Global Industrial Hemp Market Size, Share and Industry Analysis Report by Product (Seeds [By Derivative Product {Hemp Oil, Seed Cake, Meat, Shell}, and Application {Food & Beverages, Animal Feed, Personal Care}], Fiber [By Application {Bio-Composites, Bui

Global Industrial Hemp Market Size, Share and Industry Analysis Report by Product (Seeds [By Derivative Product {Hemp Oil, Seed Cake, Meat, Shell}, and Application {Food & Beverages, Animal Feed, Personal Care}], Fiber [By Application {Bio-Composites, Building Materials, Textiles, Pulp & Paper}], Shives [By Application {Animal Bedding, Building Material, Garden Mulch}]), Country Outlook Application Development, Competitive Market Share & Forecast, 2021 - 2027

The industrial hemp market is expected to witness sturdy expansion by 2027 owing to escalating demand for dietary and health supplements across the globe.

Ongoing research studies have indicated that industrial hemp is a scalable crop that could provide considerable environmental and economic benefits. The textile industry is increasingly adopting hemp fibers as an eco-friendly alternative to cotton. Since hemp requires a sustainable amount of land, water, and no pesticides, it is a viable and sustainable crop. Moreover, soaring demand for CBD products in key regions has propelled industry uptake in recent years.

Furthermore, industry players have been implementing profitable initiatives to accommodate the growing demand for dietary and health supplements, thereby accelerating overall business expansion. For instance, in May 2021, GLOBAL HEMP GROUP INC., a major industrial hemp technology company, announced the acquisition of a 44-acre multi-use industrial property to scale its Colorado Hemp Agro-Industrial Zone (“HAIZ”) business in Northwest Colorado.

For extensive analysis, the industrial hemp market has been segmented on the basis of product and region. In terms of product, the market has further been bifurcated into shives, seeds, and fiber.

Based on derivatives, the seeds segment has been categorized into shell, hemp oil, meat, and seed cake. The meat segment is speculated to exceed a valuation of USD 27.6 million by the end of 2027, growing at a CAGR of above 6.0% over the forecast period.

With respect to application, the fiber segment has been segregated into pulp & paper, bio composites, textiles, building materials, and others. The bio composites application segment was valued at nearly USD 10.0 million in 2020 and is anticipated to develop at approximately 7.0% CAGR through the analysis timeline. Surging demand for sustainable building materials and replacements for plastic composites is estimated to drive segmental expansion in the coming time period.

By application, the shives segment has been bifurcated into garden mulch, animal bedding, building material, and others. The building material segment is slated to be worth more than USD 8.7 million by the end of 2027 on account of rising environmental concerns. Growing green construction activities are also set to foster segmental development over the forthcoming years.

From the regional point of view, the Latin America industrial hemp market is projected to garner a valuation of about USD 10.6 million by 2027, progressing at a CAGR of around 5.0% over the review period. Mounting demand for hemp derivatives such as seeds, oil, and so forth, across the food & beverages and personal care industries is likely to augment regional market growth.