SAN FRANCISCO, August 7, 2018 /PRNewswire/ --
The global industrial hemp market size is expected to reach USD 10.6 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 14.0% during the forecast period. Rising demand for oil in food and beverages owing to growing awareness regarding dietary advantages of hempseed and oil is expected to propel demand.
Growing population and rising disposable income are expected to result in an increased demand for high-quality cosmetics, personal care products, protein supplements, and other health food products. These factors are expected to be key driving factors for the market over the projected period.
Increasing R&D activities to develop perfect agronomy and new genetics of crops to obtain high yield and improved product quality have a positive impact on hemp production. Companies in the market operate with fiber treatment technology to make fibers water repellant, fire retardant, absorptive, and super soft, which is expected to drive demand.
Industrial hemp is an agricultural commodity and is highly dependent on climatic conditions, regulatory tolerance, and availability of labor. Countries such as China, the world's leading producer of the crop, have never restricted cultivation and have an advantage of inexpensive labor. However, oversupply is likely to be a major concern for manufacturers over the forecast period.
Browse full research report with TOC on "Industrial Hemp Market Size, Share & Trends Analysis Report By Product (Seeds, Fiber, Shivs), By Application (Textiles, Personal Care, Animal Care, Construction Materials), By Region, And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/industrial-hemp-market
Further Key Findings From the Report Suggest:
- By product, seeds accounted for 42.3% of the volume in 2017 owing to increasing demand for hemp grain to obtain seed, oil, and food matter due to its high fatty acid content and nutritional value
- Product consumption in the textile industry is expected to witness a CAGR of 16.9%, in terms of revenue, from 2018 to 2025 due to strong, hypo-allergic, and UV light resistant characteristics of hemp fibers
- The personal care industry accounted for 16.2% of the revenue in 2017 owing to high consumption of the crop oil in personal hygiene products including soap, shampoo, body lotions, and hair care products
- The market in North America is expected to register a volume-based CAGR of 17.6% owing to rising product demand in the automotive industry for manufacturing panels and as an alternative to fiberglass
- Major players in the industry focus on R&D activities to develop new varieties of the crop, full crop utilization, processing methods, and advanced technologies used for processing.
Browse related reports by Grand View Research:
- Specialty Ingredients Market - Specialty Ingredients Market was valued at 93.27 billion in 2014. Growing consumer awareness has been driving the need for high quality and greener products which in turn is expected to drive the global Specialty Ingredients Market over the forecast period.
- Ethyl Levulinate Market - The Global ethyl levulinate market was valued at USD 8.8 million in 2014.
- Organic Skin Care Market - The Global organic skin care market size was valued at USD 3,004.0 million in 2014.
- Xanthan Gum Market - The global xanthan gum market size was estimated at USD 707.1 million in 2014 and is expected to grow at a healthy rate over the forecast period.
Grand View Research has segmented the global industrial hemp market on the basis of product, application, and region:
- Industrial Hemp Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Industrial Hemp Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Animal Care
- Food & Beverages
- Construction Materials
- Personal Care
- Industrial Hemp Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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