Industrial Hemp market to be Worth $16.75 Billion by 2030
FELTON - The global industrial hemp market was valued at USD 4.13 billion in the year 2021 and is expected to value at USD 16.75 billion by 2030, projecting a CAGR of 16.8% from 2022 to 2030.
The market is driven by the surging use of industrial hemp in various industries such as personal care items, food and beverages, pharmaceutical, and animal care solutions.
Key Industry Insights & Findings from the report:
- Based on product insights, seeds is expected to dominate the segment, registering a CAGR of over 20% from 2022 to 2030. The growing demand for hemp seeds may be due to their growing use in food and nutraceutical products. Additionally, high demand for personal care and cosmetic items worldwide has also steered the use of hemp seeds in body lotions, bath gels, shampoos, and various others.
- Along with the above, hemp fibers are also witnessing notable demand and are being used in the production of paper, as insulation material, construction material, and auto parts and composites. Bio-composites and insulation materials consume a considerable product amount owing to the product benefits like superior strength, low weight, and thermodynamic and sustainable characteristics.
- By application prospects, textile led the segment in 2021 accounting for over 24% of the global revenue share. Hemp fabric is known to be hypoallergenic, strong, and naturally resistant to UV light in nature thereby supporting its wide use in the sector. With growing skin concerns among people there has emerged a need for specialized textile solutions. In textile applications, hemp can be blended with cotton or linen, adding stretch and strength to the fabric.
- Regionally, Asia Pacific led the industrial hemp market holding over 32% of the global revenue share in 2021. Nations such as India, China, Japan, Korea, and Australia have emerged as key producers and consumers of hemp over time owing to the availability of advanced irrigation facilities along with the high demand for hemp-based food products and personal care items in the region.
- North America has also emerged as a key market for industrial hemp producers over the years due to the presence of a number of applicable industries. Additionally, high disposable income among people, a high geriatric population, and growing skin concerns have driven the use of industrial hemp in the region.
Industrial Hemp Market Growth & Trends
Growing awareness among people regarding the high nutritional value of hemp such as its strong protein and fatty acid profile will drive its use. The high absorbency rate of hemp has proven to be beneficial for livestock bedding, application in personal hygiene solutions, and oil and gas cleanup.
Notably, the products manufactured from hemp are sustainable, renewable, and linked to less harmful methods of preparation. This has proven to be beneficial in adopting environmentally friendly cultivation habits, an effort being widely supported by governments across the globe. For instance, paper manufactures from hemp fiber requires relatively lower chemicals for processing when compared to paper which is made from wood pulps. Hence, consciousness regarding the product benefits will continue to boost the industry growth.
The coronavirus pandemic adversely affected brick-and-mortar enterprises, compelling them to shift their sale to digital platforms, leading to a considerable supply and demand imbalance for hemp-based products. Hence most of the hemp-based products could be purchased from reliable websites and in certain cases, hemp product sellers are now dealing through their online platforms.
In line with the above, it is important to understand that the expanded legalization of hemp in key nations like the U.S. has complemented the global industrial hemp market expansion throughout the epidemic.
Industrial Hemp Market Segmentation
Million Insights has segmented the global industrial hemp market report on the basis of product, application, and region:
Industrial Hemp Market - Product Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
Industrial Hemp Market - Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
- Animal Care
- Food & Beverages
- Construction Materials
- Personal Care
Industrial Hemp Market - Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Companies in the Industrial Hemp Market
- Parkland Industrial Hemp Growers Cooperative Ltd.
- CBD Biotechnology Co.
- Botanical Genetics, LLC
- Marijuana Company of America, Inc.
- 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 Industries Operations
- Valley Bio Ltd.
Check out more latest studies published by Million Insights:
- Carbon Dioxide Market - The global carbon dioxide market size is projected to grow by USD 6.83 billion by 2030. It is considered one of the various greenhouse gases which are responsible for the warm atmosphere required to sustain life on earth. The rising demand for carbon dioxide, especially in the food and beverages, and medical industries for Enhanced Oil Recovery (EOR) is a driving factor for the market expansion during the forecast period.
- Medical Foods Market - The global medical foods market size is anticipated to be worth USD 33.5 billion by 2030 and exhibit a 5.2% CAGR. Factors expected to propel this growth during the forecast period are the prevalence of communicable and non-communicable disorders as well as a rise in the dietary management of these diseases. Medical foods provide nutritional benefits as a part of dietary management to overcome diseases, which is intended to boost the demand for medical foods.
- Preclinical CRO Market - The global preclinical CRO market size was valued at USD 4.87 billion in 2021 and is projected to reach USD 9.67 billion by 2030, expanding at a CAGR of 7.9%. The growth in outsourcing opportunities for preclinical CRO services, in addition to early research activities during the drug discovery process, are two major factors primarily determining the market preclinical CRO market growth. The market is also predicted to witness profitable growth in the forthcoming years.
- Hand Sanitizer Market - The global hand sanitizer market size is expected to reach USD 10.84 billion by 2030, progressing steadily at a CAGR of 6.8% from 2022 to 2030. Although hand sanitizers have been around for a significant period and have been used extensively, it is during the past two years, during the coronavirus pandemic, that their usefulness has been highlighted in maintaining hygiene. In this period, this product has become an essential commodity that is carried by individuals wherever they go.
- Viral Vectors And Plasmid DNA Manufacturing Market - The global viral vectors and plasmid DNA manufacturing market size is forecasted to reach USD 11.2 billion by 2030, registering a CAGR of 14.7% from 2022 to 2030. A viral vector is an apparatus used to deliver genetic material in cells. A virus has an exceptional mechanism to transport the DNA in the cells that they infect. Specific viral vectors including adenovirus, retrovirus, simplex herpes virus, lentivirus, and others can be deployed to deliver genetic material onto the genomic cell composition.
Explore more Market Research Reports by Million Insights, for industry specific reports that provide real-time market trends and forecasts, by condensing the integral elements from our industry reports into bite-sized paragraphs, charts, and tables.
About Million Insights:
Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.