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Organic Hemp Market size to exceed USD 360 million by 2030
- Published Date: September 7, 2022
Organic Hemp Market size is expected to be valued at more than USD 360 million by 2030, as per a new research report published by Global Market Insights Inc.
The report identifies the rising inclination towards dietary supplements as a key driver of the organic hemp industry expansion. Organic hemp is used as a natural source of digestible plant protein that includes essential amino acids. It also consists of iron and naturally occurring fiber. Since the use of hemp seed oil can potentially lower blood pressure, improve skin, and promote heart health, its usage as a key ingredient in dietary supplements will increase, the report claims.
Strong focus on sustainability in the auto sector to bolster the organic hemp market share
Concerns regarding climate change and energy prices have led to a renewed focus on sustainability in the automotive industry. Hemp industry stakeholders are also identifying growth opportunities in the global focus on boosting electric vehicle production. In June 2021, the HAT (Hemp Alliance of Tennessee) announced a feasibility study on hemp fiber production across the U.S. This study includes an assessment of hemp fiber production feasibility for the automobile industry in Tennessee. Initiatives such as these are providing opportunities for the organic hemp industry development.
Product launch initiatives of direct-to-consumer brands to define the industry landscape
In terms of the distribution channel, the report bifurcates the industry into direct and indirect categories. Of these, the direct segment is expected to register a revenue of over USD 221 million by 2030, given the expansion of product offerings by direct-to-consumer brands. For example, in August 2022, TagZ Foods announced plans to boost its product offerings and launched hemp-based cookies, thus joining the league of newer and global direct-to-consumer companies that produce hemp-based products.
Increasing demand for hemp seeds in the healthcare sector to boost business size
Based on product, the organic hemp market is segregated into hemp seed, hemp shives, hemp fiber, and hemp dust. The demand for organic hemp seeds is rapidly increasing in the healthcare sector, given their widespread usage in pain management and weight loss applications. Several research studies also revealed their health benefits, including their ability to alleviate constipation, improve dermatological issues, and support cardiovascular health. The global industry share from the hemp seed segment will depict a CAGR of 14% through 2030.
Browse key industry insights spread across 500 pages with 666 market data tables & 26 figures & charts from the report, “Organic Hemp Market Size By Product [Hemp Seed (Food and Beverages, Animal Feed, Personal Care), Hemp Fiber (Biocomposites, Building Materials, Textiles, Pulp & Paper), Hemp Shives (Animal Bedding, Building Material, Garden Mulch), Hemp Dust (Animal Bedding, Garden Mulch)], By Distribution Channel (Direct, Indirect), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2030” in detail along with the table of contents:
North America to emerge as a lucrative revenue pocket
On the regional front, the North America organic hemp market will be valued at USD 100 million by 2030, which can be credited to the thriving food and beverage industry. Hemp oil is considered a key source of GLA (gamma-linolenic acid), which is known for its anti-inflammatory properties, including acne and nerve damage. With the increased prevalence of chronic inflammation, prominently in the U.S., the consumption of food and beverages based on hemp oil will therefore witness a considerable upsurge over the forecast spell.
Product range expansions to serve as a key growth strategy
The strategic landscape of the organic hemp market will observe strategic collaborations and a series of product range expansion activities by industry players to expand their foothold in the market. For instance, in March 2022, Lotus Organics+ started the incorporation of hemp in cosmetics and introduced a comprehensive range of skincare for Hemp Youth Glow. Key companies profiled in the report include The Tonik, Bioriginal Food & Science Corp., Organicway Inc., Connoils LLC, Manitoba Harvest Hemp Foods, Linwoods, Qemp Zero Peppermint, Pocono Organics, Lotus Organics+, and Kemin Industries, among others.