Industrial Hemp Market Size, Share and Forecast (2022-2029) | Fortune Business Insights™

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Pune, India, Feb. 10, 2022 (GLOBE NEWSWIRE) — The global industrial hemp market size is set to gain momentum from its increasing demand from a large number of end-use industries, as well as versatile nature. Fortune Business Insights™ presented this information in an upcoming report, titled, “Industrial Hemp Market, 2022-2029.” The report further states that industrial hemp is extensively used in textile, dietary supplements, beverages, and cosmetics industries.  In February 2020, for instance, Hello Products LLC, a subsidiary of Colgate, launched a new range of CBD oral care at Ulta Beauty. It contains two lip balms, two mouthwashes, and three toothpastes. Each product includes hemp extract and oil derived from partner farms based in the U.S.

The global food and beverage industry contains multiple offline and online food chains. The COVID-19 pandemic has increased the demand for packaged food and beverages, such as shelf-stable foods and milk products. But, the complete shutdown of restaurants and bars in few countries across the globe may restrict growth in the near future. Our authentic research reports would help you get a complete picture of the industry to invest in vital zones.

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A list of all the prominent industrial hemp manufacturers operating in the global market:

  • Hempco Food and Fibre Inc.
  • Ecofibre Ltd.
  • Hemp Inc.
  • Bafa Neu GmbH
  • Gencanna Global USA, Inc.
  • Hemp Oil Canada Inc.
  • Konoplex Group
  • Dun Agro Hemp Group
  • Colorado Hemp Works, LLC.
  • Canah International
  • MH Medical Hemp GmbH
  • Other key market players

Market Segmentation-

Based on source, the market is bifurcated into conventional and organic. By type, it is trifurcated into hemp fiber, hemp seed oil, and hemp seed. In terms of application, it is divided into pharmaceuticals, textiles, personal care & cosmetics, beverages, and food. Amongst these, the textiles segment is projected to earn the largest industrial hemp market share in the near future. This growth is attributable to the increasing usage of the product for the manufacturing of denim, shoes, bags, and apparel.

Report Coverage-

The study was conducted by extensive primary and secondary research. To derive the market value and growth rate, various approaches were taken into consideration. Also, the report includes an expected recovery time of the industry, keeping in mind the COVID-19 pandemic. The best and worst case scenarios would help clients make the right business decisions.

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Drivers & Restraints-

Surging Usage in Salads and Dressings to Augment Growth

Industrial hemp is gaining more popularity in the global textile industry as it is considered to be stronger than cotton and is also renewable. It is used as fibers in this industry. Apart from that, it possesses numerous antioxidant properties and hence, is extensively adopted by cosmetic manufacturers. The food and beverages industry used industrial hemp seed oil in dressings and salads as it is considered to be nutritional. However, the expensive extraction process may hinder the industrial hemp market growth.

Regional Insights-

Europe to Dominate; Rising Import Activities in Germany & Switzerland to Favor Growth

  • Europe: The region is anticipated to remain in the forefront throughout the forthcoming years backed by the increasing import activities in Switzerland and Germany. Besides, the surging awareness of various benefits of industrial hemp is anticipated to propel its usage in personal care products in the region. The product is also known to cure insomnia and other ailments.
  • North America: It is expected to grow considerably on account of the increasing production of hemp-infused beverages. Also, the U.S. government has legalized the commercialization of industrial hemp as an agricultural commodity. Additionally, the product is majorly used in yoghurt, cereal bars, and smoothies.
  • Asia Pacific: The gradually increasing awareness of the product would accelerate regional growth. China would contribute to this growth as it is the largest exporter and producer of the product, followed by Japan and South Korea. At the same time, paper and textile manufacturers are making use of this product.

Competitive Landscape-

Key Players Focus on Winning Funds & Gaining Fast Track Approvals to Compete in Market

The global market for industrial hemp is highly fragmented with the presence of several companies. Some of them are striving to gain approvals from regulatory bodies for producing and marketing their in-house products. A few others are focusing on achieving research grants to develop innovative products. Below are the two latest industry developments:

  • January 2021: The Ministry of Public Health approved the usage of industrial hemp in cosmetics in Thailand. It would enable domestic manufacturers to manufacture cosmetics containing hemp seed extract or hemp seed oil. But, these products should not have a THC level of more than 0.2% by weight.
  • January 2021: Greenfern Industries, a manufacturer of medical cannabis products, bagged a research grant worth $145,000 to investigate items developed from the by-products of hemp seed oil processing. It was provided by the Bioresource Processing Alliance (BPA).

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