Industrial Hemp Market Surges: Allied Market Research Report

The global industrial hemp market is projected to reach $18.6 billion by 2027, driven by diverse applications and innovations.

WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, May 7, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled “Industrial Hemp Market by Type, Application, and Source: Opportunity Analysis and Industry Forecast, 2021–2027,” The global industrial hemp market size was valued at $4.9 billion in 2019 and is projected to reach $18.6 billion by 2027, registering a CAGR of 22.4% from 2021 to 2027.

𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/request-sample/A08684

The industrial hemp market is currently experiencing a high growth stage with an accelerating pace. It is characterized by high competitiveness due to the presence of numerous domestic and international players. The market's growth potential is fueled by increasing demand from various key application industries such as personal care, food, hemp CBD, consumer textiles, and others.

Research and development activities aimed at developing genetically enhanced industrial hemp products and variants are contributing to higher yields and improved product quality. This innovation is expected to positively impact commercial industrial hemp production and further drive market growth over the forecast period.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬: 𝐔𝐧𝐯𝐞𝐢𝐥𝐢𝐧𝐠 𝐭𝐡𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬

The global market is witnessing a surge in growth propelled by burgeoning demand across various industries, including personal care, recycling, agriculture, automotive, textiles, furniture, food & beverage, paper, and construction materials. This upsurge is primarily attributed to the escalating utilization of products within diverse end-use sectors, consequently fostering heightened cultivation and trade of hemp worldwide.

China has emerged as a formidable producer and exporter of industrial hemp, closely trailed by Canada and France. The mounting adoption of hemp, particularly in textile and medical applications, is poised to significantly augment its demand on a global scale. However, the production landscape of industrial hemp and its derivatives grapples with multifaceted challenges, chiefly stemming from stringent governmental drug policies and apprehensions regarding their impact on the illicit marijuana market.

In the United States, substantial investments are channeled towards developing distinct varieties of industrial hemp containing THC content below 0.3% in response to escalating demands across various application sectors. The USD 1.9 trillion COVID-19 relief stimulus announced by the U.S. government in January 2021 has further bolstered market recuperation. Moreover, the burgeoning presence of small-scale market players specializing in hemp-based industrial and consumer products is anticipated to propel the U.S. market forward in the foreseeable future.

The increasing recognition of the dietary benefits offered by hempseed and hempseed oil, coupled with robust demand from the cosmetics and personal care industries, is expected to underpin market expansion. Notably, the rising production of a myriad of hemp-derived products, spanning from soaps, shampoos, and bath gels to UV skin protectors and massage oils, is poised to exert a significant influence on market growth trajectory.

The demand for hemp products continues to surge, buoyed by their high nutritional value and favorable fatty acid and protein profiles. The remarkable absorbency of hemp fiber finds diverse applications in livestock bedding, oil & gas cleanup, and personal hygiene products, further accentuating market growth. Furthermore, the escalating demand for hemp-based products in the textile, paper, and construction materials markets is fueled by their commendable acoustic and aesthetic properties. Notably, products derived from hemp are esteemed for their eco-friendliness, renewability, and association with less deleterious preparation methods, thereby amplifying awareness and fostering market expansion.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐃𝐚𝐭𝐚 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 @ https://www.alliedmarketresearch.com/purchase-enquiry/A08684

𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧𝐭𝐨 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

Hemp seeds emerge as the frontrunner in the market, commanding a substantial revenue share of over 29.97% globally in 2023. Widely embraced in the food and nutraceutical sectors, hemp seeds are integral in the production of seed, oil, and food matter. The escalating utilization of hemp oil seed across various segments, including personal care, food & beverages, animal feed, and pharmaceuticals, is anticipated to fuel market growth. Moreover, the rising demand from diverse application sectors is expected to propel the seeds market over the forecast period.

Hemp fibers find extensive usage across an array of industries encompassing paper, carpeting, home furnishing, construction materials, auto parts, and composites. The adoption of hemp shivs, costing half the value of fibers, is notably prevalent in animal bedding materials due to their remarkable absorbance capacity. This factor, coupled with their diverse applications across industries, is poised to drive market growth in the coming years.

𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧𝐭𝐨 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐓𝐫𝐞𝐧𝐝𝐬

Textile applications emerged as the dominant segment in 2023, fueled by the inherent strengths of hemp fabric, including its strength, hypoallergenic nature, and natural resistance to UV light, mold, and mildew. The ability to blend hemp with other fabrics, such as cotton or linen, further enhances its appeal, driving its utilization across various textile applications. Additionally, the burgeoning demand for hemp seeds in animal nutrition, particularly in bird and fish feed markets, is expected to bolster overall market growth.

Hemp oil finds extensive application in the food & beverage sector owing to its rich nutritional content, including fatty acids and proteins. The increasing incorporation of hemp seeds and oil in various food manufacturing processes is slated to propel market growth, further bolstered by heightened consumer awareness regarding their benefits. Additionally, the burgeoning utilization of hemp oil in insulation and construction materials is anticipated to contribute significantly to market expansion.

𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧𝐭𝐨 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

Asia Pacific emerges as a key consumer of industrial hemp, commanding a revenue share of over 33% in 2023. Nations such as China, India, Japan, Korea, Australia, New Zealand, and Thailand are actively engaged in the production and consumption of industrial hemp and its derivatives. Advancements in harvesting technologies, coupled with increasing global demand, are reshaping the landscape of hemp production in the region. Furthermore, the rising consumption of hemp-based food products and supplements, particularly in developing economies with burgeoning geriatric populations, is expected to drive market growth in the region.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

Type-wise, the hemp oil segment emerged as the primary driver of the global market in 2019, a trend anticipated to persist throughout the forecast period.

In terms of application, the personal care products segment secured the highest share of industrial hemp market growth in 2019 and is forecasted to grow at a remarkable CAGR of 19.6% from 2021 to 2027.

Regarding the source, the conventional segment spearheaded global demand in 2019, a trend poised to endure throughout the industrial hemp market forecast period.

Regionally, Asia-Pacific seized the highest share of the industrial hemp market in 2019, with expectations of growing at an impressive CAGR of 20.4%.

𝐌𝐚𝐤𝐞 𝐚 𝐃𝐢𝐫𝐞𝐜𝐭 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 @ https://www.alliedmarketresearch.com/industrial-hemp-market/purchase-options

𝐊𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐡𝐞𝐦𝐩 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐢𝐧𝐜𝐥𝐮𝐝𝐞 :

- 𝐇𝐞𝐦𝐩𝐜𝐨 𝐅𝐨𝐨𝐝 𝐚𝐧𝐝 𝐅𝐢𝐛𝐞𝐫 𝐈𝐧𝐜.
- 𝐄𝐜𝐨𝐟𝐢𝐛𝐫𝐞
- 𝐇𝐞𝐦𝐩 𝐈𝐧𝐜.
- 𝐆𝐞𝐧𝐂𝐚𝐧𝐧𝐚
- 𝐇𝐞𝐦𝐩𝐅𝐥𝐚𝐱 𝐆𝐫𝐨𝐮𝐩 𝐁.𝐕.
- 𝐓𝐡𝐞 𝐊𝐨𝐧𝐨𝐩𝐥𝐞𝐱 𝐆𝐫𝐨𝐮𝐩
- 𝐒𝐨𝐮𝐭𝐡 𝐇𝐞𝐦𝐩
- 𝐏𝐥𝐚𝐢𝐧𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐇𝐞𝐦𝐩 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐢𝐧𝐠 𝐋𝐭𝐝.
𝐌𝐇 𝐦𝐞𝐝𝐢𝐜𝐚𝐥 𝐡𝐞𝐦𝐩
- 𝐇𝐞𝐦𝐩𝐫𝐨 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐆𝐦𝐛𝐇 & 𝐂𝐨. 𝐊𝐆.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

We have professional corporate relations with various companies, and this helps us dig out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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