LONDON--(BUSINESS WIRE)--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
- Medical Marijuana
Some of the key topics covered in the global industrial hemp market include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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