Industrial Hemp Market

Industrial Hemp Market Outlook (2023 to 2033)

Industrial hemp is made from cannabis sativa and is used across the world to manufacture various commercial goods. It is a rich source of fiber and oilseed. These plants are grown in more than 30 countries across the globe. There is a lot of confusion between hemp and marijuana as there is a wide range of similarities between the two plants.

Owing to the rich nutritional benefits served by hemp as a rich source of proteins, omega-3, omega-6, and amino acids, the global market is likely to gain significant growth during the forecast period. However, the restrictions related to the cultivation and production of industrialized hemp in various nations are likely to impede the growth of the market.

The global market is highly dependent upon the import of seeds, raw fibers, and finished products. The required components are extracted from the raw hemp with the help of manufacturing and processing equipment. It serves numerous nutritional benefits including the protection of the brain and boosting of heart function.

What are the factors that favor growth in the market?

A plant with eastern Asian origins, whose cultivation was long outlawed in many nations due to tetrahydrocannabinol (THC), a hallucinogenic secondary metabolite found in many plant sections.

Recently, the European Union reinstated the production of fiber, seeds, and flowers from select genotypes of Cannabis sativa L., generally known as industrial hemp, with a THC level of less than 0.2% w/w. Following the European regulation, the Italian government enacted a new law governing the cultivation, sale, and use of industrial hemp.

Because of the favorable legal environment and the novel products that may be made from this crop, it is therefore anticipated that its farming will rise over the coming years. These plants used for industrial purposes typically have a spindly main stalk covered in leaves. Hemp plants typically grow to a height of 6 to 15 feet and are regarded as a low-maintenance crop. The time between planting and harvesting might be anything between 70 and 140 days, depending on the crop, the purpose, and the weather.

Nutritional properties propel the demand for medicinal applications. The market is projected to grow as heart attacks and other cardiovascular illnesses become more common. Heart problems like arrhythmias and cardiac disorders are risk factors that it helps to mitigate. Moreover, it lowers blood pressure and lowers the likelihood of heart failure. The market is projected to rise as people become more aware of their health and well-being.

The paradigm shift among consumers can be observed during the past few years toward natural products and ingredients, which further aids the growth of the market. Apart from the nutritional benefits, industrial hemp also serves various economic benefits. It is an excellent renewable resource and serves thousands of benefits and applications.

It is also used as a raw material in the manufacturing of paper, biodegradable plastics, textiles, construction, fuel, and health foods. The rising geriatric population and increasing concerns about skin diseases and UV protection are expected to drive the demand in the personal care industry.

How are Nations regulating this market?

It’s often confused with marijuana due to visual similarities however there are certain differentiators in these varieties of hemp. The THC content of industrial hemp is carefully regulated in Canada and the European Union, where it must be less than 0.3 percent, as opposed to marijuana, which has a THC content ranging from 3 to 30 percent.

The majority of pro-hemp initiatives in the US these days concentrate on defining and separating such hemp from marijuana. Some pro-hemp advocates want the USDA to take over control of domestic hemp production from the DEA.

Stringent regulations can impede market growth in the forecast period.

Europe and East Asia are prominent regions in the global market, as they inhabit a number of key players. Suitable government rules along with the significant demand from consumers also aid the market in both regions.

Owing to the increasing awareness among people about the health benefits and changing government policies & regulations, the market in North America is likely to expand significantly over the forecast period.

Who are the leading players in the industry?

The major players in the market are using various internal and external strategies to increase their footprint in the global market. Some of the players in the market include

• E Hemp
• Hemp, Inc.
• Hemp Production Services Inc.
• Marijuana Company of America Inc.
• Manitoba Harvest Hemp Foods
• North American Hemp & Grain Co. Ltd.
• Hemp Sense Inc.
• Hemp Foods Australia
• Hemp Inc.
• Agropro
• Hempro International
• Blue Sky Hemp Ventures Ltd.
• Trigone Foods Inc.
• Green Source Organics
• Hempco Food and Fiber Inc.
• Cavac Biomateriaux
• All American Hemp Company.

Segmentation

• By Form :

  • Oil
  • Seeds
  • Hurds
  • Fiber

• By Applications :

  • Textiles
  • Personal care
  • Animal Care
  • Food and Beverage
  • Paper
  • Automotive
  • Construction Material
  • Furniture
  • Others

• By Regions :

  • North America
  • Latin America 
  • Europe 
  • East Asia (Japan, China, South Korea)
  • South Asia 
  • Oceania 
  • Middle East and Africa