Industrial Hemp Market Size to grow by USD 13904.2 million between 2024-2028
According to a research report “ Industrial Hemp Market” by Product (Seeds, Fiber, Shivs) Application (Textile, Food and beverages, Personal care, Animal care, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 13904.2 million, at a CAGR of over 25.25% during the forecast period. The industrial hemp market is experiencing significant growth due to the increasing utilization of hemp fibers as a superior raw material for textile production. With their exceptional strength and durability, hemp fibers serve as a viable alternative to cotton and synthetic fibers. The textiles industry is capitalizing on hemp's technological, ecological, and economic advantages to manufacture a diverse range of products, including canvas, sailcloth, rope, sacks, clothing, furnishing, specialty textiles, and more. Notably, the Government of Uttarakhand's policy under Section 14 of the NDPS Act, 1985, permits industrial or horticulture cultivation of hemp, further bolstering its demand and market potential.
Browse market data tables, figures, and in-depth TOC on “Industrial Hemp Market” by Product (Seeds, Fiber, Shivs) Application (Textile, Food and beverages, Personal care, Animal care, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Product, the Seeds segment is projected to dominate the market size in 2024
In the textile sector, industrial hemp has emerged as a preferred material due to its versatility and exceptional properties. This natural fiber is utilized in the manufacturing of various textile products, including yarns, spun fibers, and a diverse array of consumer and industrial textiles. Hemp's impressive tensile strength, which is approximately eight times greater than that of cotton fiber, is a significant factor driving its demand. Furthermore, hemp-derived fibers exhibit desirable characteristics, such as being non-irritating and hypoallergenic, making them an ideal choice for individuals with sensitive skin. The textile industry values these unique attributes, leading to a growing market for hemp-based textile products.
By Application, Textile segment is expected to hold the largest market size for the year 2024
The seeds segment of the global industrial hemp market holds a substantial position, accounting for the largest market share in 2023. This can be attributed to the widespread use of hemp seeds in food and beverage industries for producing products such as hemp milk, hemp oil, and hemp protein powder. The increasing trend towards plant-based diets has significantly boosted the demand for hemp seeds worldwide. The organic segment of the hemp seeds market is experiencing notable growth due to the rising consumer preference for organic and natural food products.
APAC is forecasted to hold the largest market size by region in 2024
The industrial hemp market represents a significant business opportunity, with growing demand for its versatile applications in various sectors. These include textiles, construction, food and beverages, and industrial manufacturing. Key drivers include increasing consumer awareness of sustainable and eco-friendly products, regulatory support, and technological advancements. Market size is projected to expand at a robust CAGR, offering lucrative prospects for investors and businesses.
The Industrial Hemp Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Industrial hemp is a versatile crop that can thrive under various weather conditions, making it an attractive option for farmers in different regions. While some varieties prefer cold temperatures, others grow best in warm conditions. Hemp cultivation involves the production of various products, including hemp fiber for textiles, hempseed for supplementary nutrition, and hemp oil for pharmaceuticals and food. HempFlax, with its Dutch headquarters, is a leading player in the industry, specializing in hemp fiber production. HempMeds, another key player, focuses on hemp oil and hempseed oil for medicinal purposes. Machinery improvements have made hemp cultivation more efficient, reducing input costs. Industrial hemp offers numerous environmental benefits, including the ability to absorb CO2, reduce water usage, and act as a natural pesticide. It also provides agricultural benefits, such as improving soil structure and acting as a natural weed suppressant. Hemp fibers, rich in insoluble fiber, carbohydrates, and lipids, are used to produce cellulose fibers for textiles, bioplastic, and biofuel. Hempseed, rich in gamma linolenic acid, linoleic acid, and protein, is popular among vegan consumers. Hemp oil, derived from hempseed, is used in cosmetics, food, and pharmaceuticals. In summary, industrial hemp is a versatile crop with numerous applications, from textiles and food to pharmaceuticals and biofuels. Its ability to grow under various weather conditions, combined with its environmental and agricultural benefits, makes it an attractive option for farmers and consumers alike.
Market Research Overview
Title: Industrial Hemp: A Renewable Solution for Modern Economy Amidst Climate Crisis Industrial hemp is a versatile plant gaining significant attention in multiple industries due to its environmental benefits and economic potential. From nutraceuticals and food and beverages to biofuels and clean energy sources, hemp is a renewable, sustainable, and cheap alternative to fossil fuels. In the health sector, hemp is used as a primary ingredient base for dietary supplements, addressing various health concerns such as inflammation, redness, ageing, pigmentation, hair fall, and more. Hemp leaves, roots, seeds, and stalks are rich in insoluble fiber, carbohydrates, lipids, pesticides, and essential fatty acids like Gamma Linolenic and Linoleic acid. Industry professionals recently held a roundtable discussion focusing on hemp's role in the modern economy, climate crisis mitigation, and environmental conservation. They discussed breakthroughs in hemp cultivation, machinery improvements, and the potential of hemp as a clean alternative for various industries. Hemp farms, such as HempFlax and HempMeds, are leading the way in hemp production, providing economic benefits and reducing carbon emissions. Hemp fibers, oils, hurds, and stalks are used to create bioplastics, biofuels, cellulose fibers, and hemp-based textiles. Despite its numerous advantages, hemp faces challenges due to weather conditions and input costs. However, the potential for hemp in various industries is vast, making it a promising crop for a sustainable future. In conclusion, industrial hemp is a clean, renewable, and sustainable resource with significant potential for various industries, from nutraceuticals and food to biofuels and clean energy. Its versatility and environmental benefits make it an essential crop for the modern economy and a crucial component in addressing the climate crisis.
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