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 Care, Textiles,
Automotive, Furniture, Food & Beverages, Paper, Construction Materials, and
Personal Care), and By Region (North America, Europe, Asia Pacific, Latin
America and Middle East & Africa) - Trends, Analysis and Forecast till 2029’’
Key Highlights:
·
In December 2021, Bombay Hemp Company Pvt.
Ltd. announces a global strategy and establishes a partnership with Canada.
·
In July 2021, Delta Agriculture, the
country's largest industrial producer and processor of hemp raw goods, today
announced the launch of its hemp fiber line, marking a transitional growth from
leader in hemp flower production into a full-scale industrial hemp supplier.
The company also unveiled a new logo as part of an extensive rebrand initiative
focused on its goal to make hemp the nation's leading raw good supply source,
with the ultimate mission to ensure America's trajectory towards a carbon-negative
future..
Analyst View:
The target market is likely to be driven by rising demand for oil in food and beverages as people become more aware of the health benefits of hempseed and oil. The target market's growth is likely to be aided by rising demand for bakery items such as bread and cookies. Hemp products aid with insulin balance, heart function, mental stability, and skin and joint health, and the sector is growing as a result of increased consumer knowledge of the benefits connected with hemp products. Low yield availability, a lack of harvesting technology and processing facilities, and challenges transporting the product in highly regulated markets, on the other hand, are all factors limiting worldwide market expansion.
Before
purchasing this report, request a sample or make an inquiry by clicking the
following link:
https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/1070
Key Market
Insights from the report:
Global 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%. Global
Industrial Hemp is segmented into product type, source, application and region.
·
Based on Product Type, the Global
Industrial Hemp Market is segmented into Seeds, Fiber, Shivs, and Stalks.
·
Based on Source, the Global
Industrial Hemp Market is segmented into Natural and Organic.
·
Based on Application, the Global
Industrial Hemp Market is segmented into Animal Care, Textiles, Automotive,
Furniture, Food & Beverages, Paper, Construction Materials, and Personal
Care.
·
By Region, the
Global Industrial Hemp Market is segmented into North America, Europe, Asia Pacific,
Latin America, and Middle East & Africa.
Competitive
Landscape & their strategies of Global Industrial Hemp Market:
The key
players in the global Industrial Hemp Market includes CBD Biotechnology Company
Limited, Marijuana Company of America Inc., Botanical Genetics LLC Inc.,
HempMeds co., Terra Tech Corp, Industrial Hemp manufacturing company, American
Hemp Manufacturers Limited, Plains Industrial Hemp Processing Limited, Hemp
FoodS corp., Blue Sky Hemp Ventures Limited, and Hemp Oil limited.
The market
provides detailed information regarding the industrial base, productivity,
strengths, manufacturers, and recent trends which will help companies enlarge
the businesses and promote financial growth. Furthermore, the report exhibits
dynamic factors including segments, sub-segments, regional marketplaces,
competition, dominant key players, and market forecasts. In addition, the
market includes recent collaborations, mergers, acquisitions, and partnerships
along with regulatory frameworks across different regions impacting the market
trajectory. Recent technological advances and innovations influencing the
global market are included in the report.
About Prophecy
Market Insights
Prophecy
Market Insights is specialized market research, analytics, marketing/business
strategy, and solutions that offers strategic and tactical support to clients
for making well-informed business decisions and to identify and achieve
high-value opportunities in the target business area. We also help our clients
to address business challenges and provide the best possible solutions to
overcome them and transform their business.
To know more
Contact Us:
Sales
Prophecy Market Insights
Email- sales@prophecymarketinsights.com
Website- https://www.prophecymarketinsights.com
Comments
Post a Comment