Global Industrial Hemp Market 2019-2023| Rise in Legalization of Hemp Cultivation to Boost Growth| Technavio

Technavio has published a new market research report on the global industrial hemp market from 2019-2023. (Graphic: Business Wire)

LONDON--()--The global industrial hemp market is expected to post a CAGR of close to 16% during the period 2019-2023, according to the latest market research report by Technavio.

The textiles industry is the largest end-user of industrial hemp. It accounted for 46.65% of the share in the global industrial hemp market in 2018. Hemp fibers are increasingly used as a raw material for textile yarn production. They are also considered as a substitute for cotton and synthetic fibers. Moreover, the technological, ecological, and economical superiority of hemp have been driving its demand in the textiles industry for the manufacture of a variety of products. Furthermore, as hemp fibers contain numerous cracks and small holes, they have an excellent capillary effect, good moisture absorbing ability, and excellent breathing performance. Hence, hemp fibers are used to manufacture waterproof, windproof, wear resistance, and anti-bacterial clothing for the military. This high demand from the textile industry is expected to drive the global industrial hemp market.

As per Technavio, the rise in the legalization of hemp cultivation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global industrial hemp market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global industrial hemp market: Rise in the legalization of hemp cultivation

With the rise in the legalization of hemp cultivation and favorable regulations for hemp growers, the global industrial hemp market is likely to offer opportunities for hemp manufacturers during the forecast period. With the rising focus on using natural resources and reducing the dependency on petroleum resources, several government authorities and regulatory agencies have been focusing on legalizing hemp cultivation. They are also approving the use of hemp for commercial applications. For instance, in December 2018, the US President, Donald Trump, signed the US 2018 Farm Bill, which further diversified and commercialized the hemp industry. As hemp cultivation is increasingly becoming legal in several countries and states, the dependence on the import of hemp seeds will reduce. Hence, all these factors will drive the market during the forecast period.

“The global industrial hemp market has been witnessing expansion in production capacities. The supply and consumption of industrial hemp for applications such as textiles, personal care, hemp CBD, and food and supplements will continue to increase in the next decade. The rising demand for industrial hemp-based products has compelled producers to expand their production capacities and build new manufacturing centers,” says a senior analyst at Technavio.

Global industrial hemp market: Segmentation analysis

This market research report segments the global industrial hemp market by application (textiles, personal care, hemp CBD, food and supplements, others) and geographical regions (APAC, North America, Europe, South America, and the Middle East and Africa).

The APAC region led the market in 2018 with a market share close to 46%, followed by North America, Europe, South America, and the Middle East and Africa, respectively. During the forecast period, the APAC region is expected to continue dominating as well as register the highest incremental growth.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

Release Summary

The global industrial hemp market is expected to post a CAGR of close to 16% during the period 2019-2023, according to Technavio.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200