Market Research Report
Industrial Hemp Market Size, Share & Trends Analysis Report By Product (Seeds, Fiber, Shives), By Application (Textiles, Personal Care, Food & Beverages, Animal Care), By Region, And Segment Forecasts, 2021 - 2028
|Industrial Hemp Market Size, Share & Trends Analysis Report By Product (Seeds, Fiber, Shives), By Application (Textiles, Personal Care, Food & Beverages, Animal Care), By Region, And Segment Forecasts, 2021 - 2028|
Published: October 20, 2021
Grand View Research, Inc.
Content info: 161 Pages
Delivery time: 2-10 business days
The global industrial hemp market size is expected to reach USD 12.01 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.2% from 2021 to 2028. The upscaling utilization of hemp oil in food and beverage products for its dietary benefits is expected to increase the demand for hemp over the forecast period.
Population growth, coupled with the rising per capita disposable income, is expected to result in the increased demand for high-quality cosmetics, personal care products, protein supplements, and other health food products. These factors are expected to drive the market over the projected period.
Industrial hemp cultivation, harvesting, and processing are associated with increasing research and development activities to develop new genetic improvements, perfect agronomy, improved technologies to obtain a high yield, and premium quality products. Moreover, investments in research & development for enhanced performance in cancer treatments have offered growth prospects to the hemp industry.
Industrial hemp is an agricultural commodity and is highly dependent on climatic conditions, regulatory tolerance, and the availability of labor. Countries such as China, the world's leading producer of hemp, have never restricted hemp production and have an advantage of inexpensive labor. However, oversupply is likely to be a major concern for the manufacturers over the forecast period.