As per the published report, the global industrial hemp market size is estimated to touch USD 15.26 billion by 2027. It is expected to develop by 15.8% CAGR in the period of forecast.
Rising inclination for the biodegradable products in thermal insulation, along with increasing usage of the product as substitute for the glass fiber, is estimated to power the expansion of the market.
Growing first choice of the customers for the environmentally friendly buildings, due to the rising pollution of the surrounding, is projected to push the demand for hemp centric material for construction in the near future. Uprising utilization of the hemp concrete, a concrete manufactured using lime-stone and shives, particularly in Europe, is anticipated to additionally boost the demand for industrial hemp, for the duration of the forecast.
The progress of the market is likely to be pushed by the factors, like escalation in the population, along with increasing disposable income, causing to an augmented demand for the premium class personal care and cosmetic products. The growth in the range of applications of hemp in the automobile manufacturing is estimated to; additionally impel the expansion of the industrial hemp market.
The factors like increasing alertness about the nutritional advantages of the hemp oil and seed, together with increasing demand from the manufacturing companies of personal care and cosmetics products for the manufacturing of bath gels, soaps, shampoo and additional such kind of products, is estimated to impel the progress. The usage of hemp oil in body and hand lotions as well as UV skin protectors, due to the proportionate and superior content of fatty acid of hemp, is likely to outpour the demand for industrial hemp.
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Further key findings from the report suggest:
• Terra Tech Crop and Parkland Industrial Hemp Growers Co operative Ltd. is a few key companies, concerned with the R&D actions, to grow unusual types of industrial hemp.
• In 2019, the animal care business held 14.9% share of the revenue, due to the increasing utilization of hemp leaves and shives in bedding for the animals, owing to its possessions of minimal dust that makes it extremely helpful for those animals, facing problem of respiration.
• As a result of the wide ranging functions of the product in nutritional supplements, pharmaceuticals and additional remedial products, seeds sector held 27.3% share by value, in 2019.
• On account of the corroboration of hemp production along with the increasing demand in the personal care, cosmetics and food & supplements, the North American market for industrial hemp is estimated to develop by 20.4% CAGR, during the period of the forecast.
• The requirement for industrial hemp in personal care products manufacturing is anticipated to increase by 18.8% CAGR by revenue, for the period of the forecast, since it decreases discomfort of the skin, by way of re-establishing the injured or dry skin, along with soothing.
Million Insights segmented the global industrial hemp market based on Application, Product, and Region.
Industrial Hemp Product Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Industrial Hemp Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• Animal Care
• Food & Beverages
• Construction Materials
• Personal care
Industrial Hemp Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
The industrial hemp market is disorganized and enormous in kind, plus has the existence of a substantial number of service resources and the manufacturers. Predominantly, the companies spend on developing a variety of products from industrial hemp, similar to the materials for the construction and automobile manufacturing, energy bars, personal care products, food & beverage products, protein powders as well as oil.