” Another business knowledge Report released by Data Bridge Market Research with title Global Industrial Hemp Market – Industry Trends and Forecast to 2029 Geography, By Type (Hemp Seed, Hemp Seed Oil, CBD Hemp Oil, Hemp Fiber), Application (Food, Textiles, Beverages, Personal Care Products, Pharmaceuticals, Others), Source (Conventional, Organic) – has capacity to become the largest market worldwide as it has remained assuming a momentous job in building up dynamic effects on the general economy.
Global industrial hemp market was valued at USD 4.6 billion in 2021 and is expected to reach USD 30.9 billion by 2029, registering a CAGR of 21.02% during the forecast period of 2022-2029. The “Hemp fiber” accounts for the largest type segment in the industrial hemp market within the forecasted period owing to its usage to obtain biofuels and bioplastics. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and patent analysis.
Data Bridge Market Research recently published Global Industrial Hemp Market study with in-depth overview, describing about the Product / Industry Scope and elaborates market outlook and status to 2029. The market Study is segmented by key regions which are accelerating the marketization
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Hemp (also known as cannabis) is a psychotropic substance derived from cannabis plants. Hemp is a plant that is utilized for both medicinal and recreational uses. Hemp also aids in the reduction of pain by modifying pain perception circuits in the brain. It can also assist to avoid chronic pain diseases including arthritis, migraines, fibromyalgia, and endometriosis. Hemp fabric is very absorbent, mold-resistant, and more insulating than cotton, as well as UV-resistant. It creates long-lasting goods with constant quality and softness when combined with fabrics like silk, linen, and cotton.
Industrial Hemp Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Functional Properties will Increase its Adoption
As humans cannot produce essential fatty acids, hemp seeds are very useful as they are a great source of linoleic (omega-6) and linolenic (omega-3) and they are also low in saturated fats and contain no trans-fat, which is the most significant factor driving the growth for this market.
Furthermore, the increasing legalization of the cultivation of hemp further leads manufacturers to develop new products from industrial hemp, which are also expected to fuel market growth. Moreover, the increased consumption of hemp-based products due to their various health benefits also cushions the market’s growth within the forecasted period. Increased incidences of diseases such as epilepsy and other sleep disorders are also projected to cushion the growth of the market. Moreover, the technological advances are estimated to generate lucrative opportunities for the market, which will further expand the industrial hemp market’s growth rate in the future.
Restraints/Challenges
- Complex Regulatory Structure
On the other hand, the hemp and hemp-derived products basically require compliance with different regulatory guidelines globally which is expected to obstruct market growth.
Also, the lack of proper planting and harvesting equipment are projected to challenge the industrial hemp market in the forecast period of 2022-2029.
This industrial hemp market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the industrial hemp market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Post Covid-19 Impact on Industrial Hemp Market
The industrial hemp market was immensely impacted by the outbreak of COVID-19. The imposition of the lockdown restrictions to curb the COVID-19 pandemic outbreak, led to halt of various manufacturing and construction activities have come to a halt. The outbreak of COVID-19 also brought several short-term and long-term consequences in the construction industry. The lockdown harmed production in the nation and will exacerbate the existing manufacturing slump, as well as trade uncertainty. Though the pandemic had a little impact on the food and beverage industry’s operations compared to other industries, the industry’s worldwide supply chain was severely impacted, limiting the industry’s expansion.
However, on the brighter side, the market is estimated to grow at a substantial pace post COVID-19.
Global Industrial Hemp Market Scope
The industrial hemp market is segmented on the basis of type, application and source. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Hemp Seed
- Hemp Seed Oil
- CBD Hemp Oil
- Hemp Fiber
On the basis of type, the industrial hemp market is segmented into hemp seed, hemp seed oil, CBD hemp oil and hemp fiber. Hemp fiber registers highest growth within the forecasted period owing to its usage to obtain biofuels and bioplastics.
Application
- Food
- Textiles
- Beverages
- Personal Care Products
- Pharmaceuticals
- Others
On the basis of application, the industrial hemp market is segmented into food, textiles, beverages, personal care products, pharmaceuticals and others.
Source
- Conventional
- Organic
On the basis of source, the industrial hemp market is segmented into conventional and organic.
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Research goals
- To study and break down the worldwide Industrial Hemp market size by key districts/nations, item type and application, history information from 2022 to 2029, and conjecture t
- To comprehend the structure of Industrial Hemp advertise by recognizing its different subsegments.
- Focuses on the key worldwide Industrial Hemp players, to characterize, portray and investigate the worth, piece of the pie, advertise rivalry scene, SWOT examination and advancement designs in next couple of years.
- To dissect the Industrial Hemp as for individual development patterns, future prospects, and their commitment to the all out market.
- To offer point by point data about the key variables affecting the development of the market (development potential, openings, drivers, industry-explicit difficulties and dangers).
- To venture the size of Industrial Hemp submarkets, concerning key locales (alongside their individual key nations).
- To dissect focused improvements, for example, developments, understandings, new item dispatches and acquisitions in the market.
- To deliberately profile the key players and exhaustively dissect their development systems.
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