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.
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 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.
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.
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
Growth momentum & CAGR
Accelerate at a CAGR of over 16%
Market growth 2021-2025
USD 5.95 billion
YoY growth (%)
APAC, North America, Europe, South America, and MEA
Performing market contribution
APAC at 42%
Key consumer countries
China, US, Germany, Canada, and France
Leading companies, competitive strategies, consumer engagement scope
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.
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.
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