The global industrial hemp market is anticipated to grow at a considerable CAGR of 17% during the forecast period. Hemp use in textiles is quickly gaining traction which is affecting the overall industrial hemp market growth. Hemp fabric is strong, hypo-allergic, lightweight, and naturally, UV light resistant, which gives it an added advantage over other fabrics. Hemp fabric is gaining popularity among end-users majorly on account of its sustainability and eco-friendly characteristics. In addition, hemp is a lightweight fabric, which means that it is highly breathable and can be blended with cotton or linen, which adds stretch and strength to the fabric. Apparels commonly made with hemp include dresses, jeans, pants, jackets, T-shirts, hoodies, and clothing for children. Some recent launches in the hemp-based textile industry include-
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The COVID-19 pandemic impacted almost every industry including food, personal care, and pharmaceuticals. Similarly, a disorder in global supply chains and trade barriers across the globe consequently impacted the production of hemp-based products. Moreover, lockdown in many countries disrupted the retail sector and the consumers were willing to buy only necessary products. However, some key players in the industry experienced soaring demand for cannabidiol (CBD) products since the begging of the COVID-19 pandemic. For instance, Alphagreen Group Ltd. reported that more than 8 million Britons were buying CBD products, with spending exceeding $171.3 million in the first four months of 2020 alone.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Global Industrial Hemp Market Report Segment
By Type
- Hemp Seed
- Hemp Seed Oil
- Hemp Fiber
- CBD Hemp Oil
By Source
- Conventional
- Organic
By Application
- Food & Beverages
- Personal Care
- Textiles
- Pharmaceuticals
- Others (Animal Care, Construction Material)
Global Industrial Hemp Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global industrial hemp market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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