LONDON--(BUSINESS WIRE)--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.
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Five Forces Analysis
Market Segmentation
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Vendor Landscape
- Vendors covered
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