Industrial Hemp Market Size To Grow USD 12.98 bn by 2025 | COVID-19 impact included


Industrial Hemp Market Size (2020 to 2025)

As per the report published by Market Data Forecast, the size of the global industrial hemp market is forecasted to be growing at a CAGR of 13.7% between 2020 to 2025 and worth USD 12.98 Billion by 2025.

Industrial hemp is from the Cannabis sativa plant species and has been used to globally manufacture a range of industrial and consumer products. While all three products contain tetrahydrocannabinol (THC), a compound that causes psychoactive effects in humans, the variety of cannabis grown for cannabis has only small THC amounts compared to that developed for the manufacture of marijuana or hashish. The hemp used to be one of the most common crops globally, even though the government encouraged farmers to grow it in the USA. In 1942, a film titled “Hemp for Victory” was released by the US government, discussing the various uses of the plant and encouraging the agricultural sector of the nation to cultivate as much of it as they could as part of the war efforts. The plant is easy to operate and used in several applications, including animal bedding, stock fodder, fiberboard, ropes and cordage, bio-plastics, concrete (hempcrete) type, clothing and textiles, insulation, bio-plastics, cooking oil, biofuel, food for human consumption, water filters. Another very relevant cosmetics and skincare, hemp use, is a cannabinoid called cannabidiol (CBD). At the same time, only true hemp is produced by the hemp plant. These include Indian hemp, Mauritius hemp, and sunn hemp. Hemp has been an important crop for food, fiber, and medicine throughout human history.

MARKET DRIVERS:

Increased use of hemp-based products is related to the growth of this market due to their numerous health benefits and increased incidences of diseases such as epilepsy and other sleep disorders. Increased legalization of industrial hemp cultivation in many countries generated greater awareness of the benefits of industrial hemp and growing use of industrial hemp in various industries such as textiles, pharmaceuticals, food, beverage, personal care, construction & materials, furniture, and paper is expected to drive the industrial hemp market. Hemp is a source of fiber and oilseed cultivated in over 30 nations. The output is limited in the United States under drug enforcement laws. The manufacturer must receive a permit from the Drug Enforcement Agency to cultivate industrial hemp in the U.S. (DEA). Growing demand for hemp oil and fibers in the automotive, construction, food and beverage, personal care, and textile industries drives the market, especially in emerging regions such as the Asia Pacific. The United States is the largest importer of hemp products, with the bulk of its seed and fiber being sourced from Canada and China.

Additionally, innovations in studying cannabis genetics by draft genome papers, transcriptome sequencing, quantitative trait mapping, and genetic comparisons between hemp and marijuana have been seen in recent years. Hemp has emerged as a source of non-hallucinogenic therapeutic phytocannabinoids (e.g., CBD) with distinct properties from marijuana, although historically a fiber and grain crop. To treat different medical conditions, dozens of clinical trials are now exploring anecdotal applications of CBD.

MARKET RESTRAINTS:

However, it is projected that the complex regulatory framework for the use of industrial hemp in various countries will impede the growth of industrial hemp in the market.  In the U.S. hemp industry, there are three main federal regulatory agencies involved: the U.S. The Department of Agriculture (USDA), the Administration of Food and Drugs (FDA), and the Agency for Environmental Protection (EPA). None of these organizations have released hemp industry regulations to date. The growth of the industry remains limited as a result. Although there is a rise in demand for hemp products in the United States, many people still negatively view hemp. Many customers, regulators, and law enforcement officials also claim that cannabis is the same or somewhat similar to cannabis. Many of the challenges in the hemp industry today go back to the lack of hemp-related legislation and the misperceptions surrounding it, and this includes financial barriers faced by hemp businesses. These are the restricting factors for the industrial hemp market.

Impact of COVID-19 on the Industrial Hemp Market:

China, Canada, and France are the main manufacturers, and the U.S. is one of the largest importers of industrial cannabis. The industrial hemp industry is adversely impacted due to the lockdown of transport of these products stopped worldwide. COVID-19 has driven several countries that have impacted several industries and their economies to place restrictions on healthcare areas. The need for industrial hemp and fibers in some areas, such as biofuel, clothing & textile industries, is still rising in the COVID-19 pandemic. The Covid-19 outbreak impacts the price, supply chain, and lack of awareness are affected by the industrial hemp market. It is affected by social distancing and lockdown in 2020 on retail food products, clothes. Still, the e-commerce sector is increasing sales through online distribution of the products and is expected to increase growth in the forecast period.

