New York, NY, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Industrial Hemp Market Share, Size, Trends, Industry Analysis Report, By Type (Hemp Seeds, Hemp Fiber, Shives, Hemp Seed Oil, Cannabidiol (CBD) Oil); By Source; By Application; By Region; Segment Forecast, 2022 – 2030” in its research database.
“As per the latest research analysis, the global industrial hemp market size/share will be valued at roughly USD 5,825.0 Million in 2021, and its revenue is projected to reach about USD 32,932.6 Million By 2030. The market is forecasted to expand at a compound annual growth rate of approximately 21.6% between 2022 and 2030.”
What is Industrial Hemp? How Big is Industrial Hemp Market Size?
- Overview
Industrial hemp is a form of Cannabis sativa cultivar used worldwide for making industrial and consumer products. Industrial hemp comprises a limited amount of the psychoactive compound delta-9-tetrahydrocannabinol (THC) of 0.3% concentration. It is an economic species that is expanding quickly and has benefits for the environment. There are several commercial products that can be made from it, including paper, rope, textiles, clothes, biodegradable plastics, paint, insulation, biofuel, food, and animal feed.
Hemp is a source of fiber and oilseed and is one of the fastest-growing plants on Earth. In the United States, it is produced ad controlled under drug enforcement laws. To produce industrial hemp in the United States, the grower requires permission from the Drug Enforcement Agency (DEA). Rising demand for industrial hemp products, which are considered to be environment-friendly, cost-effective, and less harmful, is driving the industrial hemp market size growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 110+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Leaders Are:
- American Hemp
- HempFlax Group BV
- Bombay Hemp Company
- HempMeds Brasil
- American Cannabis Company Inc.
- Botanical Genetics LLC
- Dun Agro Hemp Group
- Ecofiber Industries Operations
- Hemp Inc.
- Global Hemp Group Inc.
- Valley Bio Limited
- Boring Hemp Company
- North American Hemp & Grain Co. Ltd.
- Industrial Hemp Manufacturing LLC
- Parkland Industrial Hemp Growers Cooperative Ltd.
- CBD Biotechnology Co.
- Marijuana Company of America Inc.
- Terra Tech Corp.
- Plains Industrial Hemp Processing Ltd
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Industrial Hemp Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2030 | USD 32,932.6 Million |
| Market size value in 2022 | USD 6,900.0 Million |
| Expected CAGR Growth | 21.6% from 2022 – 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 – 2030 |
| Top Market Players | American Hemp, HempFlax Group BV, Bombay Hemp Company, HempMeds Brasil, American Cannabis Company, Inc., Botanical Genetics, LLC, Dun Agro Hemp Group, Ecofiber Industries Operations, Hemp, Inc., Global Hemp Group Inc., Valley Bio Limited, Boring Hemp Company, North American Hemp & Grain Co. Ltd., Industrial Hemp Manufacturing, LLC, Parkland Industrial Hemp Growers Cooperative Ltd., CBD Biotechnology Co., Marijuana Company of America Inc., Terra Tech Corp., and Plains Industrial Hemp Processing Ltd. |
| Segments Covered | By Type, By Source, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Prominent Growth Driving Factors
- Demand for industrial hemp products: The market is primarily fueled by the growing demand for these products across different industries like food and beverage, animal care, and personal care. Expanding demand for a variety of hemp-derived goods, such as fiber, seeds, stalks, hurds, and oils, is projected to propel the industrial hemp market growth.
- Properties of hemp: Favorable characteristics of hemp seeds and hemp seed oil, such as inexpensiveness, their numerous uses, and their rising utilization in commercial applications, are boosting the industrial hemp market growth.
- Health benefits of hemp-based products: The market is experiencing growth owing to the surging demand for hemp-based products, providing health benefits. The growing prevalence of conditions such as epilepsy and sleep disorders is enhancing the industry's expansion. Hemp-based products contain two vital fatty acids, linoleic and linolenic. In addition, they are a rich source of essential vitamins, including vitamins D, B1, B2, B6, E, and minerals like potassium, magnesium, and calcium.
- Demand for personal care and cosmetics: Increasing awareness about the nutritional benefits of hempseed and hempseed oil and growing demand for industrial hemp from the personal care and cosmetics industries is accelerating the industrial hemp market demand. Hemp-based products like shampoos, soaps, UV skin defenders, massage oils, bath gels, hand and body lotions, and other items are becoming more and more common.
