. Ltd., Hemp Horizons Private Limited, HempFlax
Group BV, HemPoland Sp zoo, Liaoning Qiaopai Biotech Co. Ltd.,
Medical Marijuana Inc., Nutiva Inc., Parkland Industrial Hemp
Growers Co op. Ltd., and Tilray Brands Inc..
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Industrial Hemp
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
25.25%
|
Market growth
2024-2028
|
USD 13904.2
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
18.73
|
Regional
analysis
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 39%
|
Key
countries
|
China, US, Germany,
Canada, and France
|
Key companies
profiled
|
Aurora Cannabis Inc.,
Bombay Hemp Co. Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp.,
Charlottes Web Holdings Inc., CV Sciences Inc., Deep Nature Project
GmbH, Dun Agro Hemp Group, Ecofibre Ltd., Elixinol Wellness Ltd.,
GFR Ingredients Ltd., Hanma Investment Group Co. Ltd., Hemp
Horizons Private Limited, HempFlax Group BV, HemPoland Sp zoo,
Liaoning Qiaopai Biotech Co. Ltd., Medical Marijuana Inc., Nutiva
Inc., Parkland Industrial Hemp Growers Co op. Ltd., and Tilray
Brands Inc.
|
Market Driver
Vendors in the industrial hemp market are implementing strategic
moves to expand their market share and global presence. These
strategies include collaborations, partnerships, and mergers and
acquisitions. For instance, in February
2024, Aurora Medicine UK formed a partnership with Script
Assist, enabling the Script Assist platform to offer high-quality
hemp-derived medications through their portal. Additionally, Aurora
acquired MedReleaf Australia in the same month. Such strategic
alliances are expected to provide a competitive edge in the market
and contribute positively to the growth of the global industrial
hemp market during the forecast period.
The Industrial Hemp market is thriving in the modern economy as
a clean alternative to fossil fuels, reducing carbon emissions and
contributing to environmental conservation. Hemp farms are gaining
popularity among industry professionals for their economic
benefits. A recent roundtable discussion highlighted the
versatility of hemp in various industries, including dietary
supplements, pigmentation for cosmetics, and biofuels. Hemp seeds
and stalks are used to produce lipids, carbohydrates, insoluble
fiber, and cellulose fibers. In the health sector, hemp is used for
dietary supplements, addressing issues like inflammation, redness,
and ageing. The industry also includes biofuels as a renewable,
clean energy source, addressing the climate crisis. Additionally,
hemp is used in food and beverages, nutraceuticals, and
bioplastics, catering to vegan consumers. The market includes
pesticide-free production, ensuring high-quality hemp hurds for
various applications.
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Market Challenges
- Industrial hemp is a versatile crop with various applications,
including textiles, food, and construction materials. However, its
production presents challenges for farmers due to specific climate
requirements and regulatory issues. Hemp thrives in mild climates
with humid atmospheres, annual rainfall of 25-30 inches, and
well-drained loam soils. Regulatory hurdles arise due to the close
relationship between hemp and marijuana, as both belong to the same
plant species. Marijuana, which contains high THC levels, is
illegal in many countries, including the US, leading to confusion
among farmers regarding the legality of hemp production. This
uncertainty negatively impacts the production rate of hemp and,
consequently, the growth of the global industrial hemp market.
- Industrial hemp is a versatile crop with growing applications
in various industries, including biofuel, bioplastic, and cellulose
fibers. Hemp's valuable components include linoleic acid, gamma
linolenic acid, and lipids, making it attractive to vegan
consumers. However, challenges exist, such as high input costs,
weather conditions, and the need for machinery improvements. Hemp
seeds and stalks, hurds, oils, and fibers offer agricultural
and environmental benefits. Hempseed and hemp oil are used in
supplementary nutrition and pharmaceuticals. Hemp fibers are
primary ingredient bases for sustainable and cheap textiles.
Companies like HempMeds, HempFlax, and those with Dutch
headquarters are leading the way in innovation, producing hemp
fiber, hemp cultivation, and breakthroughs in hemp stalks, seeds,
roots, and leaves for inflammatory properties.
