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

Technavio has announced its latest market research report titled global industrial hemp market 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. Request a free sample report

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 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 growth of the industrial hemp market size during the forecast period.

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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 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 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. As a result, hemp cultivation is expected to increase, which will result in a reduction of dependency on the import of hemp. They are also approving the use of hemp for commercial applications. Thus, the rise in the legalization of hemp cultivation will fuel the industrial hemp market growth 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 is compelling producers to expand their production capacities and build new manufacturing centers,says a senior analyst at Technavio.

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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, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth. This is due to the growth of the textiles, personal care, food and construction industries in the region.

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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 media@technavio.com.

Contacts

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

Release Summary

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

Contacts

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