According to BlueWeave Consulting, The Global Industrial Hemp Market is anticipated to grow at a significant rate during the forecast period. As per our recent market report, the global industrial hemp market is projected to grow from USD 4.41 Billion in the year 2018 to USD 14.67 Billion by the end of the year 2026 at a CAGR of 16.2% during the forecast period 2019-2026.
Global industrial hemp market is growing due to several driving forces. Expanding authorization in the development of industrial hemp and utilitarian properties of hemp seed and hemp seed oil are anticipated to drive the development of the industrial hemp market. The industrial hemp market is driven by variables, for example, expanding sanctioning in the development of industrial hemp, practical properties of hemp seed and hemp seed oil, and their expanded use in various nourishment applications, and an expanding number of ceaseless ailments.
The major players in the global hemp market includes Hemp Poland (Poland), Dun Agro (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), Plains Industrial Hemp Processing (Canada), and MH Medical Hemp (Germany), Hempco (Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), and BAFA (Germany). These key vendors have broad industry coverage along with strong functional & financial strength.
The snacks & cereals segment in the nourishment application is evaluated to command the worldwide market in 2019. Hemp is devoured as a morning meal oat because of its supplement rich profile of fundamental unsaturated fats, which are required for the best possible working of the body. Moreover, the developing interest for hemp snacks as post-practice nourishment, because of their high protein content, is required to increase their deals in the coming years.
Hemp fiber is utilized significantly in the pulp, textile, and paper industry, because of its long and solid filaments when contrasted with cotton. Besides, being a sustainable source material, its application has been expanding in numerous different businesses, for example, development, creature bedding, agribusiness, furniture, and vehicle. Also, its use to acquire biofuels and bio plastics has been relied upon to expand its interest in the coming years.
The Asia Pacific represented the largest market share of the overall industry in 2018. This predominance is ascribed to the broad creation and utilization of hemp fiber in the material and paper industry. Moreover, because of the blasting business sector for beauty care products and individual consideration items in the Asia Pacific district and sanctioning of industrial hemp in nourishment enhancements is assessed to drive the market development.