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FELTON, Calif., Jan. 25, 2023 /PRNewswire/ — The global industrial hemp market was valued at USD 4.13 billion in the year 2021 and is expected to value at USD 16.75 billion by 2030, projecting a CAGR of 16.8% from 2022 to 2030. The market is driven by the surging use of industrial hemp in various industries such as personal care items, food and beverages, pharmaceutical, and animal care solutions.
Key Industry Insights & Findings from the report:
Read 143 page full market research report for more Insights, “Industrial Hemp Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts From 2022 To 2030“, published by Million Insights.
Industrial Hemp Market Growth & Trends
Growing awareness among people regarding the high nutritional value of hemp such as its strong protein and fatty acid profile will drive its use. The high absorbency rate of hemp has proven to be beneficial for livestock bedding, application in personal hygiene solutions, and oil and gas cleanup.
Notably, the products manufactured from hemp are sustainable, renewable, and linked to less harmful methods of preparation. This has proven to be beneficial in adopting environmentally friendly cultivation habits, an effort being widely supported by governments across the globe. For instance, paper manufactures from hemp fiber requires relatively lower chemicals for processing when compared to paper which is made from wood pulps. Hence, consciousness regarding the product benefits will continue to boost the industry growth.
The coronavirus pandemic adversely affected brick-and-mortar enterprises, compelling them to shift their sale to digital platforms, leading to a considerable supply and demand imbalance for hemp-based products. Hence most of the hemp-based products could be purchased from reliable websites and in certain cases, hemp product sellers are now dealing through their online platforms.
In line with the above, it is important to understand that the expanded legalization of hemp in key nations like the U.S. has complemented the global industrial hemp market expansion throughout the epidemic.
Industrial Hemp Market Segmentation
Million Insights has segmented the global industrial hemp market report on the basis of product, application, and region:
Industrial Hemp Market – Product Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2030)
Industrial Hemp Market – Application Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2030)
Industrial Hemp Market – Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2030)
List of Key Companies in the Industrial Hemp Market
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