““According to the research report published by Polaris Market Research, the Global Industrial Hemp Market Size Is Expected to Reach USD 16.06 Billion By 2030, at a CAGR of 16.9% during the forecast period.”

The latest market study on Industrial Hemp Market Share, Size, Trends, Industry Analysis Report, By Product (Seeds, Fiber, Shives); By Type; By Source; By Application (Animal Care, Textiles, Automotive, Furniture, Food & Beverages, Paper, Construction Materials, Personal Care, Others); By Region; Segment Forecast, 2022 - 2030. The Industrial Hemp Market is driven by the growing demand for industrial hemp from the application industries, such as the food and beverage industry, the personal care industry and the animal care industry, worldwide. The world market is suffering from limited growth due to the economic downturn caused by the COVID-19 pandemic, which has resulted in a reduction in production activities. As a result, there has also been a catastrophic market failure. With a high rate of recovery in the world economies, the market is expected to grow faster.

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Major Key Players of This Reoprt:

  • American Cannabis Company Inc.
  • American Hemp
  • Bombay Hemp Company
  • Boring Hemp Company
  • Botanical Genetics LLC
  • CBD Biotechnology Co.
  • Dun Agro Hemp Group
  • Ecofiber Industries Operations
  • Global Hemp Group Inc.
  • Hemp Inc.
  • HempFlax Group BV
  • HempMeds Brasil
  • Industrial Hemp Manufacturing LLC
  • Marijuana Company of America Inc.
  • North American Hemp & Grain Co. Ltd.
  • Parkland Industrial Hemp Growers Cooperative Ltd.
  • Plains Industrial Hemp Processing Ltd.
  • Terra Tech Corp.
  • Valley Bio Limited.

Market Growth:

Industrial hemp is a strong, durable natural fiber with low elasticity. Hemp fiber has the highest heat capacity ratio of all natural fibers and has excellent thermal insulation. This fabric, like any other natural substance, offers good durability such as warmth and softness. In addition, the fabric is more breathable and biodegradable, which has a positive impact on product demand.

Hemp fibers offer extremely strong and natural fabric fibers that offer high strength, absorption, fiber length and antimicrobial properties and are used in decorative textile products. It is also naturally resistant to UV radiation, mold and absorbs more water, so it retains its color better than any substance.

Market Segmentation:

The industrial hemp market is divided according to use into food, beverages, textiles, personal care products, pharmaceuticals, etc. The food segment is expected to be the leading segment of the cannabis market. The use of cannabis in food products is attributed to it being rich in essential fatty acids (linoleic and linolenic); vitamin E; such as minerals such as phosphorus, potassium, sodium, magnesium, calcium, zinc, iron and egg whites. Hemp is commonly used in the form of hemp seed, raw or roasted. It is added to salads, smoothies, yogurts and cereals. Increasing vegetable protein consumption due to the popularity of vegans around the world is expected to increase demand for processed cannabis-based products such as sticks, flour, snacks and cheeses.

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COVID-19 Impact Analysis:

The industrial cannabis market was severely affected by the COVID-19 explosion. The introduction of blocking bans to prevent the outbreak of the COVID-19 pandemic, which led to the cessation of various manufacturing and construction activities. The COVID-19 explosion also had many short-term and long-term consequences for the construction sector. The lock-out reduced the country's production and deepened the current decline in production as well as trade uncertainty. Although the pandemic has had little impact on the food and beverage sector compared to other industries, the sector's global supply chain has been severely affected, limiting the sector's expansion. On the other hand, the market is expected to grow at a significant pace towards COVID-19.

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Frequently Asked Questions:

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