The global industrial hemp market size 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. Rising awareness among the consumers about the benefits of industrial hemp, increasing legalization to cultivate industrial hemp across different countries, and growing application scope of industrial hemp in diverse industries such as textile, pharmaceutical, food, beverages, personal care products, construction & material, furniture, and paper is driving the market for industrial hemp.
Key industrial hemp players 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). Agreements, joint ventures, and partnerships were the dominant strategies adopted by major players, followed by expansion. These strategies have helped them to increase their presence in different regions.
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. The growing application of CBD hemp oil in personal care, health supplements, and food & beverage products is expected to drive the demand for this segment. 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 industrial hemp market is segmented, based on application, into food, beverages, textiles, personal care products, pharmaceuticals, and others. The textiles segment is projected to be a leading segment in the industrial hemp market. Hemp fiber is among the strongest and most durable naturally occurring textile fiber and is naturally resistant to bacteria and ultraviolet radiations. Due to its porous nature, it affects better color retention than any other fabric. Additionally, it requires a lesser amount of water for cultivation, in comparison with cotton, which is mainly used in the textile industry.
The European market is projected to capture the largest share in the industrial hemp market. This is attributed to the presence of a large consumer base for food, beverages, dietary supplements, and personal care products. Further, the usage of hemp fiber is growing in different applications, such as automotive and construction materials. Increasing consumption of hemp seeds in food and other food products such as smoothies, yogurt, cereals, and bars is expected to bolster the growth of the market further. The demand for hemp in the form of these products is considerably high in countries such as Germany and the Netherlands, thus, driving the regional market growth.
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