According to the [197+ Pages Report] from Facts and Factors, Market Research study concludes that the global Industrial Hemp Market size & share is expected to grow at a CAGR of 34% between 2020 and 2026. The market revenue of US $5 Billion in 2019 is expected to grow up to the US $36 Billion by 2026. The Hemp Fiber type is predicted to dominate the market owing to its lost lasting and robust properties as compared with cotton fiber.
Industrial Hemp Market: Overview
Industrial Hemp is an agricultural plant, generally called hemp is a broad-leaved plant that is capable of having rapid growth under perfect climatic conditions. Industrial Hemp includes all the byproducts of the hemp plant, which are generally thrown away such as small twigs, seeds, or dried leaves. It can be grown for food and non-food products and does not require any use of chemical fertilizer or pesticides. Industrial hemp is also used in the production of various products such as hemp oil, paper, textile clothing, biofuel, bio-plastics, and nutraceuticals.
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Industrial hemp products are considered to have a rich source of Vitamins, Minerals, Calcium, and many other nutrients. They are considered to be a perfect protein source for a vegan diet and serves in several food & beverage products. They also have low saturated fats with rich sources of omega acids essential for good skin and hair and are used in several personal care products. The surging demand of hemp oil which helps in the prevention and alleviation of ailments is also predicted to drive the market. Rising health consciousness among the consumers along with the increasing trend of healthy food consumption, improving personal health is also likely to boost the market growth. Hemp fibers being a renewable resource is been used in the production of daily use products such as paper, textiles, fuel, and bio-degradable plastics and the growing demand for eco-friendly products has significantly contributed to the growth of the market. However strict regulatory laws for the usage of industrial hemp in several countries prove to hinder the market growth. Hemp is been legally banned in some countries and hence the manufacturers of industrial hemp find it very difficult in getting sanctions from the government and also find it difficult to price the products which would be affordable for maximum consumers owing to the limited market scope. Nevertheless, the ongoing research activities on hemp have helped in uplifting the ban on hemp use and its cultivation in several developing countries and thus poses several lucrative opportunities for the industrial hemp market for its growth. The rising oil prices along with the rising concerns of global warming have given several opportunities for the usage of biofuel as a clean alternative for fossil fuels.
The Hemp Fiber type is predicted to dominate the market owing to its lost lasting and robust properties as compared with cotton fiber. The food type, in the Industrial Hemp market, is projected to dominate the market owing to the rising use of hemp seeds and hemp seed oil in several food products such as smoothies and yogurt. Surging knowledge among customers regarding the advantages of industrial hemp-based foods is driving the food market.
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The region of North America is predicted to dominate the market owing to the rising awareness about hemp, rising demand for industrial hemp products among the consumers, along changing regulatory measures imposed by the government.
The top key players in the Industrial Hemp Market are as follows :
- Hemp Inc.
- HempFlax BV
- Konoplex Group
- Hemp Oil Canada
- Hemp Poland
- Dun Agro
- Colorado Hemp Works
- Canah International
- South Hemp Tecno
- Plains Industrial Hemp Processing
- MH Medical Hemp
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The Industrial Hemp market research report delivers an acute valuation and taxonomy of the Industrial Hemp industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the Industrial Hemp industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the Industrial Hemp industry is provided for the leading economies of the world.
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This report segments the Industrial Hemp Market as follows:
Global Industrial Hemp Market: By Type Segmentation Analysis
- Hemp Seed
- Hemp Seed Oil
- Hemp Fiber
- CBD Hemp Oil
Global Industrial Hemp Market: By Type Segmentation Analysis
Global Industrial Hemp Market: By Application Segmentation Analysis
- Personal Care Products
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