Industrial Hemp Market Will Surge to USD 36 Billion by 2026
According to the report, The global Industrial Hemp Market in 2019 was approximately USD 5 Billion. The market is expected to grow at a CAGR of 34% and is anticipated to reach around USD 36 Billion by 2026.
Industrial Hemp is an agricultural plant, generally called as hemp is a broad-leaved plant which is capable of having a rapid growth under perfect climatic conditions. Industrial Hemp includes all the byproducts of the hemp plant, which are generally thrown away such as small twigs, seeds, or dried leaves. It can be grown for food and non-food products and does not require any use of chemical fertilizer or pesticides. Industrial hemp is also used in the production of various products such as hemp oil, paper, textile clothing, biofuel, bio-plastics, and nutraceuticals.
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The Hemp Fiber type is predicted to dominate the market owing to its lost lasting and robust properties as compared with cotton fiber. The food type, in the Industrial Hemp market, is projected to dominate the market owing to the rising use of hemp seeds and hemp seed oil in several food products such as smoothies and yogurt. Surging knowledge among customers regarding the advantages of industrial hemp-based foods is driving the food market.
The region of North America is predicted to dominate the market owing to the rising awareness about hemp, rising demand for industrial hemp products among the consumers, along with changing regulatory measures imposed by the government.
The Industrial Hemp market is segmented based on Type, Source, and Application. Based on type segmentation, the market is classified into Hemp Seed, Hemp Seed Oil, Hemp Fiber, CBD Hemp Oil. In terms of Source, the market is bifurcated into Organic and Conventional. In terms of application, the market is bifurcated into Food, Beverages, Personal Care Products, Textiles, Pharmaceuticals, Others.
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Some of the essential players operating in the Industrial Hemp market, but not restricted to include Hempco, Ecofibre, Hemp Inc., GenCanna, HempFlax BV, Konoplex Group, Hemp Oil Canada, BAFA, Hemp Poland, Dun Agro, Colorado Hemp Works, Canah International, South Hemp Tecno, Plains Industrial Hemp Processing, MH Medical Hemp, and Others.
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