Industrial Hemp Market Overview With Demographic Data & Stats And Industry Growth Trends By 2022 - 2030.

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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North America And Oceania Industrial Hemp Market- The North America and Oceania industrial hemp market size was valued at USD 2.6 billion in 2018 and is expected to grow at a CAGR of 23.4% from 2019 to 2025. Rising demand for industrial hemp-based products such as fibers, seeds, and oil in textiles, animal care, and personal care industries is expected to propel market growth over the forecast period.

Textile Market - The global textile market size was valued at USD 993.6 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2030. Increasing demand for apparel from the fashion industry coupled with the growth of e-commerce platforms is expected to drive the market growth over the forecast period.

Industrial Hemp Market Segmentation

Grand View Research has segmented the global industrial hemp market report on the basis of product, application, and region:

• Industrial Hemp Product Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)

o   Seeds

o   Fiber

o   Shivs

• Industrial Hemp Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)

o   Animal Care

o   Textiles

o   Automotive

o   Furniture

o   Food & Beverages

o   Paper

o   Construction Materials

o   Personal Care

o   Others

• Industrial Hemp Regional Outlook (Revenue, USD Million, 2017 - 2030)

o   North America

o   Europe

o   Asia Pacific

o   Central & SouthAmerica

o   Middle East & Africa

Market Share Insights

August 2019: Cordiff Lexington Corporation(CDIX) and Acela Biomedical,LLCannounced their collaboration to develop their industrial hemp manufacturing industries.

August 2019:Panxchangelaunched 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
• Marijuana Company of America Inc.
• HempMedsBrasil
• Terra Tech Corp
• American Cannabis Company, Inc.
• HempFlax B.V.
• Industrial Hemp Manufacturing, LLC
• American Hemp
• Hemp, Inc.
• Boring Hemp Company
• Plains Industrial Hemp Processing Ltd.
• Ecofiber
• Valley Bio Ltd.

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