The Industrial
Hemp Market is projected to grow from USD 4.6 billion in 2019 to USD
26.6 billion by 2025, recording a compound annual growth rate (CAGR) of 34.0%
during the forecast period. The major factors driving the growth of the
industrial hemp market include increasing legalization in the cultivation of
industrial hemp, functional properties of hemp seed and hemp seed oil, and
their growing use in different food applications, and increase number of
chronic diseases.
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The CBD hemp oil
segment is projected to be the fastest-growing segment in the industrial hemp
market during the forecast period.
The industrial hemp market is segmented, based on type, into
hemp fiber, hemp seed, hemp seed oil, and CBD hemp oil. The CBD hemp oil
segment is projected to be the fastest-growing segment in the industrial hemp
market during the forecast period. This is attributed to the growing usage of
CBD hemp oil in various applications such as personal care, health supplements,
and food & beverages products. Furthermore, the numerous health benefits of
CBD hemp oil make it useful to treat and prevent conditions like anxiety,
depression, pain, and acne are also expected to drive the growth.
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The food segment is
projected to account for the largest market share in the industrial hemp market
during the forecast period.
The industrial hemp market is segmented, based on
application, into food, beverages, textiles, personal care products,
pharmaceuticals, and others. The food segment is projected to be a leading
segment in the industrial hemp market. This is attributed to the usage of hemp
in food products, as these are rich in essential fatty acids (linoleic and
linolenic); vitamin E; as well as minerals such as phosphorus, potassium,
sodium, magnesium, calcium, zinc, iron, and protein. Hemp is mostly consumed in
the form of hemp seed, raw or roasted. It is added to salads, smoothies,
yogurt, and cereals. The growing consumption of plant-based protein, owing to
the popularity of veganism, globally, is expected to increase the demand for
hemp-based processed food products such as bars, flour, snacks, and cheese.
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The European region
is projected to be the fastest-growing region in the industrial hemp market
during the forecast period.
The European region is projected to be the fastest-growing
region in the industrial hemp market during the forecast period owing to growth
in consumption of hemp seeds as food as well as their wide application in other
food products such as smoothies, yogurt, cereals, and bars especially in countries
such as Germany and the Netherlands. Furthermore, increasing legalization of
industrial hemp in the European region in the coming years is expected to boost
the industrial hemp market.
Major vendors in the industrial hemp market include Hempco
(Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax BV
(Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA
(Germany), Hemp Poland (Poland), Dun Agro (Netherlands), Colorado Hemp Works
(US), Canah International (Romania), South Hemp Tecno (Italy), Plains
Industrial Hemp Processing (Canada), and MH Medical Hemp (Germany).
