SAN FRANCISCO, April 13, 2023 /PRNewswire/ -- The global industrial hemp market size is expected to reach USD 16.75 billion by 2030, registering a CAGR of 17.1% according to a new report by Grand View Research, Inc. The rising product demand from industries, such as agriculture, textiles, personal care, recycling, furniture, food & beverage, paper, and construction materials, is projected to propel market growth. Hemp is increasingly being used in medicinal products and nutritional supplements. The high nutritional values and beneficial fatty acid and protein profile of hemp are driving the demand for hemp products in the market. In addition, hemp oil is used in shampoos, soaps, lotions, bath gels, and other cosmetics, further benefiting the industry growth.
Key Industry Insights & Findings from the report:
- The seeds product segment accounted for the maximum revenue share in 2022 owing to the increased product usage in nutritional supplements &medicinal and therapeutic products, such as pharmaceuticals.
- The product demand in the personal care industry is anticipated to grow at the fastest CAGR from 2022 to 2030 as it increases the skin's natural ability to retain moisture.
- The animal care segment also accounted for a significant revenue share in 2021 on account of the high demand for hemp shivs and leaves in animal bedding as their low dust properties make it highly preferable for animals having respiratory issues.
- The market for industrial hemp in North America is expected to grow at the fastest CAGR from 2022 to 2030 owing to the legalization of hemp production coupled with the technological advancements in harvesting and use of hemp fiber and hurds.
- Asian countries, such as China, have a significant tradition of hemp production and exports, which has allowed these countries to dominate the global market.
Read full market research report for more Insights, "Industrial Hemp Market Size, Share & Trends Analysis Report By Product (Seeds, Fiber, Shivs), By Application (Animal Care, Textiles, Food & Beverages, Construction Materials, Personal Care), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Industrial Hemp Market Growth & Trends
The strength to weight ratio, high tensile strength, and flexural strength of industrial hemp offer desired benefits in bio-composites for automotive parts, fibreboard, aerospace, and packaging. Furthermore, the product demand from the textile, paper, and building materials markets is growing on account of its favorable acoustic and aesthetic properties. The rising demand for eco-friendly products in construction materials, fiberglass alternatives, thermal insulation, and automotive products is expected to promote market growth. The growing demand for technical products, such as varnishes, oil paints, fuel, solvents, chain-saw lubricants, printing inks, putty, and coatings, is expected to have a positive impact on the market growth.
Industrial Hemp Market Segmentation
Grand View Research has segmented the industrial hemp market based on product, application, and region
Industrial Hemp Market - Product Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
- Seeds
- Fiber
- Shivs
Industrial Hemp Market - Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
- Animal Care
- Textiles
- Automotive
- Furniture
- Food & Beverages
- Paper
- Construction Materials
- Personal Care
- Others
Industrial Hemp Market - Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Brazil
- Middle East & Africa
List of Key Players of Industrial Hemp Market
- Parkland Industrial Hemp Growers Cooperative Ltd. (PIHG)
- CBD Biotechnology Co., Ltd.
- Botanical Genetics, LLC
- Marijuana Company of America Inc.
- HempMedsBrasil
- Terra Tech Corp
- American Cannabis Company, Inc.
- HempFlax B.V.
- Industrial Hemp Manufacturing, LLC
- American Hemp
- Hemp, Inc.
- Boring Hemp Company
- Plains Industrial Hemp Processing Ltd.
- Ecofiber
- Valley Bio Ltd.
Check out more market research studies published by Grand View Research:
- Industrial Air Filtration Market- The global industrial air filtration market size is anticipated to reach USD 11,279.8 million by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.0% from 2023 to 2030. Growing demand for high-performing, energy-efficient products and stringent industrial regulations such as Clean Air Act are expected to propel the demand over the forecast period.
- Industrial Fasteners Market - The global industrial fasteners market size is expected to reach USD 131.28 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.5% from 2022 to 2030. The market is anticipated to be driven by factors such as the increasing population, significant investments in the construction industry, and rising demand in industries such as aerospace and automotive.
- Industrial Vending Machine Market - The global industrial vending machine market size is expected to reach USD 5.8 billion by 2030, according to a new report by Grand View Research, Inc. expanding at a CAGR of 9.7% from 2022 to 2030. Technological advancements in vending machines have enabled companies to improve inventory management efficiency and monitor inventory consumption with real-time data analysis, thereby driving the market growth.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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