Industrial Hemp Market , 39% of Growth to Originate from APAC, Technavio

NEW YORK, Dec. 18, 2024 /PRNewswire/ — The global industrial hemp market size is estimated to grow by USD 13.90 Billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of over 25.25% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. Asia
4. Rest of World

1. APAC – APAC is estimated to contribute 39%. To the growth of the global market. The Industrial Hemp Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. 

The APAC region is a major player in the industrial hemp market, with China, Japan, and South Korea being key producers and consumers. The region’s market growth is driven by increasing product adoption in various industries and legalization of hemp cultivation in countries like China, India, Bangladesh, Japan, and Australia. China, as the largest producer, contributes significantly to the global market, with a long history of hemp use in papermaking, textiles, and medicine.

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Segmentation Overview

1. Product 
• 1.1 Seeds
• 1.2 Fiber
• 1.3 Shivs
2. Application 
• 2.1 Textile
• 2.2 Food and beverages
• 2.3 Personal care
• 2.4 Animal care
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

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1.1 Fastest growing segment:

The global industrial hemp market’s seeds segment holds a substantial share, reaching a significant size in 2023. Hemp seeds are popular due to their nutritional value, primarily used in food and beverage items like hemp milk, hemp oil, and hemp protein powder. The increasing popularity of plant-based diets fuels the global demand for these seeds. Two types of hemp seeds exist: organic and conventional. Consumers prefer organic hemp seeds due to their natural and organic nature, free from harmful chemicals and pesticides. The organic hemp seeds market is further segmented into hulled (hemp hearts) and whole seeds. Hemp hearts are popular for their nutty taste and high nutritional value, while whole seeds offer a high fiber content and versatility. Hemp seed oil, with its moisturizing properties and essential fatty acids, is widely used in food and cosmetic products. In summary, the hemp seeds segment’s growth is driven by the rising preference for organic and plant-based products, making it a significant contributor to the global industrial hemp market’s expansion during the forecast period.

Research Analysis

Industrial hemp is a versatile plant with applications in various industries, including biofuel, bioplastic, and textiles. Hemp contains valuable components such as cellulose fibers, linoleic acid, gamma linolenic acid, lipids, and carbohydrates. These compounds make hemp an attractive alternative for vegan consumers seeking sustainable alternatives to traditional materials and supplementary nutrition. However, the production of hemp requires careful cultivation, as it is susceptible to weather conditions, particularly warm and cold temperatures. Hemp fibers are used to produce textiles, while hempseed and hempseed oil are utilized in food and pharmaceuticals. Hemp cultivation has agricultural and environmental benefits, but input costs can be high due to machinery improvements and pesticide use. Companies specializing in hemp production include HempMeds and HempFlax, with Dutch headquarters. The market for hemp continues to grow, driven by demand for sustainable and eco-friendly products.

Market Overview

Industrial hemp is a versatile crop with a wide range of applications in various industries. It is rich in biofuel, bioplastic, cellulose fibers, linoleic acid, gamma linolenic acid, and various lipids and carbohydrates. Hemp seeds and stalks contain insoluble fiber, making them an excellent source of fiber. Hemp oil and hempseed oil are prized for their health benefits, including supplementary nutrition and inflammatory properties. Hemp cultivation offers agricultural and environmental benefits, including sustainable and cheap production, and a clean alternative to fossil fuels and carbon emissions. Hemp fibers are used in the production of textiles, paper, and construction materials, while hempseed is used in food and beverages, dietary supplements, and cosmetics. Hemp is also a renewable source of biofuels and a clean energy source, making it a crucial player in the modern economy’s transition towards sustainability. The climate crisis has highlighted the importance of environmental conservation, and hemp farming offers significant economic benefits as well. Industry professionals recently held a roundtable discussion on the latest machinery improvements and breakthroughs in hemp cultivation, focusing on the use of hemp stalks, seeds, roots, and leaves for various applications. The hybrid format of the event brought together experts from multiple industries, including pharmaceuticals, cosmetics, and biofuels. Vegan consumers are increasingly turning to hemp-based products due to their sustainable and ethical production methods. Pesticide-free hemp cultivation is essential for producing high-quality hemp products, and weather conditions, such as warm and cold temperatures, play a significant role in the crop’s growth. Hemp is a primary ingredient base for various industries, including bioplastics, biolubricants, and biofuels. Its use in the production of biofuel and bioplastics offers a significant reduction in carbon emissions and environmental impact compared to traditional fossil fuels. Hemp’s versatility and sustainability make it a crucial component of a modern, eco-conscious economy.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio