Industrial Hemp Market to Garner $28.47 Billion, Globally, by 2032 at 19% CAGR: The Brainy Insights
Industrial hemp market size is anticipated to grow from USD 5 Billion to USD 28.47 Billion in 10 years. The global industrial hemp market will expand as more nations legalise the production, processing, and retailing of industrial hemp. Asia Pacific region emerged as the most significant global industrial hemp market, with a 39% market revenue share in 2022.
Newark, Oct. 22, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 5 Billion in 2022 industrial hemp market will reach USD 28.47 Billion by 2032. It works incredibly well as the main ingredient base for personal care products because of its inflammatory qualities. A low-cost, clean, and sustainable substitute for the fossil fuel-dependent modern economy is industrial hemp. It generates far fewer carbon emissions, which benefits the economy and the environment.
Report Coverage Details
|Market Size in 2022||USD 5 Billion|
|Market Size in 2032||USD 28.47 Billion|
|No. of Pages in Report||237|
|Segments Covered||Product Type, Source and Application|
|Drivers||The expanding industrial and commercial application of industrial hemp|
|Opportunities||Several scientific studies have established the increasing innovation of industrial hemp processing technologies|
|Restraints||The high costs of hemp-based products|
Request to Download Sample Research Report – https://www.thebrainyinsights.com/enquiry/sample-request/13591
Key Insight of the Industrial Hemp Market
Asia Pacific emerged as the most significant market, with 39% market revenue share in 2022.
Asia Pacific dominated the market, with a market share of around 39% in 2022. The market has expanded as a result of Thailand, China, and India legalising industrial hemp. The market is growing because more industrial hemp is being used in paper, textiles, personal care items, and animal nutrition. Additionally, a positive climate for the expansion of regional markets has been established by the growing number of industrial hemp and processing businesses that are supported by advantageous government initiatives and programmes.
The hemp seed oil segment accounted for the largest market share of 37% in 2022.
The hemp seed oil segment dominated the market, with a market share of around 37% in 2022. Due to its numerous skin-benefiting properties, hemp seed oil is quite popular in the personal care products market.
The conventional segment accounted for the largest market share of 57% in 2022.
The conventional segment dominated the market, with a market share of around 57% in 2022. Hemp is an extremely resilient crop that requires no special or organic treatments to generate a large amount of fruit even in the most harsh weather conditions.
The personal care products segment accounted for the largest market share of 27% in 2022.
The personal care products segment dominated the market, with a market share of around 27% in 2022. The purpose of personal care products is to improve or enhance the user’s external appearance. They are often divided into three categories: body care, haircare, and skincare. Spending on personal care items has increased in the modern world due to the growing emphasis on appearance.
Driver: The expanding industrial and commercial application of industrial hemp
Several industries, including food and beverages, personal hygiene, energy, medicines, animal nutrition, dietary supplements, automotive, paper, textiles, and construction, employ industrial hemp. For instance, acne, pigmentation, ageing, redness, inflammation, and hair loss can all be effectively treated using industrial hemp-based skin and hair care products. Industrial hemp stalks are used to make biofuels, a clean, renewable, and sustainable energy source that is in high demand in the modern world due to the climate issue.
Interested to Procure the Research Report? Inquire Before Buying – https://www.thebrainyinsights.com/enquiry/buying-inquiry/13591
Some of the major players operating in the industrial hemp market are:
• American Cannabis Company, Inc.
• CBD Biotechnology Co.
• Hemp Inc.
• HempFlax Group B.V.
• Hempro International GmbH & Co. KG
• Industrial Hemp Manufacturing, LLC
• Marijuana Company of America Inc.
• MH Medical Hemp
• Plains Industrial Hemp Processing Ltd.
• The Konoplex Group
Key Segments cover in the market:
By Product Type:
• Hemp Seed
• Hemp Hurd
• Hemp Seed Oil
• Hemp Bast
• CBD Hemp Oil
• Foods and Beverages
• Animal Nutrition
• Building and Construction
• Personal Care Products
• Paper Industry
• Asia Pacific (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Have a question? Speak to Research Analyst- https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13591
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.