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Global Industrial Hemp Market – Industry Trends and Forecast to 2029

  • Healthcare
  • Upcoming Report
  • Mar 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • Healthcare
  • Upcoming Report
  • Mar 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Industrial Hemp Market, By Type (Hemp Seed, Hemp Seed Oil, CBD Hemp Oil, Hemp Fiber), Application (Food, Textiles, Beverages, Personal Care Products, Pharmaceuticals, Others), Source (Conventional, Organic) – Industry Trends and Forecast to 2029

Industrial Hemp Market

Market Analysis and Size

There has been increasing demand for biodegradable and renewable natural materials in various consumer products across the globe. The products in the global industrial hemp market are considered to be highly eco-friendly, less harmful and even renewable. Owing to its ecologically friendly character, this has prompted players in a variety of end-use industry verticals to choose goods from the global industrial hemp market, which is projected to aid the market growth. The industrial hemp market is projected to show immense growth over the forecasted period.

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.     

Market Definition

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.

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (Hemp Seed, Hemp Seed Oil, CBD Hemp Oil, Hemp Fiber), Application (Food, Textiles, Beverages, Personal Care Products, Pharmaceuticals, Others), Source (Conventional, Organic)

Countries Covered

U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa

Market Players Covered

Nhempco (Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax Group B.V., (Netherlands), Konoplex (Russia), Hemp Oil Canada (Canada), Hemp Poland (Poland), Dun Agro (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), Plains Industrial Hemp Processing (Canada), and MH Medical Hemp (Germany)

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.

Industrial Hemp Market Regional Analysis/Insights

The industrial hemp market is analyzed and market size insights and trends are provided by country, type, application and source as referenced above.

The countries covered in the industrial hemp market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa(MEA).

Asia-Pacific dominates the industrial hemp market because of the booming market for cosmetics and personal care products and increasing consumption of hemp-based food products and supplements in developing economies within the region.

North America is expected to witness significant growth during the forecast period of 2022 to 2029 due to the growing geriatric population, high consumer disposable income levels and rising concerns related to skin diseases and UV protection within the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Industrial Hemp Market Share Analysis

The industrial hemp market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to industrial hemp market.

Some of the major players operating in the industrial hemp market are Nhempco (Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax Group B.V., (Netherlands), Konoplex (Russia), Hemp Oil Canada (Canada), Hemp Poland (Poland), Dun Agro (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), Plains Industrial Hemp Processing (Canada), and MH Medical Hemp (Germany), among others.


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Frequently Asked Questions

Global Industrial hemp Market is expected to show a value of USD 4.6 billion in 2021.
The market is estimated to register a CAGR of 21.02% within the forecast period.
The factor such as increasing legalization of the cultivation of hemp, increased consumption of hemp-based products due to their various health benefits and increasing legalization of the cultivation of hemp are the major drivers for the market.
The major companies operating in the market are Nhempco (Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax Group B.V., (Netherlands), Konoplex (Russia), Hemp Oil Canada (Canada), Hemp Poland (Poland) and Dun Agro (Netherlands).
The countries covered in the industrial hemp market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa(MEA).