Industrial Hemp Market Soars: Allied Market Research Report Reveals $18.6 Billion Growth by 2027
Allied Market Research forecasts a robust CAGR of 22.4% for the industrial hemp market, driven by diverse applications in food, textiles, and personal care.
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, July 2, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, โIndustrial Hemp Market by Type, Application, and Source: Opportunity Analysis and Industry Forecast, 2021โ2027,โ The global industrial hemp market size was valued at $4.9 billion in 2019, and is projected to reach $18.6 billion by 2027, registering a CAGR of 22.4% from 2021 to 2027.
๐๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ @ https://www.alliedmarketresearch.com/request-sample/A08684
๐๐ฑ๐๐ข๐ญ๐ข๐ง๐ ๐๐๐๐๐ซ ๐๐ฅ๐๐ซ๐ญ! ๐ ๐๐๐ญ ๐ ๐๐๐ฌ๐ฌ๐ข๐ฏ๐ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ ๐จ๐ง ๐๐จ๐ฎ๐ซ ๐๐๐ฑ๐ญ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐! ๐๐ฎ๐ฒ ๐ง๐จ๐ฐ ๐๐ง๐ ๐ญ๐๐ค๐ ๐๐๐ฏ๐๐ง๐ญ๐๐ ๐ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ฅ๐ข๐ฆ๐ข๐ญ๐๐-๐ญ๐ข๐ฆ๐ ๐จ๐๐๐๐ซ. ๐๏ธ
The industrial hemp market is currently experiencing a high growth stage with an accelerating pace. It is characterized by high competitiveness due to the presence of numerous domestic and international players. The market's growth potential is fueled by increasing demand from various key application industries such as personal care, food, hemp CBD, consumer textiles, and others.
Research and development activities aimed at developing genetically enhanced industrial hemp products and variants are contributing to higher yields and improved product quality. This innovation is expected to positively impact commercial industrial hemp production and further drive market growth over the forecast period.
๐๐๐๐ซ๐ค๐๐ญ ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ: ๐๐ง๐ฏ๐๐ข๐ฅ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ
The global market is witnessing a surge in growth propelled by burgeoning demand across various industries including personal care, recycling, agriculture, automotive, textiles, furniture, food & beverage, paper, and construction materials. This upsurge is primarily attributed to the escalating utilization of products within diverse end-use sectors, consequently fostering heightened cultivation and trade of hemp worldwide.
China has emerged as a formidable producer and exporter of industrial hemp, closely trailed by Canada and France. The mounting adoption of hemp, particularly in textile and medical applications, is poised to significantly augment its demand on a global scale. However, the production landscape of industrial hemp and its derivatives grapples with multifaceted challenges, chiefly stemming from stringent governmental drug policies and apprehensions regarding their impact on the illicit marijuana market.
The increasing recognition of the dietary benefits offered by hempseed and hempseed oil, coupled with robust demand from the cosmetics and personal care industries, is expected to underpin market expansion. Notably, the rising production of a myriad of hemp-derived products, spanning from soaps, shampoos, and bath gels to UV skin protectors and massage oils, is poised to exert a significant influence on market growth trajectory.
The demand for hemp products continues to surge, buoyed by their high nutritional value and favorable fatty acid and protein profiles. The remarkable absorbency of hemp fiber finds diverse applications in livestock bedding, oil & gas cleanup, and personal hygiene products, further accentuating market growth. Furthermore, the escalating demand for hemp-based products in textile, paper, and construction materials markets is fueled by their commendable acoustic and aesthetic properties. Notably, products derived from hemp are esteemed for their eco-friendliness, renewability, and association with less deleterious preparation methods, thereby amplifying awareness and fostering market expansion.
๐๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ญ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ @ https://www.alliedmarketresearch.com/purchase-enquiry/A08684
๐ก๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐๐ญ ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ
Hemp seeds emerge as the frontrunner in the market, commanding a substantial revenue share of over 29.97% globally in 2023. Widely embraced in the food and nutraceutical sectors, hemp seeds are integral in the production of seed, oil, and food matter. The escalating utilization of hemp oil seed across various segments including personal care, food & beverages, animal feed, and pharmaceuticals is anticipated to fuel market growth. Moreover, the rising demand from diverse application sectors is expected to propel the seeds market over the forecast period.
Hemp fibers find extensive usage across an array of industries encompassing paper, carpeting, home furnishing, construction materials, auto parts, and composites. The adoption of hemp shivs, costing half the value of fibers, is notably prevalent in animal bedding materials due to their remarkable absorbance capacity. This factor, coupled with their diverse applications across industries, is poised to drive market growth in the coming years.
๐ก๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง๐ญ๐จ ๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง ๐๐ซ๐๐ง๐๐ฌ
Textile applications emerged as the dominant segment in 2023, fueled by the inherent strengths of hemp fabric including its strength, hypo-allergic nature, and natural resistance to UV light, mold, and mildew. The ability to blend hemp with other fabrics such as cotton or linen further enhances its appeal, driving its utilization across various textile applications. Additionally, the burgeoning demand for hemp seeds in animal nutrition, particularly in bird and fish feed markets, is expected to bolster overall market growth.
Hemp oil finds extensive application in the food & beverage sector owing to its rich nutritional content, including fatty acids and proteins. The increasing incorporation of hemp seeds and oil in various food manufacturing processes is slated to propel market growth, further bolstered by heightened consumer awareness regarding their benefits. Additionally, the burgeoning utilization of hemp oil in insulation and construction materials is anticipated to contribute significantly to market expansion.
๐ก๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง๐ญ๐จ ๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ
Asia Pacific emerges as a key consumer of industrial hemp, commanding a revenue share of over 33% in 2023. Nations such as China, India, Japan, Korea, Australia, New Zealand, and Thailand are actively engaged in the production and consumption of industrial hemp and its derivatives. Advancements in harvesting technologies coupled with increasing global demand are reshaping the landscape of hemp production in the region. Furthermore, the rising consumption of hemp-based food products and supplements, particularly in developing economies with burgeoning geriatric populations, is expected to drive market growth in the region.
๐๐๐๐ฒ ๐
๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ
Type-wise, the hemp oil segment emerged as the primary driver of the global market in 2019, a trend anticipated to persist throughout the forecast period.
In terms of application, the personal care products segment secured the highest share of industrial hemp market growth in 2019 and is forecasted to grow at a remarkable CAGR of 19.6% from 2021 to 2027.
Regarding the source, the conventional segment spearheaded global demand in 2019, a trend poised to endure throughout the industrial hemp market forecast period.
Regionally, Asia-Pacific seized the highest share of the industrial hemp market in 2019, with expectations of growing at an impressive CAGR of 20.4%.
๐๐๐๐ค๐ ๐ ๐๐ข๐ซ๐๐๐ญ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ @ https://www.alliedmarketresearch.com/industrial-hemp-market/purchase-options
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- ๐๐๐ฆ๐ฉ๐๐จ ๐
๐จ๐จ๐ ๐๐ง๐ ๐
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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