Global industrial hemp market is expected to foresee significant growth during the forecast period. Asia-Pacific to witness the highest growth
- Vikas Kumar
- October 6, 2021
- CONSUMER GOODS, NEWS
- Industrial hemp market, Industrial hemp market Growth, Industrial hemp market Share, Industrial hemp market Size, Industrial hemp market Trend
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Global Industrial Hemp Market was valued at US$ 5.8 billion in 2020 and is anticipated to reach US$ 30.4 billion by 2027 displaying an elevated CAGR of 27% over the forecast period (2021-2027).
Cannabis is mostly used recreationally or as a medicinal drug globally as it produces physical and mental effects that change a user’s perception, increase appetite and affect mood. With the increased focus on the use of cannabis as a medicine and the increase in the number of countries legalizing it for its medicinal purposes, there has been a rise in the number of people using cannabis across the globe. For instance, in 2019, there are almost 200 million cannabis users globally. The highest number of cannabis users can be found in Asia, followed by the Americas and Africa. In addition to this, the growing legalization for the sales & use of recreational cannabis coupled with huge spending on legal cannabis across the world is also driving the market growth. For instance, global legal cannabis spending is expected to reach USD 32 billion by the year 2022, with the United States and Canada accounting for most of this market.
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Furthermore, the industrial hemp market is witnessing an uptick because of the changing government policies and increase in hemp production in countries such as China, Canada, United States, among others. For instance, according to the United States Department of Agriculture (USDA), the domestic hemp acreage jumped by 443.6% between 2018 and 2020. Farmers planted a total of 146,780 acres of hemp in 2020, up from 27,000 acres in 2018.
However, some of the major restraints in the market include the complex regulatory guidelines for hemp and the lack of planting and harvesting equipment are impeding the growth of this market globally.
Based on type, the market is divided into hemp seed, hemp oil, hemp fiber, and others. The hemp seed segment dominated the industrial hemp market and grabbed XX% market share in 2020 and will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the as hemp seeds are known for their high nutritional value as they contain all the essential amino acid and fatty acids required by our body. For instance, as per USDA National Nutrient Database, 20 g of hemp seeds contains 6.31 g of protein, 14 mg of calcium, and 1.59 mg of iron. However, the hemp fiber segment is also anticipated to grow with a considerable CAGR of XX% during the forecast period.
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Based on application, the global industrial hemp market is segmented into food & beverages, textiles, personal care products, pharmaceuticals, and others. The food & beverages segment occupied the largest share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027. The segment generated revenue of US$ XX billion in 2020 owing to the use of the parts of this plant to produce a variety of food products. For example, hemp seeds are consumed or used to produce hemp milk, hemp oil, and hemp-based protein powder. However, the personal care products segment is also anticipated to grow at a considerable CAGR during the projected timeframe.
Additionally, the report provides detailed report also provides insights of global industrial hemp market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. Asia-Pacific dominated the market and generated revenue of USD XX billion in 2020 owing to an overall increase in consumer awareness regarding applications of hemp in various sectors and the growing spending on legal cannabis. At the same time, North America is also identified as a potential market offering significant growth opportunities for several market players in the global industrial hemp market.
Hempco, Hemp Inc., Bombay Hemp Company, HempFlax Group B.V., Manitoba Harvest Hemp Foods, Plains Industrial Hemp Processing Ltd., Ecofibre, GenCanna, Aurora Cannabis Inc., Marijuana Company of America, Inc. are some of the key players operating in the global industrial hemp market. Several M&As along with partnerships have been undertaken by these players to develop new and innovative hemp-based products.
Global Industrial Hemp Market Segmentation
Market Insight, by Type
- Hemp Seed
- Hemp Oil
- Hemp Fibers
Market Insight, by Application
- Food & Beverages
- Personal Care Products
Market Insight, by Source
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Hemp Inc.
- Bombay Hemp Company
- HempFlax Group B.V.
- Manitoba Harvest Hemp Foods
- Plains Industrial Hemp Processing Ltd.
- Aurora Cannabis Inc.
- Marijuana Company of America, Inc.