Global Industrial Hemp Market to Reach 28,706.33 million by 2032, Driven by the Implementation of Favourable Government Policies

The Asia Pacific represents a major market for industrial hemp and is projected to provide significant growth opportunities for the industry due to the implementation of favourable policies and the growing shift from unorganised to organised sector. The market in the region is being supported by the rising production and consumption of hemp fibre, especially with the rising demand for artisanal and sustainable fashion in the region. While the industrial hemp industry in India is at its nascent stage, the industry is expected to grow substantially, with non-profit organisations, start-ups, and state governments actively trying to leverage indigenous hemp handloom products. In July 2018, the Uttrakhand State Government granted Indian Industrial Hemp Association (IIHA), a non-profit organisation, the license to grow hemp fibre in more than 1,000 hectares of land, on a pilot basis. This is expected to boost the growth of the industry in India and, thus, is projected to strengthen the position of the Asia Pacific region in the market.

North America and Europe are also lucrative markets for industrial hemp, especially with the rising awareness of the beneficial health impacts of CBD and hemp seed oil. The rising consumption of hemp seeds in food and beverage items, such as yoghurt, cereals, and smoothies, are also propelling the growth of the market in these regions. The rising legalisation of hemp cultivation is also positively impacting the market. The industry is these regions are also being catalysed by the prominent presence of the major market players in the region. Hemp Inc. (OTCMKTS: HEMP), a leading player in the industry, has an expansive presence in the United States. The company has the largest multipurpose industrial hemp processing facility in Spring Hope, North Carolina, along with a 5,000 square-foot retail store in Kingman, Arizona, The King of Hemp StoreTM. The company’s position in the country is also strengthened by its commitment to promote and aid the American farming community.

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Market Breakup by Source, Product Type, Application, and Regions:

• By source, the market can be bifurcated into conventional and organic.

• On the basis of product type, the market can be divided into hemp seed, hemp fibre, hemp seed oil, CBD seed oil, among others.

• Based on application, the market has been categorised into food and beverages, personal care, animal care, pharmaceuticals, textiles, and construction materials, among others. 

• Region-wise, the global market for industrial hemp can be divided into North America, Europe, the Asia Pacific, and LAMEA.

Key Findings of the Report:

• The market is being catalysed by the rising demand for hemp fibres from the textile industry where it is used as an alternative to synthetic and cotton fibres.

• The rising adoption of industrial hemp variants in the healthcare industry is also driving the growth of the market.

• The growing applications of industrial hemp in industries, like paper, food and beverage, personal care, construction, furniture, and automobile, is also providing further impetus to the market growth.

• In the coming years, the market is expected to be bolstered by the growing demand for organic personal care products.

• The market for industrial hemp is also projected to be driven by the growing environmental awareness and changing government policies across the globe.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for industrial hemp for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for sources, product types, applications, and regional markets of industrial hemp.

• It also provides the regional price trends of the product for the periods (2018-2023) and (2024-2032). 

• An assessment of the trade data has also been given within the report, looking into value and volume the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global industrial hemp market are Hemp Inc, Manitoba Harvest Hemp Foods, Bombay Hemp Company Private Limit, HempFlax Group B.V., HPS Food & Ingredients Inc., Unrivaled Brands, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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