Industrial Hemp Market is estimated to be US$ 15.99 billion by 2030 with a CAGR of 16.2 % during the forecast period
Industrial Hemp Market accounted for US$ 3.61 billion in 2020 and is estimated to be US$ 15.99 billion by 2030 and is anticipated to register a CAGR of 16.2%. Hemp fibres are widely utilised as a raw material for textile yarn manufacturing and are widely regarded as a good substitute for cotton and synthetic fibres, particularly in the industrial sector. It is a cannabis sativa plant species that has less than 0.3 percent tetrahydrocannabinol. Hemp is a profitable rotation crop for farmers due to its ability to absorb CO2, purify the soil, and prevent soil erosion. Industrial hemp is an agricultural product that is heavily reliant on climatic circumstances, regulatory tolerance, and labour availability. Hemp seeds and flowers are used in a variety of goods, including health foods, organic cosmetics, and nutraceuticals. The report " Global Industrial Hemp Market, By Product Type (Seeds, Fiber, Shivs, and Stalks), By Source (Natural and Organic), By Applications (Animal...