Industrial Hemp Market size to record USD 6.87 billion growth from 2023-2027, Growing strategic collaboration, partnership, and M and A is one of the key market trends, Technavio

NEW YORK, April 15, 2024 /PRNewswire/ -- The global industrial hemp market size is estimated to grow by USD 6.87 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 17.1% during the forecast period.  In the modern economy, hemp market players employ strategies like collaborations, partnerships, and mergers, such as Charlottes Web's acquisition of Abacus Health Products and Aurora Cannabis' acquisition of Reliva, to boost market share and global presence. These strategies offer competitive advantages in various industries, including dietary supplements, pigmentation, and biofuels, providing environmental benefits and economic gains while addressing climate crisis concerns. Key components include seed, stalks, hurds, lipids, carbohydrates, insoluble fiber, and pesticide-free hemp for vegan consumers.

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Innovation Sparks Market Growth:

In the modern economy, the industrial hemp market is gaining traction as a clean alternative to fossil fuels and carbon emissions. With a focus on environmental conservation, hemp farms are becoming an essential part of the industry. Recent strategic collaborations and mergers, such as Charlottes Web Holdings Inc.'s acquisition of Abacus Health Products and Aurora Cannabis Inc.'s acquisition of Reliva LLC, demonstrate the industry's commitment to expanding its presence and economic benefits. At a roundtable discussion among industry professionals, the hybrid format brought together multiple industries, including dietary supplements, pigmentation, ageing, redness, inflammation, hair fall, biofuels, and renewable energy sources. The conversation highlighted hemp's potential as a clean energy source during the climate crisis, with applications in food and beverages, nutraceuticals, and bioplastics. Key components of hemp, such as linoleic acid, gamma linolenic acid, vegan consumers, pesticides, lipids, carbohydrates, insoluble fiber, fiber, seed, stalks, and hurds, were discussed in detail. The industry's commitment to sustainable practices and innovation is driving the market forward, making hemp a versatile and valuable resource for various industries.

Addressing Challenges:

The Industrial Hemp Market encompasses the production and utilization of hemp for various applications, including Biofuel, Bioplastic, and Cellulose fibers. Hemp is rich in Linoleic acid, Gamma Linolenic acid, and other essential Lipids and Carbohydrates. Vegan consumers value hemp's Insoluble fiber, Fiber, seeds, stalks, hurds, and oils for their nutritional benefits and sustainable properties. Despite challenges in hemp cultivation due to regulatory issues and specific weather conditions, such as mild climates with humid atmospheres and a minimum annual rainfall of 25-30 inches, the market continues to grow. Hemp fibers and hempseed oil are primary ingredient bases for numerous industries, including pharmaceuticals and Agricultural applications. Machinery improvements and advancements in hemp cultivation techniques have led to breakthroughs in extracting valuable components from hemp stalks, seeds, roots, and leaves. HempMeds, HempFlax, and other companies with Dutch headquarters are leading the way in producing high-quality hemp products, addressing regulatory challenges and reducing input costs. Hemp's inflammatory properties make it a valuable resource for both industrial and medicinal applications. As the market evolves, hemp is poised to provide significant Agricultural and environmental benefits, making it a cheap and sustainable alternative to traditional resources.

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Analyst Review

The Industrial Hemp Market encompasses various applications, including Biofuel, Bioplastic production, and Pharmaceuticals. Hemp, a versatile crop, offers both Agricultural and Environmental benefits. Industrial Hemp is derived from two main components: Hempseed and Hemp Fibers. Hempseed is rich in Proteins, Lipids (such as Linoleic Acid and Gamma Linolenic Acid), Carbohydrates, and Insoluble Fiber, making it an excellent source of Supplementary Nutrition for Vegan Consumers. Hemp Fibers are used to produce strong and durable materials, including textiles and paper. Industry leaders like HempMeds, HempFlax (with Dutch Headquarters), and others, are investing in Machinery Improvements to enhance Hemp Cultivation. Hemp oil, derived from Hempseed, is used in Cosmetics and Food industries. Hemp fibers are used in the production of Bioplastics and Cellulose Fibers. Weather conditions, such as Warm and Cold Temperatures, significantly impact Hemp cultivation and input costs. Despite the challenges, the Industrial Hemp Market continues to grow, offering numerous opportunities for businesses and consumers alike.

Market Overview

The Industrial Hemp market is a significant sector in the agricultural industry, with various applications in consumer goods and industries. Hemp fibers are used in making clothing, textiles, and paper, while hemp seeds are utilized in food production and as a source of protein. The hemp market is experiencing growth due to increasing demand for eco-friendly and sustainable products. The market is also driven by the legalization of hemp cultivation in many countries, including the United States. However, challenges such as regulatory hurdles and competition from synthetic alternatives persist. Companies are focusing on research and development to improve hemp cultivation techniques and product innovation. The market is expected to continue growing, with a particular focus on the development of new applications for hemp in various industries. The future of the hemp market looks promising, with potential for significant economic and environmental benefits.

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Key Companies:

Industrial Hemp Market  is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Industrial Hemp Market report includes information on the product launches, sustainability, and prospects of leading vendors including 22nd Century Group Inc., Aurora Cannabis Inc., Bombay Hemp Co. Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., CV Sciences Inc., Deep Nature Project GmbH, Dun Agro Hemp Group, Ecofibre Ltd., Elixinol Wellness Ltd., GFR Ingredients Ltd., Hanma Investment Group Co. Ltd., HempFlax Group BV, HemPoland Sp zoo, Liaoning Qiaopai Biotech Co. Ltd., Medical Marijuana Inc., Nutiva Inc., Parkland Industrial Hemp Growers Co op. Ltd., Tilray Brands Inc.

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SOURCE Technavio