The Industrial Hemp Market size is estimated at USD 2.60 billion in 2024, and is expected to reach USD 5.84 billion by 2029, growing at a CAGR of 17.56% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. Manufacturing and construction activities have come to a halt as a result of the lockdowns. The outbreak of COVID-19 also brought several short-term and long-term consequences to the construction industry. According to the Associated General Contractors of America (AGC), there were disruptions to work or canceled projects and hence less demand for 'non-essential' projects, like offices, entertainment, and sports facilities, in the initial months of 2020. Furthermore, in 2021, the demand for the market studied has recovered and is expected to grow at a significant rate in the coming years.
The global industrial hemp market is fragmented in nature. Some major players in the market include International Flavors & Fragrances Inc., Firmenich SA, PharmaCielo Ltd, Manitoba Harvest (Tilray), and Robertet.
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