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Industrial Hemp Market Research & Forecast, 2027 | Industry Report

Industrial Hemp Market Analysis Report By Product, By Application And Segment Forecasts From 2020 To 2027

Report ID: MN17620188  |  Published: February 2021  |  No of Pages: 122
Format: Electronic (PDF)  |  Industry: Food & Beverage  |  Publisher: Grand View Research

Synopsis

With reference to the report published, the global industrial hemp market size was valued at USD 4.71 billion in 2019 and is projected to witness a 15.8% CAGR during the period of the forecast.

Drivers

The market is impelled by increasing demand for hemp fibers and oil in textile, food & beverages, automotive, personal care, and construction industries. The demand for it is particularly growing in developing regions, like the Asia Pacific. Increasing demand for coatings, chain-saw lubricants, fuel, varnishes, putty, solvents, printing inks, and oil paints is estimated to additionally boost the demand for industrial hemp. Escalation in the investment, for the manufacture of hemp-centric products, is also anticipated to force the development of the market.

Growing alertness, about the nutritional advantages of hemp oil, along with increasing demand from personal care & cosmetics products manufacturing companies, is estimated to impel the progress of the market for industrial hemp. The induction of the directives liked with the farming as well as the utilization of hemp-centric products in the U.S., is likely to push the market for industrial hemp for the duration of the forecast.

us-industrial-hemp-market

Globally, industrial hemp is extremely regulated harvest and the various local government authorities are issuing the licenses, necessary to produce, handle and deliver as well as the usage of these harvests. As a result of the liberalization in the policies, the nations are making and using a large quantity of these products. This is projected to propel the enlargement of the industrial hemp market, during the near future.

Hemp, as a harvest, possesses a small price. This gives confidence to the farmers to expand their options of the crop. This condition has augmented the figure of the makers. The nationwide land, used for the cultivation of industrial hemp, has observed almost 25% growth per annum in Canada. Furthermore, the tread prices of these products, which got sold in the U.S., observed considerable growth in 2018. The main firms concentrate on the extensive consumption of industrial hemp, to obtain a larger share of the market.

Effect of Covid-19

Very much less demand for the products, used for comfort and in everyday life, owing to the policies of lockdown and community limitations, has depressing influence on the overall requirement for the cosmetic elements as well as some type of foodstuff additives. On the other hand, reduction in the limitations and communal discussion regarding resuming the financial transactions in the market for consumer goods shows that the revival of the demand is on the horizon.

Product Insight

Increasing demand from the customers, for green structures, due to the growing global pollution of the surroundings, is estimated to compel the demand for the hemp-centric construction material, during the period of the forecast. In European nations, such as Ireland, the U.K., and France, people make considerable use of the hemp concrete, for making private houses. The hemp concrete is manufactured using lime and shives. Sequentially, this has increased the demand for shives in the construction business.

The materials required for the insulation as well as bio-composites, use up a large number of hemp fibers, because of their thermodynamic belongings, greater strength, lightweight, and biodegradability. Hemp-based bio-composites are mainly utilized for casting in automobile applications. The hemp fibers are strong, possess a greater absorbent capability, as well as have a greater quantity of hemicellulose that creates a valuable harvest for textile manufacturing.

The oil cake with hemp seeds is utilized in foodstuff & beverages manufacturing as another resource of feed and foodstuff protein. The oil acquired from crushed seeds is utilized in cosmetics shampoos, soap, bath gels, and lotions. The increasing demand for industrial hemp in the animal care, food, textile, personal care, and construction industries is projected to increase the expansion of the industrial hemp market in the near future.

Application Insight

Industrial hemp fiber is extensively utilized for the manufacturing of technical textiles, and consumer fabrics. The consumer product comprises excellent textiles, shoes, socks, denim, working clothes, handbags, diapers, and apparel. Hemp fabric is heavy-duty, naturally opposing mildew, mold, UV light, and hypo-allergic. This signifies an additional benefit above other materials.

As a result of its greater dietetic content, comprising fatty acids, proteins plus a number of additional elements, hemp oil is extensively utilized for the production of food & beverages. Hemp oil and seeds are utilized in the manufacturing procedure of a variety of foodstuff. Growing alertness of the customers, regarding the benefits linked with these products, is estimated to impel the market.

global-industrial-hemp-market

The hemp fibers are extensively utilized in insulation and construction materials like shingles, house wrap, roofing underlay, stucco & mortar, fiberboard, pipe wraps, acoustic materials, putty, cement blocks, and coatings. Augmentation in the usage of hemp fiber-centered products, in housing insulation in Canada and the U.S., is estimated to steer the enlargement of the market, during the period of the forecast.

Regional Insight

The industrial hemp market is extremely synchronized. The farming, handing out, selling and shipping can be carried out, merely in line with national, state, and additional local rules. The types of seeds perform the most important part in the farming and the quality of the product. Asian nations like China carry out an important custom of hemp making, along with the export. This has permitted these nations to lead the global market during the current history.

As a result of its utilization in construction materials, fabrics, automotive components, textiles, the European market for industrial hemp held a 22.2% revenue share, in 2019. Besides, increasing demand for these products in personal care, foodstuff & supplements, and cosmetics are projected to power the expansion of the market during the period of the forecast.

Companies

The industrial hemp market is disjointed and huge in nature, plus has the existence of a considerable number of service sources and manufacturers. Principally, the companies spent on developing various products from industrial hemp, like the materials for the construction and automobile manufacturing, energy bars, personal care products, food & beverage products, protein powders, and oil.

Report Scope

Report Attribute

Details

The market size value in 2020

USD 5.33 billion

The revenue forecast in 2027

USD 15.26 billion

Growth Rate

CAGR of 15.8% from 2020 to 2027

The base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in tons, revenue in USD million, and CAGR from 2020 to 2027

Report coverage

Volume forecast, revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; China; India; Japan; Brazil

Key companies profiled

Parkland Industrial Hemp Growers Cooperative Ltd. (PIHG), CBD Biotechnology Co., Ltd., Botanical Genetics, LLC.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail of customized purchase options to meet your exact research needs. 


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights has segmented the global industrial hemp market report on the basis of product, application, and region:

• Product Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
    • Seeds
    • Fiber
    • Shives

• Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
    • Animal Care
    • Textiles
    • Automotive
    • Furniture
    • Food & Beverages
    • Paper
    • Construction Materials
    • Personal Care
    • Other

• Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
    • The Asia Pacific
        • China
        • India
        • Japan
    • Central & South America
        • Brazil
    • Middle East & Africa

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