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Industrial Hemp Market
Allied market Research predicts a remarkable growth in the Industrial Hemp Market, soaring from $4.9 billion in 2019 to an estimated $18.6 billion by 2027.
Hemp seeds or industrial hemp is obtained from“Cannabis sativa” which contains only traces of tetrahydrocannabinol (THC).” - Allied Market Research
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATE, February 20, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled,“Industrial Hemp Market by Type, Application, and Source: Opportunity Analysis and Industry Forecast, 2021–2027,” 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.
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Hemp seeds or industrial hemp is obtained from“Cannabis sativa” which contains only traces of tetrahydrocannabinol (THC). Hemp seeds are especially grown for commercial use and it is used in wide range of products. Hemp seeds are rich in two essential fatty acids, linolenic (omega-3) and linoleic (omega-6). They are also rich source of vitamin B1, vitamin B2, vitamin B6, vitamin D, vitamin E, magnesium, calcium and potassium among others.
Moreover, very rare plant-based foods are a complete source of protein, hemp seeds on the other hand possess descent amount of protein that can be considered as a value addition to a vegan diet. Since, the humans cannot generate essential fatty acids, the addition of hemp seeds in food application will be useful as they are a rich source of linoleic (omega-6) and linolenic (omega-3). Furthermore, hemp seeds can be used to produce a variety of food products such as hemp milk, hemp oil, hemp cheese substitutes and hemp-based protein powder. Thus, owing to rich source of protein and vitamin hemp seed are used in food and beverages which further fuels the growth of industrial hemp market.
. Industrial hemp is obtained from "Cannabis sativa" and contains only traces of THC (tetrahydrocannabinol).
. Rich in essential fatty acids, vitamins (B1, B2, B6, D, E), magnesium, calcium, and potassium.
. Considered a valuable addition to a vegan diet due to its protein content.
. Used to produce hemp-based products such as hemp milk, hemp oil, hemp cheese substitutes, and hemp-based protein powder.
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Market Trends and Drivers
Hemp seeds are used in food and beverages, contributing to market growth.
Legalization of hemp cultivation encourages the development of new products.
Hemp oil usage, especially in biofuels, has crucial growth potential.
Continuous rise in oil prices and concerns about global warming drive interest in biofuels.
Hemp fiber is eco-friendly and used in various products such as clothing, home wares, shoes, and accessories.
Impact of COVID-19
Import and export restrictions on hemp and related products due to the pandemic.
Lockdown measures disrupt the global supply chain, affecting the North American and Asian markets.
Market Segmentation
Types: Hemp seed, hemp oil, hemp fiber, and others.
Applications: Food and beverages, textiles, personal care products, pharmaceuticals, and others.
Sources: Conventional and organic.
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Key Findings
Hemp oil segment dominated the market in 2019 and is expected to continue its dominance.
Personal care products segment accounted for the highest share in market growth in 2019.
Conventional source led the global demand in 2019 and is expected to retain dominance.
Asia-Pacific accounted for the highest market share in 2019 and is expected to grow significantly.
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Key Players
Key players in the industrial hemp industry include :
Hempco Food and Fiber Inc.
Ecofibre
Hemp Inc.
GenCanna
HempFlax Group B.V.
The Konoplex Group
South Hemp
Plains Industrial Hemp Processing Ltd.
MH medical hemp
Hempro International GmbH & Co. KG.
About Us
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.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. 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. 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.
David Correa
Allied Market Research
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