Fior Markets launched a study titled “Industrial Hemp Market by Product (Seeds, Fiber, Shivs), Nature, Application Region Global Industry Analysis, Market Product, Share, Growth, Trends, and Forecast 2019 to 2026”
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.Increasing demand in various industries, growing legalization of hemp cultivation, and capacity expansions and product developments are the major factors to boost the growth of the industrial hemp market.
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The seeds segment is dominating the market with the highest share of50.90% in 2018.
The product segment is divided into segments such as seeds, fiber, and shivs. The seeds segment is dominating the market with the highest share of 50.90% in 2018owing 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 organic segment is anticipated to grow at the highest CAGR of 18.91% during the forecast period.
The nature segment is classified into organic and conventional. The organic segment is anticipated to grow at the highest CAGRof 18.91% during the forecast period. The preference for an organic segment is growing in developed and developing countries along with an on-going organic trend as well as increased spending capacity of the consumers. The legalization of theproducing 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 textile industry segment is dominated theindustrial hemp market and held the value around USD 1.03 Billion in 2018.
The application segment includes animal care, textiles, automotive, furniture, food & beverages, paper, construction materials, personal care, and others. The textile industry segment is dominated the industrial hemp market and held the value around USD 1.03 Billion 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 geotextiles. 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.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America is dominating the global industrial hemp market with the highest share of 41.20% in 2018.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 from the personal care industry in the region.Asia Pacific regions is the second most dominating region due to the growing fiber consumption in the manufacturing of biodegradable textiles for consumer and industrial applications and the presence of the major supplier countries in this region.
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The major players of global industrial hemp market 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, and HempFlax BV. The companies are adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership to maintain their presence in the global industrial hemp market. For instance, in 2018, Alfa Laval launched an aseptic double-seat valve to its range of Alfa Laval Mixproof valves. This product 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.
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