A variety of Cannabis sativa plant positioned for commercial application is called industrial hemp. Industrial cannabis is an inexpensive, quickly-growing species that benefits the environment. It is also one of the most adaptable crops in existence. Cannabis, often known as hemp, is a plant that is used to make psychoactive substances. Both therapeutic and recreational uses of hemp exist. Hemp reduces pain through altering the brain's pain perception circuits. In addition, the increased prevalence of diseases like epilepsy and other sleep disorders as well as the rising use of hemp-based products due to its various health benefits fuel this market's expansion. Hemp seeds made from the cannabis sativa plant contain very little tetrahydrocannabinol (THC). The two essential fatty acids linoleic and linolenic are among them.
Moreover, they contain significant amounts of vitamin D, calcium, magnesium, potassium, vitamin E, vitamins B1, B2, and B6. Few plant-based foods are complete protein sources; however, seeds offer enough protein to be considered a beneficial addition to a vegan diet. Due to essential fatty acids cannot be produced by humans, seeds rich in linoleic (omega-6) and linolenic acid (omega-3), may be beneficial. Moreover, they have little saturated fat and no trans-fat. These are some important components that are probably going to support the cannabis industry's future expansion. The rise of the industrial hemp business, however, is anticipated to be hampered by the complicated laws surrounding cannabis use in many countries.
| ATTRIBUTE | DETAILS |
| Study period | 2020-2029 |
| Base year | 2021 |
| Estimated year | 2022 |
| Forecasted year | 2022-2029 |
| Historical period | 2018-2020 |
| Unit | Value (USD Billion) (Kilotons) |
| Segmentation | By Type, By Source, By Application, By Region |
| By Type |
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| By Source |
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| By Application |
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| By Region |
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Worldwide permit the growing of hemp, and the demand for bast fibre for the manufacture of high-quality textiles is rising. Canada used to focus mostly on hemp farming to produce seeds for the food and cosmetics industries. This crop, whose fibres will be utilized in construction materials, insulation, and bio-composites, is only recently being grown in the nation. Also, a growing number of states in the U.S. are legalizing hemp farming, suggesting that the demand for hemp's fibres and seeds will rise across the nation. Also, China is the most significant nation in terms of hemp farming for fibre. The nation produces both conventional long fibres and cottoned hemp fibres using an enzymatic process for export to Europe and Northern America.
The COVID-19 epidemic had a significant influence on the industrial hemp business. As a result of the lockdown limitations put in place to contain the COVID-19 pandemic outbreak, numerous manufacturing and construction projects have been put on hold. The COVID-19 outbreak has had a few immediate and long-term effects on the building sector. The closure hurt national production and will make trade uncertainties and the current manufacturing slump worse. Comparatively speaking, the pandemic had little effect on the operations of the food and beverage sector, but its global supply chain was badly disrupted, which prevented further growth.
The industrial hemp market is expected to grow at 16.9% CAGR from 2022 to 2029. It is expected to reach above USD 14.84 Billion by 2029 from USD 3.64 Billion in 2020.
Asia Pacific held more than 32% of the industrial hemp market revenue share in 2021 and will witness expansion in the forecast period.
Compared to paper made from wood pulp, paper made from hemp fibre requires less chemicals to process. Consequently, it is anticipated that increased consumer knowledge of the advantages of the products will help the market expand.
The Market research report covers the analysis of Market players. Key companies profiled in the report include Green Thumb Industries Inc., Curaleaf Holdings, Inc., Cronos Group Inc., Ecofibre Limited, GenCanna, HempFlax BV, Konoplex Group, Hemp Oil Canada, BAFA, Dun Agro Hemp Group
Due to the region's emerging nations' rising demand for hemp-based food goods and supplements, as well as the region's burgeoning cosmetics and personal care products sector, Asia-Pacific currently controls the majority of the global industrial hemp market.
Industrial hemp market is segmented based on type, source, application, and region.
Based on type, a significant portion of the market was made up of hemp seed. Cannabis sativa, from which hemp seeds are derived, only has a very small quantity of tetrahydrocannabinol in them (THC) Both linoleic (omega-6) and linolenic (omega-3), two necessary fatty acids, as well as the vitamins E, 81, 82, 86, and D, calcium, magnesium, and potassium are abundant in these. Hemp seed includes a lot of lipids, a lot of easily absorbed protein, polyunsaturated fatty acids (PUFA), a lot of carbs, and a lot of insoluble fibre. Alpha-linolenic acid (ALA omega 3), a rich source of PUFA, and linoleic acid (LA omega 6), regarded to be advantageous and balanced for human nutrition.
Based on source, a significant portion of the market was made up of organic. A non-GMO crop grown without the use of pesticides is hemp farmed conventionally. Unlike to certified organic hemp, conventional hemp does not require the same exacting inspections and regulations. They are therefore less expensive than Hamp organic products. The textile and pulp and paper sectors are increasingly using hemp that has been cultivated conventionally. Their demand has also grown as a result of their application in bioplastics, furniture, construction materials, and biofuel. Many conventional hemp-based goods are offered by the German company Hemp Factory. Among the products offered are whole, unpeeled hemp seeds and nuts, peeled hemp seeds and nuts, cold-pressed homo seed oil, refined hemp seed oil, and hemp flour.
Based on application, a significant portion of the market was made up of food & beverages. Due it includes vital fatty acids (linoleic and linolenic acid), vitamin E, and minerals including phosphorus, potassium, salt, magnesium, calcium, zinc, iron, and protein, hemp is being employed in food items more and more. The most common form of hemp consumption is as raw or roasted hemp seed. It can be found in salads, smoothies, yoghurt, and cereals. The demand for processed food made from hemp, such as bars, flour, snacks, and cheese, is anticipated to rise as a result of the growing consumption of plant-based protein brought on by the global popularity of veganism. Also, due highly digestible fibre is present, its role in enhancing digestion is anticipated to increase demand for food goods.
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The Market research report covers the analysis of Market players. Key companies profiled in the report include Green Thumb Industries Inc., Curaleaf Holdings, Inc., Cronos Group Inc., Ecofibre Limited, GenCanna, HempFlax BV, Konoplex Group, Hemp Oil Canada, BAFA, Dun Agro Hemp Group
Recent developments:On December 2021, Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RYTHM, Good Green and incredibles branded cannabis products, announced it has closed on an acquisition of LeafLine Industries (“LeafLine”).
On March 2021, Curaleaf Holdings, Inc.(CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading U.S. provider of consumer products in cannabis, announced that it has signed a definitive agreement to acquire EMMAC Life Sciences Limited ("EMMAC"), the largest vertically integrated independent cannabis company in Europe for base consideration of approximately USD 286 million to be paid 85% in Curaleaf subordinate voting shares and 15% in cash.
The industrial hemp market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
The greatest revenue share in 2021 over 32% was accounted for by asia pacific. Industrial hemp and its products, including fibre, seed, hurds, and oil, are produced and consumed actively in a number of economies, including China, India, Japan, Korea, Australia, New Zealand, and Thailand. The region's hemp production is changing as a result of rising worldwide product demand, developing technologies, and innovation that make harvesting simpler for growers. Throughout the course of the forecast period, the regional market is anticipated to be driven by rising elderly population levels in developing economies with rising hemp-based food and supplement consumption.
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