Global Industrial Hemp Market to Reach $18.1 Billion by 2027 from $6.8 Billion in 2022

DUBLIN, Dec. 15, 2022 /PRNewswire/ -- The "Global Industrial Hemp Market by Type (Hemp Seed, Hemp Seed Oil, CBD Hemp Oil, Hemp Bast, Hemp Hurd), Source (Conventional, Organic), Application (Food & Beverages Pharmaceuticals, Textiles, Personal Care Products) and Region - Forecast to 2027" report has been added to  ResearchAndMarkets.com's offering.

According to the publisher, the global industrial hemp market size is estimated to be valued at USD 6.8 billion in 2022 and is projected to reach USD 18.1 billion by 2027, recording a CAGR of 21.6% in terms of value.

Industrial hemp is defined as the plant Cannabis sativa L. and any part of such plant, whether growing or not, with a delta-9-tetrahydrocannabinol (THC) concentration of not more than 0.3% on a dry weight basis. As industrial hemp contains less than 0.3% tetrahydrocannabinol (THC), it has a wide range of applications in the textile, food, and beverage, construction, animal care, personal care, pharmaceutical, paint, lubricant, bioplastic, and biofuel industries. One of the major drivers of the global industrial hemp market is the legalization of hemp cultivation in various countries.

Furthermore, growing awareness of hemp's nutrient-rich profile and its benefits to human health is expected to boost hemp cultivation even more. The high content of essential fatty acids in hemp seed and oil aids in the prevention of many common ailments, leading to its increased use in food and beverages, pharmaceuticals, and personal care products.

By application, there is an increased use of industrial hemp in animal nutrition, driving the growth of the industrial hemp market

Hemp production produces byproducts, one of which is hemp meal. Because of its high fiber, fat, and protein content, hemp meal is a potential feedstuff for animal agriculture and a possible substitute for soybean meal in many livestock diets. Furthermore, hemp products face regulatory hurdles before they can be legally incorporated into livestock feedstuffs, due to concerns that tetrahydrocannabinol (THC), found in hemp biomass, could be transferred to animal products intended for human consumption. Hempseed and hempseed cakes could be used as feed materials for all animal species, according to the scientific opinion of the European Food Safety Authority (EFSA) Panel on Additives and Products or Substances Used in Animal Feed, with species-specific differences in the rate of inclusion in the diet. Hemp oil, as a rich source of essential fatty acids, can be used as a supplement in animal feed, while hemp seeds and hempseed cakes can be used as a fat and protein source in animal diets.

By type, increase in the popularity of hemp bast drives the growth of industrial hemp market

Hemp bast fibers are cellulosic fibers found in the phloem of bast fiber crops such as industrial hemp which are natural fibers derived from plants. The main components of hemp bast fibers are cellulose (53-91%), hemicellulose (4-18%), lignin (1-21%), and pectin (1-17%). The benefits of bast fibers include lighter product weight, lower energy consumption, and a smaller environmental footprint. Bast fibers can be spun and woven and are thus widely used in the textile industry. Furthermore, bast fibers are far stronger than cotton and do not mildew. Hemp bast fibers have exceptional properties such as strength, durability, and anti-bacterial and anti-fungal properties.

Market Dynamics

Drivers

• Increasing Legalization of Industrial Hemp Cultivation
• Growing Use of Hemp Seed and Hemp Seed Oil in Food Applications
• Rising Incidence of Chronic Diseases

Restraints

• Complex Regulatory Structure for Use of Industrial Hemp
• Stigmatization of Hemp Market

Opportunities

• Development of New Industrial Hemp-Based Products
• Increasing Preference for Edibles Across Generations

Challenges

• Unavailability of Suitable Seeds for Cultivation of Industrial Hemp
• Lack of Processing Facilities and Planting & Harvesting Equipment

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Industrial Hemp Market, by Type

8 Industrial Hemp Market, by Source

9 Industrial Hemp Market, by Application

10 Industrial Hemp Market, by Region

11 Competitive Landscape

12 Company Profiles

13 Adjacent & Related Markets

14 Appendix

Companies Mentioned

• American Hemp
• Bafa
• Blue Sky Hemp Ventures Limited
• Bombay Hemp Company Private Limited
• Canah International
• Colorado Hemp Works
• Cronos Group Inc.
• Curaleaf Holdings Inc.
• Dun Agro Hemp Group
• East Mesa Inc.
• Ecofibre Limited
• Gencanna
• Green Thumb Industries
• Hemp Oil Canada
• Hempflax Bv
• Hempmeds Brasil
• Hempoland
• Ind Hemp
• Konoplex Group
• Marijuana Company of America, Inc.
• Mh Medical Hemp GmbH
• Minnesota Hemp Farms
• Parkland Industrial Hemp Growers Co-Op. Ltd.
• South Hemp Tecno
• Valley Bio Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/oaoktl

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SOURCE Research and Markets

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