LONDON–(BUSINESS WIRE)–Technavio announces the release of its latest report on the industrial hemp market. The market is segmented by application (textiles, hemp-based CBD, food and supplements, personal care, and others) and geography (APAC, North America, Europe, South America, and MEA). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across various segments.
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Industrial Hemp Market: Key Findings
- Industrial hemp market value to grow by USD 3.35 billion at over 11% CAGR during 2020-2024
- 46% of market growth to originate from APAC during the forecast period
- Based on the application, the textiles segment will offer maximum opportunities for vendors during the forecast period
- Industrial hemp market is expected to have a neutral impact due to the spread of COVID-19
Industrial Hemp Market: Growth Drivers
The increasing demand for industrial hemp from the textile industry is one of the prime factors driving the market growth. Industrial hemp fibers are extensively used in the textile industry as a substitute for cotton and synthetic fibers for manufacturing canvas, sailcloth, rope, sacks, clothing, furnishing textiles, specialty textiles, and other products. This is because hemp fibers contain numerous cracks and small holes that provide capillary effect, good moisture absorbing ability, and better breathing performance. Also, they possess various properties such as moisture permeability, good heat radiation, and static and ultraviolet resistance. Many such benefits are increasing the use of industrial hemp in the textile industry, thereby driving the market growth.
“Rise in the legalization of hemp cultivation and rising demand for industrial hemp from China and the US will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Industrial Hemp Market: Major Vendors
22nd Century Group Inc.
22nd Century Group Inc. operates its business through segments such as Tobacco and Hemp. The company offers industrial hemp with optimized levels of medically important cannabinoids, including CBD, CBC, and CBG.
Aurora Cannabis Inc.
Bombay Hemp Company Pvt. Ltd.
Bombay Hemp Company Pvt. Ltd. operates its business through the Unified segment. The company offers high-quality hemp seeds.
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