Industrial Hemp Market Overview
Industrial Hemp Market is projected to register a CAGR of 22.50% to reach USD 44.7 Billion by the end of 2032
Industrial hemp is a versatile crop that can be grown in different climates and soil types, making it a sustainable option for farmers. The plant grows quickly and requires minimal pesticides, herbicides, and fertilizers, making it an environmentally friendly crop. Hemp-based products are gaining popularity due to their nutritional value, sustainability, and diverse applications.
The industrial hemp market is expanding significantly due to rising demand for sustainable alternatives across a range of industries and increased awareness of the health advantages of goods derived from hemp. The Cannabis sativa strain known as industrial hemp is grown for its fiber and seeds, which find usage in a variety of industries such as food and drink, paper, building materials, pharmaceuticals, textiles, and personal care items.
The Asia-Pacific Industrial Hemp Market is witnessing rapid growth, driven by the increasing adoption of hemp-based products in countries like China, Japan, and India. The market is also benefiting from the growing awareness about the health benefits of hemp-derived products, which is driving demand in the region.
Key Players
Marijuana Company of America Inc. (US)
Cronos Group Inc. (Canada)
Ecofibre Limited (Australia)
Green Thumb Industries (US)
Curaleaf Holdings Inc. (US)
GenCanna (US)
HempFlax BV (Netherlands)
Konoplex Group (Russia)
Hemp Oil Canada (Canada)
BAFA (Germany)
Dun Agro Hemp Group (Netherlands)
Colorado Hemp Works (US)
Canah International (Romania)
South Hemp Tecno (Italy)
MH Medical Hemp GmbH (Germany)
Market Segmentation
Following are Industrial Hemp Market Segmentation
By Type:
1. Hemp Seed: Hemp seeds are rich in protein, fiber, and essential fatty acids, making them a popular ingredient in food and beverages.
2. Hemp Seed Oil: Hemp seed oil is extracted from the seeds and is used in cooking, skincare products, and as a nutritional supplement.
3. CBD Hemp Oil: CBD hemp oil is derived from the flowers and leaves of the hemp plant and is used for its therapeutic properties.
4. Hemp Bast: Hemp bast fibers are used in textiles, rope, and paper production due to their strength and durability.
5. Hemp Hurd: Hemp hurd, also known as shives, is the inner woody core of the hemp plant and is used in construction materials, animal bedding, and paper production.
By Source:
1. Conventional: Conventional hemp is grown using traditional agricultural practices and may involve the use of synthetic fertilizers and pesticides.
2. Organic: Organic hemp is grown without the use of synthetic fertilizers, pesticides, or herbicides, making it a more sustainable and environmentally friendly option.
By Application:
1. Food & Beverages: Hemp seeds and hemp seed oil are used in a variety of food and beverage products, including snacks, cooking oils, and hemp milk.
2. Textiles: Hemp fibers are used to make durable and sustainable textiles, including clothing, rope, and canvas.
3. Pharmaceuticals: CBD hemp oil is used in pharmaceutical products for its therapeutic properties, including pain relief, anti-inflammatory effects, and anxiety reduction.
4. Personal Care Products: Hemp-based ingredients are used in skincare products, shampoos, and cosmetics for their moisturizing and nourishing properties.
5. Animal Nutrition: Hemp seeds and hemp meal are used as feed for livestock and pets due to their high protein and nutrient content.
6. Paper: Hemp fibers are used to make paper products, including paper towels, toilet paper, and packaging materials, due to their strength and durability.
7. Construction Materials: Hemp hurd is used to make sustainable building materials, including hempcrete (a mixture of hemp hurd, lime, and water), insulation, and fiberboard.
8. Others: Industrial hemp is also used in biofuels, plastics, and composite materials, as well as in the production of CBD-infused products for the wellness industry.
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