Global industrial hemp market is predicted to exceed USD 270 million by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
According to the report, growing consumer awareness about bio-based products, changes in lifestyle, and burgeoning health concerns are driving the industrial hemp market. The key application segments of hemp-based products are building materials, bio-composites, textiles, personal care, food & beverages among several others, due to consumer awareness endorsing healthy lifestyle and favorable regulatory outlook.
Industrial hemp is associated with various nutritional and environmental benefits. It is rich in poly-saturated fats, amino acids omega-3, poly-saturated fatty acids, omega-6, dietary fiber, and plant-based protein. Hemp oil derived from cannabis seeds encompasses large amounts of antioxidants which offer an array of benefits in beauty, skin, and hair applications. Hemp also has the potential of healing tumors, reducing the chances of developing diabetes, and eases pain and stiffness, as well as chronic pain which is a vital factor behind the rising demand.
In 2018, the contribution of pulp & paper applications in the industrial hemp fibers market was valued at more than USD 43 million. Industrial hemp is a quick growing crop and can potentially reduce deforestation owing to its high yield and rapid growth. European nations such as Spain, France, Germany have a flourishing hemp-based pulp & paper market where more than 50 percent of hemp fibers were utilized by paper vertical in the year 2018.
The food & beverage application of global industrial hemp seeds market is anticipated to observe over 5 percent growth during the projected timeline. Rising dietary supplements demand in Europe, North America, and Asia with the increasing significance of fitness, healthy lifestyle, and deficiency of minerals, vitamins, and fatty acids causing diseases is encouraging the consumption of hemp-based food products.
Speaking of the geographical hierarchy, hemp shives market of North America from building material applications would observe growth of approximately 3 percent over the projected duration. The product together with lime creates construction material termed as hempcrete. Hempcrete is used in ceiling insulation, floor slabs, and internal coatings for buildings under renovation. As a building material, it enhances water resistance and strength, along with being a more insulating and lightweight mixture. The spike in demand for sustainable building materials in North American nations is anticipated to stimulate proceeds in industrial hemp market.
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Industrial hemp market is extensively fragmented with legalized cultivation across several nations. The industry players experience a dearth of proper infrastructure to attain economies of scale. However, China, Canada, and France have a solid network of producers, manufacturing facilities, and supply chain to supply products to the marketplace. This situation majorly influences hemp imports while generating competitive environment between the international and domestic market.
The key players profiled in the industrial hemp market include Bombay Hemp Company, HempFlax B.V., HempMeds Brasil, Parkland Industrial Hemp Growers Cooperative Ltd. (PIHG), Marijuana Company of America Inc, Hudson Valley Hemp, LLC, Global Hemp Group Inc., Terra Tech Corp., and North American Hemp & Grain Co. Ltd among others.