Industrial Hemp Market Analysis, Size, Trends, Top Companies and Forecast 2023-2028

IMARC Group has recently released a new research study titled "Industrial Hemp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The global industrial hemp market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.6 Billion by 2028, exhibiting a growth rate (CAGR) of 16.47% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Industrial Hemp Market Analysis

Industrial Hemp Market Analysis: 

Industrial hemp is a type of cannabis sativa plant explicitly grown for industrial use. It is a rich source of carbohydrates, protein, essential fatty acids, vitamins, and trace elements. It is an environment-friendly, fast-growing plant used in a variety of products, including textiles, bioplastics, biofuel, food, and building materials. It is a sustainable and multipurpose crop that can be refined into various commercial items, including biodiesel, paper, clothing, textiles, rope, insulation, paint, food, milk, oil, hemp protein powder, and animal feed. Currently, industrial hemp is largely used in the production of fabrics and textiles, nutritional supplements, construction materials, food and beverages, and personal care products.

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Industrial Hemp Market Trends and Drivers:

The increasing demand for hemp-based products, such as textiles and bioplastics, is one of the key factors driving the market growth. Additionally, governments of various nations have legalized hemp cultivation, which is creating a positive outlook for the market. Furthermore, the surging consumer awareness regarding the dietary benefits of hempseed and hempseed oil is accelerating the market growth. Apart from this, the increasing product application in the cosmetic industry to manufacture soaps, shampoos, bath gels, hand and body lotions, UV skin defenders, and massage oils made from hemp and the rapidly expanding automotive industry are boosting the market growth.

Also, Read the Full Blog: Top Manufacturing Companies in Industrial Hemp Market

Major Players Covered: 

• Aurora Cannabis
• Boring Hemp Company
• Ecofibre Limited
• Hemp Inc
• HempFlax Group B.V.
• Hempro International GmbH
• MH medical hemp GmbH
• Parkland Industrial Hemp Growers Co-op. Ltd.
• South Hemp Tecno srl
• Valley Bio Limited

Key Market Segmentation:

The report has segmented the global Industrial hemp market on the basis of type, source, application and region.

Breakup by Type:

• Hemp Seed
• Hemp Oil
• Hemp Fiber
• Others

Breakup by Source:

• Conventional
• Organic

Breakup by Application:

• Food and Beverages
• Textiles
• Personal Care Products
• Pharmaceuticals
• Others

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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