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This research report on the global industrial hemp market has been segmented and sub-segmented based on the type, application, and region.

Industrial Hemp Market – By Type:

Hemp seed
Hemp seed oil
CBD hemp oil
Hemp fiber

Industrial Hemp Market – By Application:

Food
Snacks & cereals
Soup, sauces, and seasonings
Bakery
Dairy & frozen desserts
Others (cold cereals, pasta, chocolate spreads, and pet food)

Beverages
Hot beverages
Sports & energy drinks
Ready to drink
Others (meal replacement drinks, beverage mixes, beverage concentrates, and juice drinks)

Personal care products
Textiles
Pharmaceuticals
Others (paper, automobiles, construction & materials, furniture, and pet food)

Industrial Hemp Market – By Region:

North America
Europe
Asia Pacific
Latin America
The Middle East and Africa

Hemp is an extremely diverse crop that can contribute to the markets for seed/oil, fiber, and medicinal products. The global demand for hemp-based products is projected to double by 2021, mainly due to growth in the US market. The hemp industry is growing rapidly, but as long as regulations are unclear and misperceptions exist, the industry and the companies working within it will not have the ability to expand to their fullest potential. Through conventional plant breeding, many essential crop improvements can be achieved. However, studies to elucidate the underlying biology of the development of hemp seeds, fiber, and metabolites are lacking. In the food supply chains, hemp remains a niche crop, making it prohibitively costly as a feedstock in biodiesel manufacture. The cost of producing hemp oil and consequently hemp biodiesel could be improved by legalization and increased hemp oil production. In the global industrial hemp market, North America is expected to surpass Europe and the Asia Pacific during the forecast period, owing to growing awareness, increased demand for hemp-based products, and changing government policies in the region.

Some of the major market players in the global industrial hemp market are Parkland Industrial Hemp Growers Cooperative Ltd. (PIHG), Botanical Genetics, LLC, CBD Biotechnology Co., Ltd., Hempco Food and Fiber Inc, Hemp Inc., Ecofibre, HempFlax BV, GenCanna, Hempro International, Cavac Biomateriaux, Hemp Foods Australia, Marijuana Company of America Inc. Hemp Sense Inc., Agropro, North American Hemp & Grain Co. Ltd., Hemp Production Services Inc., Manitoba Harvest Hemp Foods, etc.

This report can be customized as per your requirements; talk to our analysts’ team @ https://www.marketdataforecast.com/market-reports/industrial-hemp-market/customization

List of Tables and Figures of the report:

