Global Industrial Hemp Market Size Forecasted to Reach USD 16.06 Billion By 2030
The report “Industrial Hemp Market Share, Size, Trends, Industry Analysis Report, By Product (Seeds, Fiber, Shives); By Type; By Source; By Application (Animal Care, Textiles, Automotive, Furniture, Food & Beverages, Paper, Construction Materials, Personal Care, Others); By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global industrial hemp market size is expected to reach USD 16.06 billion by 2030, according to a new study by Polaris Market Research.
Factors propelling the market growth include its benefits for bio-based fabrics, biofuel application, expansion application in the food sector, and manufacturing programs. Hemp fabric is very absorbing, mold-resistant, insulated, and resistive to harmful UV radiation. It delivers long-lasting solutions with consistently high quality and softness when combined with fabrics such as silk, linen, and cotton. Demand for hemp fabrics is predicted to rise as the spectrum of bio-based fabrics for manufacturing applications such as pools and geotextiles expands.
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Further, the significant players focus on the launches of hemp programs to assist farmers in boosting their growth. Mississippi lawmakers agreed to legalize such hemp in June 2020. In May 2021, Hemp, Inc. stated that the Mississippi Industrial Hemp Association would establish a pilot program to assist its farmers in growing hemp lawfully. Farmers will also have access to information such as seeds and equipment and assistance with processing and distribution. Thus, these factors are boosting market growth.
Based on the type, the hemp fiber segment accounted for the leading share in the market in 2021. Hemp fiber is widely used in textile, pulp, and paper industries due to its longer and more durable fibers than cotton. Furthermore, as renewable source material, its use is expanding in various industries, including building, animal bedding, agriculture, furniture, and automobiles. Furthermore, its use in the production of biofuels and bioplastics is likely to enhance its demand in the coming years.
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Top Market Players
Market players such as American Hemp, American Cannabis Company, Inc., Bombay Hemp Company, Botanical Genetics, LLC, Boring Hemp Company, Dun Agro Hemp Group, CBD Biotechnology Co., Ecofiber Industries Operations, Hemp, Inc., Global Hemp Group Inc., HempFlax Group BV, Industrial Hemp Manufacturing, LLC, HempMeds Brasil, Marijuana Company of America Inc., Terra Tech Corp., Parkland Industrial Hemp Growers Cooperative Ltd., North American Hemp & Grain Co. Ltd., Plains Industrial Hemp Processing Ltd., and Valley Bio Limited., are some key players operating in the global market.
In July 2021, Delta Agriculture, the country’s leading manufacturing producer and manufacturer of raw hemp products, announced the introduction of its hemp fiber line, signaling its transformation from a hemp flower production leader to a comprehensive manufacturing hemp supplier.
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Polaris Market Research has segmented the industrial hemp market report based on product, type, source, application, and region:
Industrial Hemp, Product Outlook (Revenue – USD Billion, 2018 – 2030)
Industrial Hemp, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Seed Oil
- Cannabidiol (CBD) Oil
Industrial Hemp, Source Outlook (Revenue – USD Billion, 2018 – 2030)
Industrial Hemp, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Animal Care
- Food & Beverages
- Construction Materials
- Personal Care