The Global Industrial Hemp Market was estimated at USD 5.3 billion in 2022, and is projected to reach USD 22.49 billion by 2030, growing at a CAGR of 19.8%.
Industrial Hemp plant is a stout, annual, aromatic herb cultivated for its best fibre and edible seeds. The plant is strong, tough, and long-lasting and is mostly used for cordage, e.g., twine, rope, yarn, cable, string, and artificial sponges. Numerous goods, including insulation and building materials, paper, textiles, fibreglass, nutraceuticals, personal care items, bio-plastics, and biofuel are processed from industrial hemp. Without the use of harmful chemicals, herbicides, pesticides, or fertilisers, it is primarily cultivated for food and beverage production as well as non-food-based items.
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List of the Key Companies Profiled
· SParkland Industrial Hemp Growers Cooperative Ltd. (Canada)
· CBD Biotechnology Co. (US)
· Botanical Genetics LLC (US)
· Marijuana Company of America Inc. (US)
· HempMedsBrasil (US)
· Terra Tech Corp. (USA)
· American Cannabis Company Inc. (Colorado)
· Industrial Hemp Manufacturing LLC (Amsterdam)
· American Hemp (USA)
· Hemp Inc. (US)
· Boring Hemp Company (Oregon)
· Plains Industrial Hemp Processing Ltd. (Canada)
· Ecofiber Industries Operations (Australia)
· Valley Bio Ltd. (Canada) and other major players.
The latest research on the Industrial Hemp Market provides a comprehensive overview of the market for the years 2023 to 2030. It gives a comprehensive picture of the global Industrial Hemp Market industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Industrial Hemp Market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind: to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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Segmentation of Industrial Hemp Market:
· Seeds
· Fiber
By Source
· Organic
· Conventional
By Application
· Animal care
· Textile
· Foods & Beverages
· Pharmaceuticals
· Personal care
Industrial Hemp Market Regional Analysis/Insights:
§ North America (U.S., Canada, Mexico)
§ Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
§ Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
§ Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
§ Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
§ South America (Brazil, Argentina, Rest of SA)
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Report centrally focuses on in-depth company profiles and competitive analysis, offering valuable insights into market players' overview, market role, operating business segments, and financial performance. By evaluating crucial metrics like production volume, sales volume, and sales margin, we provide a comprehensive understanding of their market standing. In addition, report highlights recent market developments, keeping you informed about emerging opportunities and competitive dynamics. Introspective Market Research offers comprehensive market research studies, providing valuable insights and strategic guidance to businesses worldwide. We ensure reliability and accuracy in our reports for informed decision-making.
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Covid 19 Impact On Industrial Hemp Market
The Covid-19 pandemic strongly reduced the market demand and growth for Industrial Hemps. The outbreak of this virus and implementation of worldwide lockdown resulted in the supply chain and shutdown of manufacturing units, which further impacted the demand. The post-pandemic later helped to develop more interest in the medical sector of hemp as it hit agriculture and thus the economy overall. Whereas the farmers, looked forward to a profit-making new crop of high revenue as it is sold for process into CBD oil, which is consumed dietary supplements. They also cultivated more Hemp as it can also be utilized in textiles, biocomposites, fuel, livestock rations, and farms.
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