LONDON--(BUSINESS WIRE)--The global industrial hemp market is expected to post a CAGR of almost 16% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Hemp can be blended with cotton, wool, and silk to produce a wide range of fabric products. The fibre offers excellent capillary effect, moisture-absorbing ability, and breathability. These properties have increased the use of hemp in manufacturing waterproof, windproof, wear resistance, and anti-bacterial clothing for the military. Also, properties such as moisture permeability, heat radiation, and static and ultraviolet resistance, make them best suited for the manufacture of summer clothing. Many such advantages offered by hemp have increased its use in the textile industry, which is driving the growth of the market.
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As per Technavio, capacity expansion and product development 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: Capacity Expansion and Product Development
The use of industrial hemp in applications such as textiles, personal care, hemp CBD, and food and supplements is expected to increase significantly over the next decade. With the rising demand for industrial hemp from end-users, market vendors are expanding their production capacities and building new production facilities. This trend among vendors is expected to positively impact the growth of the global industrial hemp market during the forecast period.
“Rise in the legalization of hemp cultivation and increase in M&As will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Industrial Hemp Market: Segmentation Analysis
This market report segments the global industrial hemp market by geography (APAC, Europe, MEA, North America, and South America) and application (textiles, personal care, hemp CBP, food and supplements, and others).
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 market. This is due to the increasing demand for hemp fiber from rapidly growing commercial and residential construction projects along with use in food products and supplements.
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
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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