As per the report by Grand View Research Inc., the global Industrial Hemp Market is estimated at USD15.26 billion by 2027. It is expected to develop by 15.8% CAGR from 2020 to 2027. Normally, it is recognized as hemp and it is a farming product. Industrial hemp plant has large leaves and taproot. It has the capability to grow, speedily, beneath the ideal conditions. Besides, it comprises the by- products of the plant parts and hemp plants. For instance, the by-products those are measured as the industrial hemp consists of hemp seed oil and hemp flour.
Industrial hemp is produced for utilization in the manufacture of huge number of goods. It comprises bio-plastics, paper products, insulation and construction materials, nutraceuticals, textiles, bio-fuels, fiberglass and others. It is grown to use in the non- food and food products, without using the poisonous chemical fertilizers, pesticides and the herbicides. Essentially, each portion of the plant is valuable and can be utilized. It is having the most excellent quality and available in the affordable price.
Increasing inclination for the ecological products in thermal insulation in addition to increasing usage of the industrial hemp as a substitute of the fiberglass is projected to impel the development of the market.
Growing preference of customers for environment friendly building and due to the growing ecological contamination, the market is estimated to power the demand for the hemp centered construction materials in the near future. Furthermore, increasing utilization of concrete prepared from lime and shives, called as hempcrete, in Europe is likely to additionally boost the demand for the industrial hemp, during the period of the forecast.
The development of the market is projected to be forced by the factors, such as increasing disposable income, rising population and augmented demand for the premium quality personal care and cosmetic products. Furthermore, an increase in the range of the applications for the hemp in automobile manufacturing is estimated to impel the expansion of the global market for the industrial hemp.
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Effect of Covid-19:
Owing to the eruption of Covid-19 pandemic there are restrictions on the social activities followed by lockdown. As a result, there is feeble consumer demand for the comfort and lifestyle products. These factors will hold low influence on the pattern of demand for the cosmetic elements plus some class of foodstuff additives. Yet, reduction in the limitations and communal conversation regarding resuming the trade and industry activities in the market for the consumer goods, shows that the revival of the demand is gradually increasing.
Key Takeaways from the report:
- Terra Tech Corp and Parkland Industrial Hemp Growers Co operative Ltd are players in the market concerned with R&D actions to cultivate special varieties of the industrial hemp.
- As a result of the increasing utilization of the hemp leaves in animal bedding because of its low dust features that create an extremely advantageous factor for animals facing respiratory problems, the animal care industry held 14.9% share by revenue in 2019.
- Due to the widespread utilization of the industrial hemp in dietetic supplements, pharmaceuticals, and additional remedial and medical products, seeds sector held 27.3% share by value in 2019.
- The North America market for industrial hemp is projected to develop by 20.4% CAGR in terms of value, during the period of the forecast and due to the corroboration of the hemp production together with the increasing demand from the personal care, foodstuff & supplements and the cosmetics manufacturing.
- The requirement for the industrial hemp is projected to increase by 18.8% CAGR in terms of revenue from the personal care industry, during the period of the forecast. It decreases uneasiness of the skin by way of comforting and re establishing the injured or dry skin.
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- Earth Science Tech
- Natural Good Medicines
- Isolate Extraction Systems Inc.
- Hemp oil Canada
- Hanf Farm GmbH
- Parkland Industrial Hemp Growers Cooperative Ltd.
- Terra Tech Crop
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Grand View Research has segmented the global industrial hemp market on the basis of product, application, and region:
Industrial Hemp Product Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
Industrial Hemp Application Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- Animal Care
- Food & Beverages
- Construction Materials
- Personal care
Industrial Hemp Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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