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

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

LONDON--()--A new market research study by Technavio on the global industrial hemp market projects the market to grow at a CAGR of close to 16% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers, and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.

High demand from textile industries

Hemp fibers are increasingly being used as a raw material for textile yarn production and are considered as a great substitute for cotton and synthetic fibers. The increasing demand for hemp in the textile industry is attributed to the technological, ecological, and economic superiority of hemp. Industrial hemp is used for manufacturing canvas, sailcloth, rope, sacks, clothing, specialty textiles, and other products. Hence, the high demand from textile industry will drive the industrial hemp market size during the forecast period.

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The rise in legalization of hemp cultivation

With rising focus on the use of natural resources to reduce the dependence on petroleum resources, several governments, and regulatory agencies are focusing on legalizing hemp cultivation. They are also approving the use of hemp for commercial applications. As a result, hemp cultivation is expected to increase, which will result in a reduction of dependency on the import of hemp seeds. Thus, the rise in the legalization of hemp cultivation will fuel the industrial hemp market growth during the forecast period.

According to a senior analyst at Technavio, “Apart from the rise in the legalization of hemp cultivation, other factors such as the increase in mergers and acquisitions, capacity expansions, and product developments will have a significant impact on the growth of the industrial hemp market size during the forecast period.”

Oversupply of hemp

The hemp market is witnessing price wars among producers and end-users owing to the oversupply of hemp in various countries such as Canada and China. Moreover, the increasing legalization of hemp production across the world is also resulting in the overproduction of hemp, which is expected to impact the prices of hemp during the forecast period. While these factors are expected to influence the market growth negatively, the increasing demand for hemp in various applications in the textile industry will fill the gap between the demand and supply of during the forecast period.

Top players in the global industrial hemp market:

  • 22nd Century Group
  • Aurora Cannabis
  • Canopy Growth
  • Charlotte’s Web
  • Hemp
  • Medical Marijuana

Some of the key topics covered in the global industrial hemp market 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. It provides detailed market research reports that provide clients with actionable insights to help them identify market opportunities and design effective strategies to optimize their market position.

With over 500 specialized analysts, Technavio boasts of an extensive report library comprising of over 10,000 reports, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than a hundred 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. Technavio helps companies to assess their competitive position within changing market scenarios.

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

Release Summary

Technavio's global industrial hemp market projects the market to grow at a CAGR of close to 16% during the forecast period.


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