According to BlueWeave Consulting, the Industrial Hemp Market is anticipated to grow at a significant rate during the forecast period. The market is expected to grow from USD million in 2019 to USD million by 2024, at a CAGR of 14.5 % from 2019 to 2024. The industrial hemp market is growing owing to several factors. The rising awareness about hemp-based products across the consumer is the driving factor for the market. Industrial hemp can used in serval industry vertical such as food and beverage, pharmaceutical, consumer goods, and personal care, textile, and manufacturing industries. Also, it predicted that more than 50,000 products could be manufactured from industrial hemp. Legalization for hemp crop production across various countries encourages framers for its production.

Global Industrial Hemp Market: Competitive Analysis

The global industrial hemp market is competitive in nature. The major players operating in the industrial hemp market are Canopy Growth Corporation, Cleanspark, Inc., Westleaf Inc., Xabis, Valens GroWorks, Indiva Limited, Bombay Hemp Company, B.E Hemp, Hempster, Hempco Food & Fiber Inc., Hemp Inc., Dun Agro Hemp Group and others.

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In the product type segment, hemp seed type holds the highest market share during the forecast period.

Hemp seed product type dominates the market. Hemp seed produced from low-cannabinoid varieties of Cannabis sativa. Hemp seed can be eaten raw, ground into hemp meal, sprouted or made into dried sprout powder. Hemp seeds can be used for baking or beverages such as hemp milk. The seed product type is expected to create substantial opportunities in the market due to rising awareness about dietary advantages of hemp seed from the crop and extensive use in cosmetics and personal care industries. Hemp oil product is projected to grow at a rapid rate due to the rise in demand for oil paints, varnishes, biofuel, solvents, and coatings application

The Asia Pacific region held a significant share in the industrial hemp market in 2018

The Asia Pacific is the leading region in the industrial hemp market. China is the highest revenue producer in the Asia Pacific region. This is due to the suitable government’s rules and regulation for the production of industrial hemp. The Chinese government never banned the production of hemp. As industrial hemp shows dramatic growth over the forecast period in China country as consumers become more familiar with the product’s applications and versatility. This is due to the early adoption of hemp. In China, industrial hemp has a considerable opportunity in the textile industry as it can be sued as a substitute for cotton and silk. In the Asia Pacific region, China, Australia, South Korea, North Korea, and India are the top countries for industrial hemp market. North America is anticipated to grow at the highest CAGR over the forecast period. In North America, the U.S. and Canada are the leading countries.

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