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. 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.
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 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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