The Global Industrial Hemp Market is expected to reach USD 14.81 Billion by 2027, according to a new report by Reports and Data. Hemp may be cultivated as a renewable source for raw materials that can be implemented into numerous products. It is a lucrative rotation crop for farmers attributing to the characteristics of hemp to take in CO2, detoxify the soil, and inhibit soil erosion.
Hemp seeds and flowers find application in health foods, organic cosmetic products, and other nutraceuticals (pharmaceutical- and standardized nutrient), whereas the fibers and stalks are incorporated in construction materials, hemp clothing, paper, plastic composites, and biofuel among others. The total revenue generated from the sales of hemp products in the U.S. contributed to a substantial share of the global market. However, all raw materials in various industries were imported from other countries.
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Surging population and an increase in the levels of disposable income are anticipated to boost demand for high-quality cosmetics, protein supplements, and health food products, among others. An increase in demand for the above-mentioned products is likely to drive market growth in the forecast period. There is also a huge market due to the growing health awareness among consumers, which in turn, would fuel the market demand for natural industrial hemp products. According to updated Farm Bill 2018, on must seek permission from the Drug Enforcement Agency (DEA) to cultivate industrial hemp in the U.S.
Further key findings from the report suggest
In terms of product type, seeds contributed to the largest market share with more than 45% share in 2019 and are expected to witness a CAGR of 13.4% during the forecast period. The market dominance of seeds can be attributed to increasing demand in various applications, including food and beverage.
In terms of application, textiles dominated the market, with over 20% of the market share by 2019, and are projected to observe a growth rate of 13.2% in the forecast period.
The market in the Asia Pacific is expected to have a CAGR of 14.2% in the forecast period, owing to an increase in the consumption of fibers and seeds in several applications.
Key participants include CBD Biotechnology Company Limited, Marijuana Company of America Inc., Botanical Genetics LLC, HempMeds Brasil, Terra Tech Corp, Industrial Hemp manufacturing LLC, American Hemp, Plains Industrial Hemp Processing Limited, Hemp Food Australia, Blue Sky Hemp Ventures Limited, and Hemp Oil Canada, among others.
In January 2019, The Arkansas State Plant Board issued industrial hemp farming licenses to four companies: Tree of Life Seeds Inc. of Little Rock, Friedrich Enterprises Inc. of Searcy, Arkansas Hemp Genetics LLC of Fayetteville and Ozark Botanical Farms LLC of Hot Springs Village.
Moreover, the Arkansas State Plant Board has issued processor licenses to Shake Extractions LLC of Fayetteville and to cultivate Arkansas Hemp Genetics and Ozark Botanical.
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For the purpose of this report, Reports and Data has segmented the Global Industrial Hemp Market on the basis of product type, source, applications, and region:
Product Type Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
Source Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
Applications Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
Food & Beverages
Regional Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
Middle East & Africa
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/industrial-hemp-market
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