Industrial Hemp: Market Definition
Industrial Hemp, a variety of cannabis, is also known as Hemp or non-drug cannabis as doesn’t exhibit any of the psychoactive property as its cousin marijuana. Industrial hemp is an annual plant and is cultivated in over 30 countries across the globe. Industrial hemp is cultivated for its seeds and stalk which are used widely across various industrial sectors. Seeds of Industrial hemp are used widely by the food and personal care sector as well as by paint and chemical industry. The stalks of industrial hemp as used for production bast fiber and hurd fiber. The bast fiber is extensively utilized by the consumer as well as technical textile industries. The hurd fiber finds its application in construction, paper, and automotive industry.
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Industrial Hemp: Market Outlook
The global industrial hemp market is expected to exhibit an attractive absolute dollar incremental opportunity of about US $ 12,949.9 Mn in 2027 over 2018. The Hemp CBD segment is expected to exhibit the highest CAGR across all the segments in the global industrial hemp market. North America is expected to be the most attractive market over the forecast period, followed by key regions such as Europe and the Asia Pacific.
By the product type, the seeds segment is expected to dominate the industrial hemp in the terms of value as well as volume attributing to increasing demand from hemp-based food as well as for hemp seed oil from paint and personal care industry. The fiber segment is expected to grow at a rapid pace in industrial owing to the increasing application and rising innovation from the automotive and textile industry.
In the global industrial hemp market, by end use, the hemp CBD followed by food and beverage segment is expected to dominate the market and exhibit the highest CAGR. The increasing demand for hemp CBD from healthcare and wellness sector for properties of CBD to treat anxiety as well as multiple health-related issues. The food sectors extensive used industrial hemp for salad dressing and cooking as well as for snack food in order to reap the highly nutritional benefits. Industrial hemp is used as a durable and cost-efficient source of fiber by the textile and automotive industry.
Among the nature segments in the global Industrial Hemp market, the conventional segment is expected to dominate in terms of volume, over the other segments, attributing to its lower price as well as easy accessibility in the various region across the globe. The preference for an organic segment is growing in developed and developing countries along with on-going Organic trend as well as increased spending capacity of the consumers. The organic segment is expected to show robust growth during the forecast period.
Industrial Hemp Market: Drivers and Restraints
Industrial hemp is an annual crop and shows its application extensively wide range of products. Rising population, changing lifestyle as well as increasing disposable income, have led to increasing in demand for sustainable as well as high-quality personal care and cosmetics, supplements and high nutritive food products prove to be the prominent driver for industrial hemp market. The increasing tendency of consumers to opt for products made from natural ingredients is driving the industrial hemp market.
Industrial hemp has used the production of paper, plastic as well as fiber material which is potentially used to replace environmentally harming products like tree paper, plastics material. The rising concern about the environment is driving consumers to opt for products made with renewable material like industrial hemp. Industrial Hemp shows its application as a durable and cost-efficient as well as carbon neutral alternative to insulation material used in various automotive as well as construction. The ever-increasing automobile as well as the construction industry, directly increases the demand for industrial hemp, hence driving the global industrial hemp market in a positive way. With the rising awareness along with an increasing number of applications almost in every sector, the demand for industrial hemp is expected to rise in robustly over the forecast period.
Erratic production and supply of raw material due the change in climate or other environmental factors is one the restraints industrial hemp market. The major production of industrial hemp comes from like 3-5 countries, any change policies or lawsuits about the production of industrial hemp in these regions can directly have a negative effect on the industrial hemp market.
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Industrial Hemp Market: Regional Outlook
By region, the global Industrial Hemp is segmented as North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. Europe and the Asia Pacific are currently the dominant players in the global industrial hemp market. The suitable environmental conditions and appropriate government policies along with a continuously rising demand for industrial hemp-based products from various sectors is fuelling the demand for industrial hemp largely in Europe and the Asia Pacific. However, despite unfavorable lawsuits about growing of industrial hemp in the United States of America, the North America region is expected to dominate the global industrial hemp market in over the forecast period.
Owing to all the factors above, the global Industrial Hemp market is expected to grow positively in terms of volume and value over the forecast period.