The global Industrial Hemp market size is expected to be worth around US$ 15.25 billion by 2027, according to a new report by Vision Research Reports.
The global Industrial Hemp market size was valued at US$ 4.70 billion in 2019 and is anticipated to grow at a CAGR of 15.7% during forecast period 2020 to 2027.
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The market is driven by the growing demand for hemp oil and fibers in the automotive, construction, food and beverage, personal care, and textile industries; especially in emerging regions such as the Asia Pacific. Rising demand for oil paints, varnishes, printing inks, fuel, solvents, chain-saw lubricants, putty, and coatings is expected to further propel the product demand. In addition, growth in the investment for the production of hemp-based products is expected to drive the market growth.
Rising consumer preference for green buildings owing to increasing environmental pollution is expected to drive the demand for hemp-based construction materials in the forthcoming years. In addition, rising consumption of hempcrete – a concrete made from shives and lime-in Europe is expected to further propel the demand for industrial hemp over the forecast period.
Report HighlightsSeeds segment accounted for 27.2% of the value share in 2019 owing to the extensive application of the product in pharmaceuticals, nutritional supplements, and other medicinal and therapeutic products The demand for industrial hemp in the personal care industry is expected to expand at a CAGR of 18.7% in terms of revenue from 2020 to 2027 as it reduces skin discomfort by soothing and restoring dry or damaged skin The animal care industry accounted for 14.8% of revenue share in 2019 owing to the growing consumption of hemp shives and leaves in animal bedding due to its low dust properties which makes it highly beneficial for animals facing respiratory issues The North America industrial hemp market is expected to expand at a CAGR of 20.3% from 2020 to 2027 in terms of value owing to the legalization of hemp production coupled with the rising demand in the food and supplements, cosmetics, and personal care industries
Parkland Industrial Hemp Growers Cooperative Ltd. (PIHG), CBD Biotechnology Co., Ltd., Botanical Genetics, LLC.
Industrial Hemp Product OutlookSeeds Fiber Shives
Industrial Hemp Application OutlookAnimal Care Textiles Automotive Furniture Food & Beverages Paper Construction Materials Personal care Other
Industrial Hemp Regional OutlookNorth America U.S. Canada Europe U.K. Germany France Asia Pacific China India Japan Central & South America Brazil Middle East & Africa
In this study, the years considered to estimate the market size of Industrial Hemp are as follows:Historic Year: 2016-2019 Base Year: 2020 Forecast Year 2020 to 2027
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