According to the research report titled ‘Industrial Hemp Market Size By Product (Seeds [By Derivative Product {Hemp Oil, Seed Cake, Meat, Shell}, By Application {Food & Beverages, Animal Feed, Personal Care}], Fiber [By Application {Bio-Composites, Building Materials, Textiles, Pulp & Paper}], Shives [By Application {Animal Bedding, Building Material, Garden Mulch}]), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, South Korea, Thailand, Australia, Brazil, Chile, South Africa, Egypt), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global industrial hemp market is expected to cross USD 270 million by the year 2025.
 

As per the report, evolving lifestyles have increased the adoption of bio-based products due to rising concerns regarding unhealthy lifestyle, which is a major factor driving the industrial hemp market growth. Products made from hemp are used in various applications such as building materials, bio-composites, textiles, personal care, and food & beverage. This factor along with favorable government reforms which promote healthy lifestyle are further aiding the market expansion. Industrial hemp is rich source of dietary fiber, plant-based protein, omega-6, omega-3, amino acids, poly-saturated fatty acids and poly-saturated fats, thereby stimulating the industry outlook.
 

Speaking of product type, the report states that hemp oil market segment is expected to register substantial growth during the forecast period. Hemp oil comprises of high volume of antioxidants which can enhance beauty, skin and hair texture. The product can be used to treat tumors and helps in reducing the risks of diabetes, thereby contributing towards the overall sales figures.
 

Based on the application spectrum, the report cites that the pulp & paper applications of industrial hemp were worth USD 43 million in the year 2018 and will witness consistent growth in the forthcoming years. Industrial hemp helps to reduce deforestation owing to its fast-growing and high yield properties.
 

Elaborating further on the application spectrum, industrial hemp market from food & beverage applications is expected to expand with a CAGR of 5% over 2019-2025. Rising focus on fitness and health coupled with growing demand for dietary supplements in Asia, Europe, and North America are fueling the segmental growth.
 

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According to the report, North America hemp shives industry is presumed to expand with a CAGR of 3% through 2025 driven by building material applications. Rising demand for green construction materials are augmenting the demand for industrial hemp in North America.

The prominent companies operating in the industrial hemp market are Valley Bio Ltd., Boring Hemp Co., Plains Industrial Hemp Processing Ltd., America Hemp LLC, Hempco Food & Fiber Inc., Fresh Hemp Foods Ltd., Terra Tech Corp., North American Hep & Grain Co. Ltd., Global Hemp Group Inc., Marijuana Co. of America Inc., Hudson Valley Hemp LLC, HempMeds Brasil, Parkland Industrial Hemp Growers Cooperative Ltd. (PIHG), Bombay Hemp Co., and Hempflax B.V.