The global industrial hemp market size is expected to reach USD 15.26 billion by 2027, exhibiting a revenue-based CAGR of 15.8% over the forecast period, according to a new report published by Grand View Research, Inc.Growing preference for eco-friendly products in thermal insulation, coupled with rising use of the product as fiberglass alternative is expected to drive the growth.
Rising consumer preference for green buildings owing to increasing environment pollution is expected to drive the demand for hemp-based construction materials in the forthcoming years. In addition, rising consumption of hempcretes-a concrete made from shives and lime-in Europe is expected to further propel the demand for industrial hemp over the forecast period.
Factors, such as rising awareness regarding the dietary advantages of hempseed and oil, coupled with growing demand from the cosmetics and personal care industries for production of soaps, shampoo, bath gels, and other such products is expected to drive the growth. In addition, use of hemp oil in hand and body lotions and UV skin protectors owing to the high and well-balanced fatty acid content of hemp, is expected to surge the demand.
The market growth is expected to be driven by the factors, such as population growth, coupled with rising per capita disposable income leading to an increased demand for high-quality cosmetics and personal care products. In addition, rise in application scope for hemp in automotive industry is expected to drive the growth of the industrial hemp market.
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Further key findings from the report suggest:
Seeds segment accounted for 27.3% of the value share in 2019 owing to extensive application of the product in pharmaceuticals, nutritional supplements and other medicinal and therapeutic products
The demand for industrial hemp in personal care industry is expected to expand at a CAGR of 18.8% in terms of revenue from 2020 to 2027 as it reduces skin discomfort by soothing and restoring dry or damaged skin
Animal care industry accounted for 14.9% of revenue share in 2019 owing to the growing consumption of hemp shives and leaves in animal bedding due to its low dust properties which makes it highly beneficial for animals facing respiratory issues
The North America industrial hemp market is expected to expand at a CAGR of 20.4% from 2020 to 2027 in terms of value owing to the legalization of hemp production coupled with the rising demand in the food and supplements, cosmetics, and personal care industries
Parkland Industrial Hemp Growers Cooperative Ltd. and Terra Tech Crop are some of the major players in the market involved in R&D activities to develop different varieties of industrial hemp
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, 2016 - 2027)
Industrial Hemp Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Food & Beverages
Industrial Hemp Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
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