At 16.27% CAGR, Industrial Hemp Market Accounted for USD 3.91 Bn in 2020 says Brandessence Market Research

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Industrial Hemp Market: An Overview

While marijuana based products have fuelled certain frenzy for hemp production, these estimates also remain misleading. On one hand, due to economic downturn, marijuana sales have not soared as high as initial estimates. Moreover, conventional uses of industrial hemp including textiles, paper, rope, clothing, plastics, paint, biofuel, insulation, food, and animal feed. Increasingly industrial hemp is also used in construction materials, body care cosmetics, among others. It is also believed that traditional use of hemp was common in medicine across Asia Pacific, and other regions. Moreover, the prohibition on hemp items resulted in destruction of ancient knowledge in relation to the use hemp products. Despite tremendous damage to its reputation, hemp seed is commonly acknowledged as a good source of protein, fat, and fiber, with high nutritional value. Similarly, traditional oriental medicine also deployed hemp to treat and prevent ailment for thousands of years. The growing interest of hemp in key food categories like nutraceuticals is expected to soar hemp market growth during 2021-2028 period. The growing demand for hemp products to treat depression remains a major driver along with several other key medicinal industrial hemp benefits. 

The USDA also announced crop-insurance, and incentives like farm loans for hemp market growth. This resulted in major oversupply, amidst a historic downturn in the economy. however, the USDA and industry experts believe the hemp market forecast remains optimistic. For example, the USDA noted that in 2014, acreage hemp production remained zero in most parts of the US, while it increased to nearly 90,000 acres in 2018. Similarly, licensed hemp growers were no more than 300 in 2014, which increased to over 3,500 by 2018.

Segmentation Analysis of Industrial Hemp Market

By Product

By Application

Industrial Hemp Market: Competitive Analysis 

The industrial hemp market is a fragmented, competitive, and innovative landscape. As industrial hemp production becomes a new possibility for growth, experimentation with hemp produced food products, cosmetics, construction material continues to grow. Some key players in the industrial hemp market are CBD Biotechnology Co, Marijuana Company of America Inc, Botanical Genetics, LLC,  Terra Tech Corp, American Cannabis Company, Inc., LLC Marijuana Company of America Inc. HempMeds Brasil Terra Tech Corp, LLC American Hemp Hemp ,Parkland Industrial Hemp Growers Cooperative Ltd., Botanical Genetics, Inc, HempFlax B.V. Industrial Hemp Manufacturing, Boring Hemp Company Plains Industrial Hemp Processing Ltd. Ecofiber Industries Operations Valley Bio Limited

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Industrial Hemp Market: Key Trends

Industrial Hemp Market: Regional Analysis

The industrial hemp market promises robust forecast in North America region. This region is expected to witness highest growth during the forecast period. The legalization of marijuana remains a promising horizon in this market; with growing number of individuals in the US remain optimistic about its recreational use. Furthermore, growing research into industrial hemp uses including medicinal, Nutraceuticals, food, and cosmetic products.

The demand for industrial hemp in regions like Asia pacific also remains robust. Asia Pacific is home to various regional herbs and promises robust growth for natural food based ingredients. The growing demand for industrial hump in the region with its large population remains a bright spot in industrial hemp projections.

North America

Europe

Asia-Pacific

South America

Middle East and Africa

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