NEW YORK , Aug. 13, 2024 /PRNewswire/ -- The global industrial hemp market size is estimated to grow by USD 13.90 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of over 25.25% during the forecast period. High demand from the textile industry is driving market growth, with a trend towards growing strategic collaboration, partnership, and M and A.
However, challenges associated with the production of hemp poses a challenge. Key market players include Aurora Cannabis Inc., Bombay Hemp Co.
Pvt. Ltd., Boring Hemp Co.
, Canopy Growth Corp., Charlottes Web Holdings Inc., CV Sciences Inc.
, Deep Nature Project GmbH, Dun Agro Hemp Group, Ecofibre Ltd., Elixinol Wellness Ltd., GFR Ingredients Ltd.
, Hanma Investment Group Co. Ltd., Hemp Horizons Private Limited, HempFlax Group BV, HemPoland Sp zoo, Liaoning Qiaopai Biotech Co.
Ltd., Medical Marijuana Inc., Nutiva Inc.
, Parkland Industrial Hemp Growers Co op. Ltd., and Tilray Brands Inc.
. Get a detailed analysis on regions, market segments, customer landscape, and companies - Click for the snapshot of this report Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Product (Seeds, Fiber, and Shivs), Application (Textile, Food and beverages, Personal care, Animal care, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) Region Covered APAC, North America, Europe, South America, and Middle East and Africa Key companies profiled Aurora Cannabis Inc., Bombay Hemp Co.
Pvt. Ltd., Boring Hemp Co.
, Canopy Growth Corp., Charlottes Web Holdings Inc., CV Sciences Inc.
, Deep Nature Project GmbH, Dun Agro Hemp Group, Ecofibre Ltd., Elixinol Wellness Ltd., GFR Ingredients Ltd.
, Hanma Investment Group Co. Ltd., Hemp Horizons Private Limited, HempFlax Group BV, HemPoland Sp zoo, Liaoning Qiaopai Biotech Co.
Ltd., Medical Marijuana Inc., Nutiva Inc.
, Parkland Industrial Hemp Growers Co op. Ltd., and Tilray Brands Inc.
Key Market Trends Fueling Growth Vendors in the industrial hemp market are implementing strategic business moves to expand their market share and global presence. These strategies include collaborations, partnerships, and mergers and acquisitions. For instance, in February 2024 , Aurora Medicine UK formed a partnership with Script Assist, granting access to their platform for high-quality medication.
Additionally, Aurora acquired MedReleaf Australia in the same month. These strategic maneuvers will boost the growth of the global industrial hemp market during the forecast period. The industrial hemp market is booming in the modern economy as a clean alternative to fossil fuels, offering economic benefits and environmental conservation.
A recent roundtable discussion brought industry professionals together to explore trends in hemp farming and applications. Hemp is used in multiple industries, including dietary supplements, biofuels, bioplastics, cellulose fibers, and food and beverages. Hemp seeds and stalks are rich in linoleic acid, gamma linolenic acid, lipids, carbohydrates, insoluble fiber, and fiber.
Hemp-derived products offer solutions for various consumer needs, such as pigmentation, ageing, redness, inflammation, hair fall, and more. As vegan consumers grow, hemp's eco-friendly and renewable status as a clean energy source becomes increasingly important in addressing the climate crisis. Discover 360° analysis of this market.
For complete information, schedule your consultation- Book Here! Market Challenges For more insights on driver and challenges - Download a Sample Report Segment Overview This industrial hemp market report extensively covers market segmentation by 1.1 Seeds- The industrial hemp seeds market holds a substantial share in the global industrial hemp market. Hemp seeds are a valuable source of protein and essential fatty acids, making them a preferred ingredient in food and beverage products like hemp milk, hemp oil, and hemp protein powder.
The increasing trend towards plant-based diets significantly boosts the demand for hemp seeds worldwide. Two primary types of hemp seeds exist in the market: organic and conventional. Consumers increasingly opt for organic hemp seeds due to their preference for organic and natural food items.
These seeds are free from harmful chemicals and pesticides, making them a healthier alternative. The organic hemp seeds segment is further divided into hulled hemp seeds, or hemp hearts, and whole hemp seeds. Hemp hearts are popular due to their nutty taste and high nutritional value, while whole hemp seeds are appreciated for their high fiber content and versatility.
Hemp seed oil is another significant application area, used in food and cosmetic products for its moisturizing properties and rich essential fatty acid content. In summary, the industrial hemp seeds market is experiencing growth due to the rising demand for organic and plant-based products. The nutritional benefits and versatility of hemp seeds make them an essential ingredient in various food and beverage items, contributing to the expansion of the seeds segment in the global industrial hemp market.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 - 2022) - Download a Sample Report Learn and explore more about Technavio's in-depth research reports The global Cannabidiol (CBD) market is experiencing rapid growth, driven by increasing consumer awareness of CBD's therapeutic benefits and its applications in wellness and skincare. Valued at $5.2 billion in 2023, the market is projected to expand at a CAGR of 22.
4% through 2030. North America leads the market, fueled by supportive regulations and high demand, while Europe and Asia-Pacific are emerging as significant regions. Key players include Charlotte's Web, Medterra, and CBDistillery.
With evolving legislation and expanding product lines, the CBD market is set for continued expansion. Research Analysis Industrial hemp is a versatile plant with applications in various industries, including biofuel, bioplastic, cellulose fibers, and pharmaceuticals. Hemp contains valuable components such as linoleic acid, gamma linolenic acid, lipids, carbohydrates, insoluble fiber, and protein.
These nutrients make hemp an attractive alternative for vegan consumers. However, the production of hemp involves considerations such as input costs, weather conditions, and the use of pesticides. Hemp fibers are used to produce textiles, paper, and composites, while hempseed oil and hemp oil are used for nutritional supplements and cosmetics.
Hemp biofuel is a renewable energy source, while bioplastics made from hemp offer a sustainable alternative to traditional plastics. Hemp cellulose fibers are also used to produce various industrial products. The agricultural benefits of hemp include its ability to improve soil health and reduce the need for synthetic fertilizers.
Additionally, the environmental benefits of hemp include its ability to sequester carbon, reduce greenhouse gas emissions, and provide habitat for beneficial insects. Machinery improvements and research in hemp cultivation continue to drive innovation in the industry, making it an exciting area for investment and growth. As the demand for sustainable and eco-friendly products continues to rise, the future of industrial hemp looks bright.
Market Research Overview Industrial hemp is a versatile plant with a wide range of applications in various industries. It is sourced from the stalks, seeds, and roots of the hemp plant. The seeds are rich in nutritious components like proteins, lipids, carbohydrates, insoluble fiber, and essential fatty acids such as linoleic acid and gamma-linolenic acid.
Hemp fibers are used to produce biofuels, bioplastics, cellulose fibers, and other industrial products. Hemp oil, derived from hemp seeds, is a primary ingredient base for dietary supplements, cosmetics, and pharmaceuticals. Hemp fibers are also used in the production of textiles, paper, and construction materials.
Hemp cultivation offers agricultural benefits, including improved soil health and environmental benefits by sequestering carbon and reducing the need for pesticides. The modern economy is increasingly turning to hemp as a sustainable, cheap, and clean alternative to fossil fuels and traditional plastics. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company.
Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.
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