Industrial Hemp Market worth $18.1 billion by 2027 - Exclusive Report by MarketsandMarkets™
Increased demand for hemp fiber due to its strength and durability is driving the industrial hemp market
/EIN News/ -- Chicago, Dec. 08, 2022 (GLOBE NEWSWIRE) -- According to the new market research report " the global industrial hemp market size valued at USD 6.8 billion in 2022 and is estimated to reach USD 18.1 billion by 2027, recording a CAGR of 21.6% in terms of value. The increased usage of hemp seeds in a wide range of food and beverage products such as cereals, yogurts, protein powders, and hemp milk is driving the market.
Browse in-depth TOC on "Industrial Hemp Market"
226 - Tables
48 - Figures
274 - Pages
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Scope of the Report:
| Report Attributes | Specifics |
| Market Value in 2020 | USD 4.94 Billion |
| Market Value in 2022 | USD 6.8 Billion |
| Market Value in 2027 | USD 18.1 Billion |
| CAGR | 21.6% |
| Historical Data | 2018-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Industry Statistics, Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
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| Geographies Covered |
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| Key Companies Profiled/Vendors | Marijuana Company of America Inc. (US), Cronos Group Inc. (Canada), Ecofibre Limited (Australia), Green Thumb Industries (US), Curaleaf Holdings Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA (Germany), Dun Agro Hemp Group (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), and MH Medical Hemp GmbH (Germany) among others. |
| Key Market Opportunities | Development of new industrial hemp-based products |
| Key Market Drivers | Increasing legalization of industrial hemp cultivation |
Industrial hemp contains less than 0.3% tetrahydrocannabinol (THC) and is cultivated primarily for its seeds and its fiber. It has a wide range of applications in the textile, food & beverage, construction, animal care, personal care, pharmaceutical, paint, lubricant, bioplastic, and biofuel industries. The legalization of hemp cultivation in various countries is one of the major drivers of the global industrial hemp market's growth. Furthermore, growing awareness of hemp's nutrient-rich profile and its health benefits is expected to boost hemp cultivation even more. The high content of essential fatty acids in hemp seed and oil helps to prevent many common ailments, which has led to its increased use in food and beverages, pharmaceuticals, and personal care products.
Hemp seed is in high demand in the food and beverage industry. Hemp seed contains high-quality, easily digestible proteins edestin and albumin, both of which are high in essential amino acids. Furthermore, they contain more digestible protein than meat, eggs, cheese, and milk, which is expected to drive their demand as food ingredients, particularly among plant-based diet consumers, in the coming years.
The rise in the Hemp hurd demand in construction materials boosts the market growth
Hemp hurds is short fibers that are about 0.5 mm long and make up 70%-80% of the hemp stalk. Hemp hurds accounts for approximately 70% of the usable fibers in industrial hemp. Manufacturing hemp hurd products allows producers to commoditize by products while reducing agricultural waste generated by hemp farms. Hemp hurd has distinct properties and can be transformed into a variety of products. Hemp hurds has excellent thermal, mechanical, acoustic, and aseptic properties, making them excellent organic fillers in composites. Hemp hurds is used in construction, animal bedding, agriculture, furniture, and automobiles. They are used to make hempcrete, clothing textiles, bedding, absorbents, particle board, ceiling panels, and compost, among other things.
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Increased use of hemp in construction materials due to its strength, and durability could help propel the market for industrial hemp
Due to its high strength, flexibility, thermal, and insulation power, hemp fiber is currently used in construction. It is used as a wood substitute in the manufacture of insulating panels and planks, as well as the main component of compact bricks for outdoor and indoor walls and roofs, which replace traditional bricks. Hemp bricks and planks are waterproof, resistant, and insulated, which saves energy and improves soundproofing. Furthermore, its use as a renewable material allows for the retention of pollution in the environment. Hempcrete. Construction materials are made from hemp derivatives such as hemp hurd, hemp bast, and hemp seed oil, and the product range includes hemp wood, hemp plank, hemp brick, and hemp oil finish.
Europe accounted for the fastest growth in the industrial hemp market for the forecasted period
The European market is expected to account for the fastest growth in the industrial hemp market. The growth can be attributed to the increased usage of hemp seed and hemp seed oil in food, beverages, dietary supplements, and personal care products. Furthermore, the use of hemp fiber in a variety of applications, including automotive and construction materials for thermal insulation and soundproofing in automobiles is also driving the growth in Europe. Consumption of hemp seeds in food and other food products such as smoothies, yogurt, cereals, and bars are expected to drive market growth further. In countries such as Germany and the Netherlands, demand for hemp in the form of these products is extremely high, driving the regional market growth.
Major Players:
The Major Players in Industrial Hemp Market are Marijuana Company of America Inc. (US), Cronos Group Inc. (Canada), Ecofibre Limited (Australia), Green Thumb Industries (US), Curaleaf Holdings Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA (Germany), Dun Agro Hemp Group (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), and MH Medical Hemp GmbH (Germany).
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