Industrial Hemp Market Size Outlook, End Use Estimates & Trend Analysis, 2030
- by tom-clark
Industrial Hemp Industry Overview
The global industrial hemp market size was estimated at USD 4.13 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 16.8% from 2022 to 2030.
The market is driven by the growing demand for industrial hemp from application industries, such as the food & beverage, personal care, and animal care industries, across the globe. The global market is undergoing limited growth as a consequence of the economic recession caused by the COVID-19 pandemic, which has resulted in a decline in manufacturing activities. As a result, the market has also experienced a catastrophic setback. However, with the high recovery rate of global economies, the market is expected to grow at a faster rate.
Gather more insights about the market drivers, restrains and growth of the Global Industrial Hemp Market
The U.S. government announced a COVID-19 relief stimulus of USD 1.9 trillion in January 2021, which is expected to support the market recovery. Moreover, steady growth of small-scale market players of hemp-based industrial and consumer products is anticipated to drive the market in the U.S. over the forecast period. Growing awareness regarding the dietary advantages of hempseed and hempseed oil, along with rising demand from the cosmetics and personal care industries will augment the market growth. Increasing production of soaps, shampoos, bath gels, hand and body lotions, UV skin protectors, massage oils, and a range of other hemp-based products is expected to have a positive impact on the market growth.
The high nutritional values and beneficial fatty acid and protein profile of hemp are driving the demand for hemp products. The high absorbency of hemp fiber is beneficial for livestock bedding, oil & gas cleanup, and personal hygiene applications. In addition, increasing product demand from the textile, paper, and building materials markets, owing to favorable acoustic and aesthetic properties, will support the market growth. The products manufactured from hemp are eco-friendly, renewable, and associated with less harmful methods of preparation. Paper produced from hemp fiber requires fewer chemicals for processing as compared to paper produced from wood pulps. Thus, the rising awareness levels about the product benefits are projected to benefit the market growth.
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Market Share Insights
August 2019: Cordiff Lexington Corporation(CDIX) and Acela Biomedical,LLC announced their collaboration to develop their industrial hemp manufacturing industries.
August 2019: Panxchange launched its first institutional-grade industrial hemp exchange. It will help the producers, trade houses & end-user to contribute in a transparent and efficient hemp market for commercial hemp products purchasing and creating.
Key Companies profiled:
Some prominent players in the global Industrial Hemp market include
- Parkland Industrial Hemp Growers Cooperative Ltd. (PIHG)
- CBD Biotechnology Co., Ltd.
- Botanical Genetics, LLC
- ********* Company of America Inc.
- Terra Tech Corp
- American ******** Company, Inc.
- HempFlax B.V.
- Industrial Hemp Manufacturing, LLC
- American Hemp
- Hemp, Inc.
- Boring Hemp Company
- Plains Industrial Hemp Processing Ltd.
- Valley Bio Ltd.
Order a free sample PDF of the Industrial Hemp Market Intelligence Study, published by Grand View Research.
Industrial Hemp Industry Overview The global industrial hemp market size was estimated at USD 4.13 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 16.8% from 2022 to 2030. The market is driven by the growing demand for industrial hemp from application industries, such as the food &…
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