Latest News- Industrial Hemp Market: Seeds is expected to lead the Product segment during 2025-2029

The Industrial Hemp Market is being driven by High demand from the textile industry

The Industrial Hemp Market is expected to grow at a CAGR of 27% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 18306.4 million. In the dynamic industrial hemp market, strategic collaborations, partnerships, and mergers and acquisitions are gaining traction among companies in the region. These business strategies enable firms to expand their market reach, leverage each other's strengths, and enhance product offerings. For instance, in February 2024, Aurora Medicine UK announced a partnership with Script Assist, granting Script Assist's platform access to Aurora's high-quality hemp-derived medications. Similarly, Aurora's acquisition of MedReleaf Australia in the same month bolstered its presence in the Australian market. These strategic moves underscore the competitive advantage that companies can gain through collaborative efforts in the industrial hemp industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Seeds
  • Fiber
  • Shivs
• Application
  • Textile
  • Food and beverages
  • Personal care
  • Animal care
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• High demand from the textile industry
• High demand from China and the US
• High demand for cannabidiol

However, the market also witnesses some limitations, which are as follows:

• Challenges associated with the production of hemp
• Stringent regulations
• Oversupply of hemp

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Market Scope in Industrial Hemp Market Research Report

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Research Analysis Overview

Industrial hemp is a versatile plant offering various applications, including Biofuel and Bioplastic production from its fibers and Lipids. Hemp contains Cellulose fibers, Linoleic acid, and Gamma Linolenic acids, appealing to vegan consumers. Hemp cultivation provides Agricultural and environmental benefits, with Hempseed and Hemp fibers yielding Oil and Fiber. Companies like HempMeds, HempFlax (Dutch headquarters) focus on machinery improvements for Hemp fiber production. Hemp's pharmaceutical uses, supplementary nutrition, and input costs depend on weather conditions, with warm temperatures favoring crop growth. Input costs and weather conditions impact hemp cultivation, affecting the production of Hempseed oil, Hemp oil, and Insoluble fiber. Pesticides are minimally used due to hemp's natural resistance, contributing to its eco-friendly image.

Market Research Overview

The global diversified chemicals market encompasses businesses producing a broad spectrum of chemical products, excluding industrial gases, commodity chemicals, specialty chemicals, fertilizers, and agricultural chemicals. According to Technavio's market analysis, the market's expansion will be fueled by several key factors. Notably, increasing demand from emerging economies, such as China, Brazil, Indonesia, and India, will significantly contribute to market growth. These nations offer attractive incentives, including government initiatives, affordable labor, ample land, and minimal transportation costs, prompting numerous diversified chemicals manufacturers to establish operations there. Furthermore, the growing preference for eco-friendly alternatives, such as hemp-derived biofuels, bioplastics, cellulose fibers, and vegan-friendly lipids and carbohydrates, will create lucrative opportunities for market participants. Key hemp-derived chemicals include linoleic acid, gamma-linolenic acid, and various pesticide-free plant-based compounds.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/