NEW YORK, May 4, 2022 /PRNewswire/ -- The global industrial hemp market was found to be valued at $4,452.0 million in 2021, which is projected to reach a huge $60,682.8 million by 2030, increasing at a massive CAGR of 33.7% from 2021 to 2030. The growing need for hemp in several industries and the rising legalization of the cultivation of cannabis for industrial uses are some major drivers for the market. Hemp is now used in a variety of products, such as organic body care products, clothing, health foods, and biofuels.
In 2021, the conventional type had an industrial hemp market share of more than 55%. Because of its low price, traditionally cultivated hemp has a higher market presence. It also does not need a thorough examination or adherence to strict criteria in order to satisfy certified organic standards, which speeds up the manufacturing process. Aside from that, it is loaded with vitamins and vital fatty acids.
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Key Findings of Industrial Hemp Market Report
- During the projection period, the demand for hemp in the pharmaceutical business is expected to advance at a CAGR of 35%. This will be due to its pain-relieving and anti-inflammatory characteristics, as well as the possibility of treating cancers, decreasing diabetes risk, and alleviating stiffness and discomfort.
- The 2018 Farm Bill included a number of provisions to legalize hemp cultivation in the U.S. as an agricultural commodity and remove it from the list of restricted substances. Such initiatives have been boosting the interest of farmers in this commodity, thus resulting in its easy availability.
- If a cannabis product contains more than 0.3% tetrahydrocannabinol (THC) content or if hemp is grown without a license, the bill outlines behaviors that would be deemed a breach of the law. Industrial hemp with a THC concentration of less than 0.2% is also permitted for cultivation in European countries.
- In 2021, hemp fiber accounted for roughly 37% of the industrial hemp market share. Due to its flexibility, robustness, and low density, this product is in great demand for the manufacturing of fiberboard, clothing, animal bedding, composites, paper, and compost.
- Moreover, in response to new COVID research findings, Hemp Inc. developed cannabigerolic acid (CBGA) and cannabidiolic acid (CBDA) products in January 2022. CBDA and CBGA water, tinctures, candies, capsules, and edibles are available in a range of sizes, potencies, flavors, and compositions.
- Similarly, HemPoland introduced CannabiGold Sport, a range of hemp-derived CBD pre-and post-workout supplements for athletes, in February 2021. CannabiGold Sport oils come in five distinct formulae, each designed to help athletes at various phases of their training.
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In 2021, the European industrial hemp market was the largest in the world. This is owing to a wide customer base for food, nutritional supplements, drinks, and personal care items, as well as the presence of a number of significant market competitors, such as MH Medical Hemp, GenCanna, Colorado Hemp Works, Dun Agro Hemp Group, Hempoland, Hemp Oil Canada, Konoplex Group, HempFlex GroupB.V., Hemp Inc., and Ecofibre.
The production of industrial hemp has been permitted by government authorities in various European nations, which has increased crop yield. Furthermore, the emergence of hemp-based skincare products has had a hugely beneficial influence on the hemp demand in the region, as the population here is strongly conscious of its appearance.
Industrial Hemp Market Segmentation Analysis
By Type
- Hemp Seed
- Hemp Oil
- Hemp Fiber
- CBD Hemp Oil
By Application
- Food
- Textiles
- Beverages
- Personal Care Products
- Pharmaceuticals
- Others
By Source
- Conventional
- Organic
By Farm
- Outdoor
- Indoor
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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