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Segment Overview
This industrial hemp market report extensively covers market
segmentation by
- Product
- 1.1 Seeds
- 1.2 Fiber
- 1.3 Shivs
- Application
- 2.1 Textile
- 2.2 Food and beverages
- 2.3 Personal care
- 2.4 Animal care
- 2.5 Others
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Seeds- The global industrial hemp market's
seeds segment holds a substantial share, reaching a significant
size in 2023. Hemp seeds, rich in protein and essential fatty
acids, fuel the food and beverage industry with products like hemp
milk, oil, and protein powder. Consumer preference for organic and
natural foods propels the demand for organic hemp seeds, free from
harmful chemicals and pesticides. Hemp seeds come in two types:
hulled (hemp hearts) and whole. Hemp hearts, known for their nutty
flavor and high nutritional value, are popular. Whole hemp seeds,
rich in fiber, also gain traction. Hemp seed oil, with moisturizing
properties and essential fatty acids, is used in food and
cosmetics. The organic hemp seeds segment's growth is driven by the
rising demand for organic and plant-based products, contributing to
the seeds segment's expansion in the industrial hemp market.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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reports
The global hemp market is witnessing rapid growth due to its
versatile applications in textiles, food, and construction
materials. In the US, the cannabis market is expanding swiftly,
driven by increasing legalization and demand for both medical and
recreational use. The global CBD oil market is booming, fueled by
rising awareness of its therapeutic benefits for pain, anxiety, and
sleep disorders. Key players in these markets are focusing on
innovation and quality to meet the growing consumer demand and
regulatory standards.
Research Analysis
Industrial hemp is a versatile and sustainable crop with a wide
range of applications in various industries. It is a rich source of
biofuel, bioplastic, cellulose fibers, linoleic acid, gamma
linolenic acid, and vegan-friendly nutrients like lipids and
carbohydrates. Hemp contains insolifiable fiber, making it an
excellent alternative to traditional fossil fuels and synthetic
materials. Hemp cultivation offers agricultural benefits, including
improved soil health and reduced need for pesticides. The crop
thrives in warm and cold temperatures, making it a viable option
for farmers in diverse climates. Hemp fibers are used to produce
textiles, paper, and construction materials, while hempseed and
hempseed oil are used for food and supplementary nutrition.
Industrial hemp is also used in the production of biodegradable
plastics, bioplastics, and pharmaceuticals. Machinery improvements
have made hemp cultivation more efficient, reducing input costs and
increasing production. Despite these advantages, weather conditions
can still impact crop yields, making it essential to monitor and
adapt to changing climate patterns. Overall, industrial hemp offers
significant environmental benefits and a diverse range of
applications, making it a promising crop for the future.
Market Research Overview
Industrial hemp is a versatile plant with a wide range of
applications in various industries. Its seeds and stalks are rich
sources of valuable components such as lipids, carbohydrates,
insoluble fiber, and proteins. Hempseed oil is a primary ingredient
base for vegan consumers in the food and beverage industry, while
hemp fibers are used to produce biofuels, bioplastics, and
cellulose fibers. Hemp is also a sustainable and cheap alternative
to fossil fuels, providing clean energy sources and reducing carbon
emissions in the modern economy. Hemp cultivation offers
agricultural benefits, including improved soil health and reduced
need for pesticides. Hemp stalks, seeds, roots, leaves, and hurds
are all utilized for different purposes. Hemp fibers have
inflammatory properties and are used in the production of
pharmaceuticals and dietary supplements. Industry professionals
recently held a roundtable discussion on the latest machinery
improvements and breakthroughs in hemp production, focusing on
optimizing hemp cultivation under various weather conditions,
including warm and cold temperatures. The industrial hemp market
encompasses multiple industries, including biofuels, renewable
energy, food and beverages, nutraceuticals, and textiles. Hemp's
versatility extends to various applications, such as pigmentation
in paints, anti-aging and anti-redness properties in cosmetics, and
even as a replacement for animal-derived ingredients in vegan
products. The environmental benefits of hemp are significant, as it
requires fewer resources and produces less waste compared to
traditional agricultural crops. Overall, the industrial hemp market
offers a clean, sustainable, and cost-effective solution for
various industries in the face of the climate crisis.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Application
-
- Textile
- Food And Beverages
- Personal Care
- Animal Care
- Others
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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