Global Industrial Hemp Market, By Region, From 2020 to 2025 (USD Million)
Global Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Global Hemp seed Market, By Region, From 2020 to 2025 (USD Million)
Global Hemp seed oil Market, By Region, From 2020 to 2025 (USD Million)
Global CBD hemp oil Market, By Region, From 2020 to 2025 (USD Million)
Global Hemp Fiber Market, By Region, From 2020 to 2025 (USD Million)
Global Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Global Food Market, By Region, From 2020 to 2025 (USD Million)
Global Beverages Market, By Region, From 2020 to 2025 (USD Million)
Global Personal care products Market, By Region, From 2020 to 2025 (USD Million)
Global Textiles Market, By Region, From 2020 to 2025 (USD Million)
Global Pharmaceuticals Market, By Region, From 2020 to 2025 (USD Million)
Global Others (paper, automobiles, construction & materials, furniture, and pet food) Market, By Region, From 2020 to 2025 (USD Million)
North America Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
North America Hemp seed Market, By Region, From 2020 to 2025 (USD Million)
North America Hemp seed oil Market, By Region, From 2020 to 2025 (USD Million)
North America CBD hemp oil Market, By Region, From 2020 to 2025 (USD Million)
North America Hemp fiber Market, By Region, From 2020 to 2025 (USD Million)
North America Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
North America Food Market, By Region, From 2020 to 2025 (USD Million)
North America Beverages Market, By Region, From 2020 to 2025 (USD Million)
North America Personal care products Market, By Region, From 2020 to 2025 (USD Million)
North America Textiles Market, By Region, From 2020 to 2025 (USD Million)
North America Pharmaceuticals Market, By Region, From 2020 to 2025 (USD Million)
North America Others (paper, automobiles, construction & materials, furniture, and pet food) Market, By Region, From 2020 to 2025 (USD Million)
United States Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
United States Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Canada Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Canada Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Europe Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Europe Hemp seed Market, By Region, From 2020 to 2025 (USD Million)
Europe Hemp seed oil Market, By Region, From 2020 to 2025 (USD Million)
Europe CBD hemp oil Market, By Region, From 2020 to 2025 (USD Million)
Europe Hemp Fiber Market, By Region, From 2020 to 2025 (USD Million)
Europe Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Europe Food Market, By Region, From 2020 to 2025 (USD Million)
Europe Beverages Market, By Region, From 2020 to 2025 (USD Million)
Europe Personal care products Market, By Region, From 2020 to 2025 (USD Million)
Europe Textiles Market, By Region, From 2020 to 2025 (USD Million)
Europe Pharmaceuticals Market, By Region, From 2020 to 2025 (USD Million)
Europe Others (paper, automobiles, construction & materials, furniture, and pet food) Market, By Region, From 2020 to 2025 (USD Million)
K. Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
K. Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Germany Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Germany Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
France Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
France Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Italy Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Italy Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Spain Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Spain Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Asia Pacific Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Asia Pacific Hemp seed Market, By Region, From 2020 to 2025 (USD Million)
Asia Pacific Hemp seed oil Market, By Region, From 2020 to 2025 (USD Million)
Asia Pacific CBD hemp oil Market, By Region, From 2020 to 2025 (USD Million)
Asia Pacific Hemp fiber Market, By Region, From 2020 to 2025 (USD Million)
Asia Pacific Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Asia Pacific Food Market, By Region, From 2020 to 2025 (USD Million)
Asia Pacific Beverages Market, By Region, From 2020 to 2025 (USD Million)
The Asia Pacific Personal care products Market, By Region, From 2020 to 2025 (USD Million)
Asia Pacific Textiles Market, By Region, From 2020 to 2025 (USD Million)
Asia Pacific Pharmaceuticals Market, By Region, From 2020 to 2025 (USD Million)
Asia Pacific Others (paper, automobiles, construction & materials, furniture, and pet food) Market, By Region, From 2020 to 2025 (USD Million)
Japan Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Japan Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
China Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
China Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
India Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
India Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Australia Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Australia Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
South Korea Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
South Korea Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Latin America Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Latin America Hemp seed Market, By Region, From 2020 to 2025 (USD Million)
Latin America Hemp seed oil Market, By Region, From 2020 to 2025 (USD Million)
Latin America CBD hemp oil Market, By Region, From 2020 to 2025 (USD Million)
Latin America Hemp fiber Market, By Region, From 2020 to 2025 (USD Million)
Latin America Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Latin America Food Market, By Region, From 2020 to 2025 (USD Million)
Latin America Beverages Market, By Region, From 2020 to 2025 (USD Million)
Latin America Personal care products Market, By Region, From 2020 to 2025 (USD Million)
Latin America Textiles Market, By Region, From 2020 to 2025 (USD Million)
Latin America Pharmaceuticals Market, By Region, From 2020 to 2025 (USD Million)
Latin America Others (paper, automobiles, construction & materials, furniture, and pet food) Market, By Region, From 2020 to 2025 (USD Million)
Brazil Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Brazil Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Argentina Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Argentina Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Mexico Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Mexico Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Rest of Latin America Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Rest of Latin America Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
The Middle East and Africa Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
The Middle East and Africa Hemp seed Market, By Region, From 2020 to 2025 (USD Million)
The Middle East and Africa Hemp seed oil Market, By Region, From 2020 to 2025 (USD Million)
The Middle East and Africa CBD hemp oil Market, By Region, From 2020 to 2025 (USD Million)
The Middle East and Africa Hemp Fiber Market, By Region, From 2020 to 2025 (USD Million)
The Middle East and Africa Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
The Middle East and Africa Food Market, By Region, From 2020 to 2025 (USD Million)
The Middle East and Africa Beverages Market, By Region, From 2020 to 2025 (USD Million)
The Middle East and Africa Personal care products Market, By Region, From 2020 to 2025 (USD Million)
The Middle East and Africa Textiles Market, By Region, From 2020 to 2025 (USD Million)
The Middle East and Africa Pharmaceuticals Market, By Region, From 2020 to 2025 (USD Million)
The Middle East and Africa Others (paper, automobiles, construction & materials, furniture, and pet food) Market, By Region, From 2020 to 2025 (USD Million)
Middle East Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Middle East Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)
Africa Industrial Hemp Market, By Type, From 2020 to 2025 (USD Million)
Africa Industrial Hemp Market, By Application, From 2020 to 2025 (USD Million)

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