Top Findings of the Report
- Increasing demand for hemp-based products and rising demand for these products across various sectors is primarily boosting the market.
- The market is primarily segmented based on type, source, application, and region.
- North America held the highest revenue share in 2021.
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Recent Trends Influencing the Market
- New product launches: To combat competition, leading market players are continuously introducing new products. These players are up facing strong competition, especially from businesses with sizable consumer bases and vast distribution networks. In addition, these players are extending their footprints in emerging markets, which is propelling the industrial hemp market sales.
- For instance, in February 2021, Premium Jane, a CBD supplier based in the United States, launched a new line of high-potency products, including 1.5 Kg CBD gummies, 3 and 5 Kg broad-spectrum oils, and other offerings. This development demonstrates their dedication to meeting the demand for CBD products with higher potency.
- Launch of various hemp oil products: Hemp oil is a rich source of essential fatty acids such as Omega 3, 6, and 9. It also offers various health benefits, including anti-inflammatory, anti-aging, and the capability of addressing skin issues brought on by stress. Anti-inflammatory properties in hemp oil effectively treat acne and reduce stress-related skin issues. In addition, hemp oil’s antioxidant properties help reduces water and soil loss, aiding in wrinkle prevention.
Segmental Analysis
- The food and Beverage segment dominated the market in 2021
Based on application, the food and beverages category witnessed the major industrial hemp market share in 2021 and is expected to retain its dominance over the forecast period. This growth can be attributed to the extensive utilization of oil and hemp seeds which offers high protein and vitamin content. These seeds are widely utilized as toppings for cereals and yogurt or consumed raw.
- The hemp seeds segment is expected to account for the largest revenue share throughout the foreseen period
By type segments, the hemp seeds category is anticipated to capture a significant market share in the industrial hemp market during the predicted period because hemp seeds are gaining substantial popularity in the food and nutraceutical industry as they deliver a good source of seeds, oil, and food products. The market is expanding as a result of the rising use of hemp seed oil in bath gels, lotions, shampoos, soaps, and cosmetics. Hemp seeds are rapidly being used to make hemp oil, which is used in a variety of industries, including personal care, food and drink, animal feed, and nutritional supplements. In addition, the oil is utilized in pharmaceuticals, as well as medicinal and therapeutic products.
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| By Type | By Source | By Application | |
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Geographic Overview
North America: In terms of geography, the industrial hemp market in North America registered the major revenue share in 2021. North America is well-known for having relatively high disposable income, which gives people more purchasing power and allows them to spend on high-end products, including those made from industrial hemp. The rising demand for hemp oil among health-conscious consumers who are ready to invest in high-quality personal care products is further fueling regional market growth. Furthermore, the growing aging population and rising adoption of skincare and health-related products among consumers in the region are further driving the market growth in North America. Hemp oil provides health benefits to the skin, such as moisturizing, anti-inflammatory, and antioxidant effects.
Browse the Detail Report “Industrial Hemp Market Share, Size, Trends, Industry Analysis Report, By Type (Hemp Seeds, Hemp Fiber, Shives, Hemp Seed Oil, Cannabidiol (CBD) Oil); By Source; By Application; By Region; Segment Forecast, 2022 – 2030” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/industrial-hemp-market
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Recent Developments
- In January 2022, to acquire Green Growth Group Inc., a holder of a short-term Cannabis Craft License in Illinois, signed an agreement with MariMed Inc.
- In February 2021, HemPoland introduced CannabiGold Sport, a CBD-based pre- and post-workout supplement designed for professional and recreational athletes. These supplements are derived from hemp and aim to support athletes in their fitness routines.
Frequently Asked Questions
- Who are the crucial companies operating the market?
- What are the major industry norms influencing the development of the industry?
- Which is the most propelling country in the industry?
- Which application or product type will obtain progressive development possibilities during the forecast period?
- What is the expected growth rate of the market during the foreseen period?
- What are the key strategies adopted by companies in the impact market?
- What are the main findings of Porter’s five forces analysis and the SWOT analysis of the major companies in the market?
Polaris Market Research has segmented the industrial hemp market report based on type, source, application, and region:
By Type Outlook
- Hemp Seeds
- Hemp Fiber
- Shives
- Hemp Seed Oil
- Cannabidiol (CBD) Oil
By Source Outlook
- Organic
- Conventional
By Application Outlook
- Food and Beverages
- Pharmaceuticals
- Cosmetics
- Textiles
- Paper
- Automotive
- Construction Materials
- Animal Care
- Furniture
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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