As per the report published by Fior Markets, the global industrial hemp market is expected to grow from USD 4.41 Billion in 2018 to USD 14.67 Billion by 2026 at a CAGR of 16.2% during the forecast period 2019-2026. North America is dominating the market owing to the rising geriatric population and increasing concerns about skin diseases and UV protection which are expected to drive demand for hemp oil for the personal care industry in the region.
Industrial Hemp Market by Product (Seeds, Fiber,Shivs), Nature, Application Region Global Industry Analysis, Market Product, Share, Growth, Trends, and Forecast 2019 to 2026.
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Leading companies in the industry include Botanical Genetics, LLC, Ecofibre, Hemp Inc., Plains Industrial Hemp Processing Ltd., Marijuana Company Of America, Inc., Global Hemp Group Inc., American Hemp LLC, Valley Bio Limited, Boring Hemp Company, HempFlax BV, andamong others. In order to enhance market position, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.For instance, in 2018, Alfa Laval launched an aseptic double-seat valve to its range of Alfa Laval Mixproof valves. It reduces the total cost of ownership for dairy, food, beverage, and other manufacturers by up to 45% compared with the leading Aseptic Double Seat Mixproof valves. Further, it also ensures product safety through full protection against the intrusion of harmful microorganisms, even during unwanted pressure spikes.
The industrial hemp market is segmented on the basis of nature, application and product.The product segment is divided into segments such as seeds, fiber, and shivs. The seeds segment is dominating the market and valued around USD 2.24 Billion owing to the growing demand for hemp grain to obtain seed, oil, and food matter due to its high fatty acid content and nutritional value. Hemp seeds include about 35% of oil in 80.0% is essential fatty acids and 20.0% is crude protein. Hemp seeds can be prepared into a liquid and used for baking or for beverages such as hemp milk and tisanes. The nature segment is classified into organic and conventional. The organic segment is growing at the highest CAGR of 18.9% in the forecast period. The preference for an organic segment is growing in developed and developing countries along with on-going organic trend as well as increased spending capacity of the consumers.The legalization of producing the hemp and increasing production of organic hemp oil that are grown without the use of pesticides or herbicides has driven the organic segment growth.The application segment includes animal care, textiles, automotive, furniture, food & beverages, paper, construction materials, personal care, and others. The textile industry segment is dominating the market with the highest share of 23.40% in 2018. The textile industry is one of the largest consumers in the industrial hemp market as it is used in manufacturing apparel, fabrics, denim, fine textiles, and others. It is also used in manufacturing several industrial textile products such as twine, rope, nets, canvas bags, tarps, carpets, and geo textiles. Increasing demand of the hemp in the production of the fiber products has further increased the textiles segment market size in the global industrial hemp market.
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Industrial hemp is defined as a broad-leaved plant including taproot which is capable of rapid growth under perfect growing conditions. It also includes the by-products of hemp plants and plant part.Increasing demand in application industries is key driving force for the global industrial hemp market growth. In addition, growing legalization of hemp cultivation, capacity expansions and product developments are supplementing factors fuelling the growth of market.But strict rules and regulations of government may restrict the growth of industrial hemp market. However,increasing beneficial use of the industrial hemp product in paper making, textiles, biodegradable plastics, fuel, construction, and health food is expected to provide numerous growth opportunities in the forthcoming years.
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