IMARC Group, a leading market research company, has recently releases report titled “Industrial Hemp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global industrial hemp market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the industrial hemp market?
The global industrial hemp market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.6 Billion by 2028, exhibiting a growth rate (CAGR) of 16.47% during 2023-2028.
What is industrial hemp?
Industrial hemp is a type of cannabis sativa plant explicitly grown for industrial use. It is a rich source of carbohydrates, protein, essential fatty acids, vitamins, and trace elements. It is an environment-friendly, fast-growing plant used in a variety of products, including textiles, bioplastics, biofuel, food, and building materials. It is a sustainable and multipurpose crop that can be refined into various commercial items, including biodiesel, paper, clothing, textiles, rope, insulation, paint, food, milk, oil, hemp protein powder, and animal feed.
Currently, industrial hemp is largely used in the production of fabrics and textiles, nutritional supplements, construction materials, food and beverages, and personal care products.
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What are the growth prospects and trends in the industrial hemp industry?
The increasing demand for hemp-based products, such as textiles and bioplastics, is one of the key factors driving the market growth. Additionally, governments of various nations have legalized hemp cultivation, which is creating a positive outlook for the market. Furthermore, the surging consumer awareness regarding the dietary benefits of hempseed and hempseed oil is accelerating the market growth.
Apart from this, the increasing product application in the cosmetic industry to manufacture soaps, shampoos, bath gels, hand and body lotions, UV skin defenders, and massage oils made from hemp and the rapidly expanding automotive industry are boosting the market growth.
Who are the key players operating in the industry?
The report covers the major market players including:
Industrial Hemp Key Companies:
- Aurora Cannabis
- Boring Hemp Company
- Ecofibre Limited
- Hemp Inc
- HempFlax Group B.V.
- Hempro International GmbH
- MH medical hemp GmbH
- Parkland Industrial Hemp Growers Co-op. Ltd.
- South Hemp Tecno srl
- Valley Bio Limited
Key Market Segmentation:
The report has segmented the global Industrial hemp market on the basis of type, source, application and region.
Breakup by Type:
- Hemp Seed
- Hemp Oil
- Hemp Fiber
- Others
Breakup by Source:
- Conventional
- Organic
Breakup by Application:
- Food and Beverages
- Textiles
- Personal Care Products
- Pharmaceuticals
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Explore Full Reporyt Description At: https://www.imarcgroup.com/industrial-hemp-market
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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Article source: https://article-realm.com/article/Business/46506-Industrial-Hemp-Market-Growth-Outlook-Demand-Report-2023-2028.html
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