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Industrial Hemp Market Size

Report ID: GMI3306
Published Date: Jan 2022
Report Format: PDF

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Industrial Hemp Market Size

Global Industrial Hemp Market size was over USD 205 million in 2020 and is estimated to grow at over 6% CAGR between 2021 and 2027 due to increasing legalization of hemp cultivation and demand for biodegradable and renewable natural materials in various consumer products.

industrial hemp market outlook

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Industrial hemp has several environmental and nutritional benefits. Increasing demand towards dietary supplements and food & beverages along with increasing consumer health awareness contributes significantly to hemp seeds demand. Hemp oil contains large amounts of antioxidants which are driving its application in personal care & cosmetics application.

Increasing demand towards dietary supplements and food & beverages along with increasing consumer health awareness is contributing to the growth of the industrial hemp market. The Cannabidiol (CBD) and CBD oil present in hemp has several medicinal properties and has the potential for treating tumors and diabetes and reducing pain, including chronic pain which is expected to be the key driving factor for market growth.

Industrial Hemp Market Report Attributes
Report Attribute	Details
Base Year:	2020
Industrial Hemp Market Size in 2020:	205.0 Million (USD)
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	6%
2027 Value Projection:	310 Million (USD)
Historical Data for:	2016 to 2020
No. of Pages:	290
Tables, Charts & Figures:	378
Segments covered:	Product, Application
Growth Drivers:	Europe: Growing inclination towards dietary supplements Asia Pacific: Increased demand for health supplements will drive industrial hemp demand North America: Growing demand for CBD products in the U.S. LATAM: Rising investment and government support
Pitfalls & Challenges:	Non-established infrastructure and fluid policy situation

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Authors: Kunal Ahuja, Sarita Bayas

Frequently Asked Questions (FAQ) :

The industrial hemp industry share had reached close to USD 205 million in 2020 and will record a CAGR of over 6% through 2027 owing to the rising legalization of hemp cultivation and higher demand for biodegradable and renewable natural materials across various consumer products.

Industrial hemp is largely used in dietary supplements and food & beverages to offer various environmental and nutritional benefits.

The hemp seed market share from food and beverages is likely to cross USD 74 million through 2027, driven by higher prevalence of chronic disorders like diabetes, blood pressure, and obesity along with the increasing consumer consciousness about healthy lifestyles.

The industrial hemp market size in North America is projected to exceed USD 87.5 million by 2027 and will strike a CAGR of 7.5% up to 2027 due to growing penetration in the treatment of Alzheimer's disease, anti-inflammatory effects, epilepsy, and mental disorders.