USD 5.95 Bn growth in Industrial Hemp Market | Driven by High Demand from Textile Industry | Technavio
NEW YORK, Nov. 9, 2021 /PRNewswire/ -- The industrial hemp market is set to grow by USD 5.95 billion between 2020 and 2025, accelerating at a CAGR of over 16%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources.
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Factors such as the high demand from the textile industry and the high demand from China and the US will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The industrial hemp market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
The report covers the following areas:
Industrial Hemp Market 2021-2025: Segmentation
- Application
- Textiles
- FB
- Animal Care
- Personal Care
- Others
- Geography
- APAC
- North America
- Europe
- South America
- MEA
The textiles segment generated maximum revenue in the market in 2020. The rising demand for hemp in the textiles industry is driving the growth of the segment. By geography, APAC is expected to create significant growth opportunities for market players during the forecast period. The region currently accounts for 42% of the global market share. The growth of the industrial market in APAC can be attributed to the rapidly growing construction industry, increasing number of commercial and residential projects, and increased demand for food products due to the growing population.
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Industrial Hemp Market 2021-2025: Vendor Analysis and Scope
Some of the major vendors of the industrial hemp market include 22nd Century Group Inc., Aurora Cannabis Inc., Bombay Hemp Company Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., HempFlax Group BV, HemPoland Sp zoo, Medical Marijuana Inc., and Nutiva Inc. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 25 vendors operating in the market.
The high demand for cannabidiol is likely to emerge as one of the primary drivers of the market. However, challenges associated with the production of hemp may threaten the growth of the market.
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Industrial Hemp Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist industrial hemp market growth during the next five years
- Estimation of the industrial hemp market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the industrial hemp market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of industrial hemp market vendors
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Industrial Hemp Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of over 16% |
Market growth 2021-2025 |
USD 5.95 billion |
Market structure |
Fragmented |
YoY growth (%) |
9.40 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 42% |
Key consumer countries |
China, US, Germany, Canada, and France |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
22nd Century Group Inc., Aurora Cannabis Inc., Bombay Hemp Company Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., HempFlax Group BV, HemPoland Sp zoo, Medical Marijuana Inc., and Nutiva Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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