The global industrial
hemp market size is expected to reach USD 10.6 billion by 2025,
according to a new report by Grand View Research, Inc. The market is anticipated
to expand at a CAGR of 14.0% during the forecast period. Rising demand for oil
in food and beverages owing to growing awareness regarding dietary advantages
of hempseed and oil is expected to propel demand.
Growing population and rising disposable income are
expected to result in an increased demand for high-quality cosmetics, personal
care products, protein supplements, and other health food products. These
factors are expected to be key driving factors for the market over the
projected period.
Increasing R&D activities to develop perfect
agronomy and new genetics of crops to obtain high yield and improved product
quality have a positive impact on hemp production. Companies in the market
operate with fiber treatment technology to make fibers water repellant, fire
retardant, absorptive, and super soft, which is expected to drive demand.
Industrial hemp is an agricultural commodity and is
highly dependent on climatic conditions, regulatory tolerance, and availability
of labor. Countries such as China, the world’s leading producer of the crop,
have never restricted cultivation and have an advantage of inexpensive labor.
However, oversupply is likely to be a major concern for manufacturers over the
forecast period.
Browse full research report on Industrial Hemp Market: https://www.grandviewresearch.com/industry-analysis/industrial-hemp-market
Further
key findings from the report suggest:
- By product, seeds accounted for 42.3% of the volume in 2017 owing
to increasing demand for hemp grain to obtain seed, oil, and food matter
due to its high fatty acid content and nutritional value
- Product consumption in the textile industry is expected to witness
a CAGR of 16.9%, in terms of revenue, from 2018 to 2025 due to strong,
hypo-allergic, and UV light resistant characteristics of hemp fibers
- The personal care industry accounted for 16.2% of the revenue in
2017 owing to high consumption of the crop oil in personal hygiene
products including soap, shampoo, body lotions, and hair care products
- The market in North America is expected to register a volume-based
CAGR of 17.6% owing to rising product demand in the automotive industry
for manufacturing panels and as an alternative to fiberglass
- Major players in the industry focus on R&D activities to
develop new varieties of the crop, full crop utilization, processing
methods, and advanced technologies used for processing.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/food-additives-nutricosmetics-flavors-and-fragrances
Grand
View Research has segmented the global industrial hemp market on the basis of
product, application, and region:
Industrial
Hemp Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Seeds
- Fiber
- Shivs
Industrial
Hemp Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Animal Care
- Textiles
- Automotive
- Furniture
- Food &
Beverages
- Paper
- Construction
Materials
- Personal Care
- Others
Industrial
Hemp Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Central &
South America
- Brazil
- Middle East
& Africa
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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