The global industrial hemp market size is expected to reach USD 15.26 billion by 2027, exhibiting a revenue-based CAGR of 15.8% over the forecast period according to this report.Growing preference for eco-friendly products in thermal insulation, coupled with rising use of the product as fiberglass alternative is expected to drive the growth.
Rising consumer preference for green buildings owing to increasing environment pollution is expected to drive the demand for hemp-based construction materials in the forthcoming years. In addition, rising consumption of hempcretes-a concrete made from shives and lime-in Europe is expected to further propel the demand for industrial hemp over the forecast period.
Factors, such as rising awareness regarding the dietary advantages of hempseed and oil, coupled with growing demand from the cosmetics and personal care industries for production of soaps, shampoo, bath gels, and other such products is expected to drive the growth. In addition, use of hemp oil in hand and body lotions and UV skin protectors owing to the high and well-balanced fatty acid content of hemp, is expected to surge the demand.
The market growth is expected to be driven by the factors, such as population growth, coupled with rising per capita disposable income leading to an increased demand for high-quality cosmetics and personal care products. In addition, rise in application scope for hemp in automotive industry is expected to drive the growth of the industrial hemp market.
Further key findings from the report suggest:
Seeds segment accounted for 27.3% of the value share in 2019 owing to extensive application of the product in pharmaceuticals, nutritional supplements and other medicinal and therapeutic products
The demand for industrial hemp in personal care industry is expected to expand at a CAGR of 18.8% in terms of revenue from 2020 to 2027 as it reduces skin discomfort by soothing and restoring dry or damaged skin
Animal care industry accounted for 14.9% of revenue share in 2019 owing to the growing consumption of hemp shives and leaves in animal bedding due to its low dust properties which makes it highly beneficial for animals facing respiratory issues
The North America industrial hemp market is expected to expand at a CAGR of 20.4% from 2020 to 2027 in terms of value owing to the legalization of hemp production coupled with the rising demand in the food and supplements, cosmetics, and personal care industries
Parkland Industrial Hemp Growers Cooperative Ltd. and Terra Tech Crop are some of the major players in the market involved in R&D activities to develop different varieties of industrial hemp
Key Topics Covered:
1. Methodology and Scope
2. Executive Summary
3. Industrial Hemp Market Variables, Trends & Scope 3.1. Industrial Hemp - Market Segmentation 3.2. Penetration & Growth Prospect Mapping 3.3. Industry Value Chain Analysis 3.4. Manufacturing Process 3.5. Regulatory Framework 3.6. Industrial Hemp - Market Dynamics 3.6.1. Market Driver Analysis 3.6.2. Market Restraint Analysis 3.6.3. Industry Challenges 3.7. Business Environment Analysis: Industrial Hemp Market 3.7.1. Porter's Analysis 220.127.116.11. Supplier Power 18.104.22.168. Buyer Power 22.214.171.124. Substitution Threat 126.96.36.199. Threat from New Entrant 188.8.131.52. Competitive Rivalry 3.7.2. PESTEL Analysis 184.108.40.206. Political Landscape 220.127.116.11. Environmental Landscape 18.104.22.168. Social Landscape 22.214.171.124. Technology Landscape 126.96.36.199. Economic Landscape 188.8.131.52. Legal Landscape
5. Industrial Hemp Market: Application Estimates & Trend Analysis 5.1. Industrial Hemp Market: Application Movement Analysis, 2019 & 2027 5.2. Animal Care 5.2.1. Market Estimates and Forecasts, 2016 - 2027 (Tons) (USD Million) 5.3. Textiles 5.3.1. Market Estimates and Forecasts, 2016 - 2027 (Tons) (USD Million) 5.4. Automotive 5.4.1. Market Estimates and Forecasts, 2016 - 2027 (Tons) (USD Million) 5.5. Furniture 5.5.1. Market Estimates and Forecasts, 2016 - 2027 (Tons) (USD Million) 5.6. Food & Beverages 5.6.1. Market Estimates and Forecasts, 2016 - 2027 (Tons) (USD Million) 5.7. Paper 5.7.1. Market Estimates and Forecasts, 2016 - 2027 (Tons) (USD Million) 5.8. Construction Materials 5.8.1. Market Estimates and Forecasts, 2016 - 2027 (Tons) (USD Million) 5.9. Personal Care 5.9.1. Market Estimates and Forecasts, 2016 - 2027 (Tons) (USD Million) 5.10. Others 5.10.1. Market Estimates and Forecasts, 2016 - 2027 (Tons) (USD Million)
6. Industrial Hemp Market: Regional Estimates & Trend Analysis 6.1. Industrial Hemp Market: Regional Movement Analysis, 2016 & 2027 6.2. North America 6.3. Europe 6.4. Asia Pacific 6.5. Central & South America 6.6. Middle East & Africa
7. Competitive Landscape 7.1. Key Players' Recent Developments & Their Impact 7.2. Key Innovators, Market Leader, and Emerging Players 7.3. Vendor Landscape 7.3.1. List of Key Distributors & Channel Partners 7.4. Public Companies 7.4.1. Company Market Position Analysis 7.4.2. Market Differentiators 7.4.3. SWOT Analysis 7.5. Private Companies 7.5.1. List of Key Emerging Companies/Technology Disruptors/Innovators 7.5.2. Company Market Position Analysis
8. Company Profiles 8.1. Parkland Industrial Hemp Growers Cooperative Ltd. (PIHG) 8.1.1. Company overview 8.1.2. Financial performance 8.1.3. Product benchmarking 8.1.4. Strategic initiatives 8.2. CBD Biotechnology Co., Ltd. 8.3. Botanical Genetics, LLC 8.4. Marijuana Company of America Inc. 8.5. HempMeds Brasil 8.6. Terra Tech Corp 8.7. American Cannabis Company, Inc. 8.8. HempFlax B.V. 8.9. Industrial Hemp Manufacturing, LLC 8.10. American Hemp 8.11. Hemp, Inc. 8.12. Boring Hemp Company 8.13. Plains Industrial Hemp Processing Ltd. 8.14. Ecofiber 8.15. Valley Bio Limited