Industrial Hemp Market to Reach $18.6 Billion by 2027, Growing at 22.4% CAGR

Allied Market Research report reveals exponential growth in the industrial hemp market driven by rising demand for hemp-based products.

WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, July 18, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Industrial Hemp Market by Type, Application, and Source: Opportunity Analysis and Industry Forecast, 2021–2027,” The global industrial hemp market size was valued at $4.9 billion in 2019, and is projected to reach $18.6 billion by 2027, registering a CAGR of 22.4% from 2021 to 2027.

𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 : https://www.alliedmarketresearch.com/request-sample/9049

Hemp seeds or industrial hemp is obtained from “Cannabis sativa” which contains only traces of tetrahydrocannabinol (THC). Hemp seeds are especially grown for commercial use and it is used in wide range of products. Hemp seeds are rich in two essential fatty acids, linolenic (omega-3) and linoleic (omega-6). They are also rich source of vitamin B1, vitamin B2, vitamin B6, vitamin D, vitamin E, magnesium, calcium and potassium among others.

Moreover, very rare plant-based foods are a complete source of protein, hemp seeds on the other hand possess descent amount of protein that can be considered as a value addition to a vegan diet. Since, the humans cannot generate essential fatty acids, the addition of hemp seeds in food application will be useful as they are a rich source of linoleic (omega-6) and linolenic (omega-3). Furthermore, hemp seeds can be used to produce a variety of food products such as hemp milk, hemp oil, hemp cheese substitutes and hemp-based protein powder. Thus, owing to rich source of protein and vitamin hemp seed are used in food and beverages which further fuels the growth of industrial hemp market.

• Industrial hemp is obtained from "Cannabis sativa" and contains only traces of THC (tetrahydrocannabinol).

• Rich in essential fatty acids, vitamins (B1, B2, B6, D, E), magnesium, calcium, and potassium.

• Considered a valuable addition to a vegan diet due to its protein content.

• Used to produce hemp-based products such as hemp milk, hemp oil, hemp cheese substitutes, and hemp-based protein powder.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 : https://www.alliedmarketresearch.com/purchase-enquiry/A08684

𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬 𝐚𝐧𝐝 𝐃𝐫𝐢𝐯𝐞𝐫𝐬

• Hemp seeds are used in food and beverages, contributing to market growth.

• Legalization of hemp cultivation encourages the development of new products.

• Hemp oil usage, especially in biofuels, has crucial growth potential.

• Continuous rise in oil prices and concerns about global warming drive interest in biofuels.

• Hemp fiber is eco-friendly and used in various products such as clothing, home wares, shoes, and accessories.

𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗

• Import and export restrictions on hemp and related products due to the pandemic.
• Lockdown measures disrupt the global supply chain, affecting the North American and Asian markets.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

• 𝐓𝐲𝐩𝐞𝐬: Hemp seed, hemp oil, hemp fiber, and others.
• 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬: Food and beverages, textiles, personal care products, pharmaceuticals, and others.
• 𝐒𝐨𝐮𝐫𝐜𝐞𝐬: Conventional and organic.

𝐓𝐚𝐥𝐤 𝐭𝐨 𝐨𝐮𝐫 𝐄𝐱𝐩𝐞𝐫𝐭 : https://www.alliedmarketresearch.com/connect-to-analyst/A08684

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬

- Hemp oil segment dominated the market in 2019 and is expected to continue its dominance.
- Personal care products segment accounted for the highest share in market growth in 2019.
- Conventional source led the global demand in 2019 and is expected to retain dominance.
- Asia-Pacific accounted for the highest market share in 2019 and is expected to grow significantly.

𝐌𝐚𝐤𝐞 𝐚 𝐃𝐢𝐫𝐞𝐜𝐭 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 : https://www.alliedmarketresearch.com/checkout-final/7c553c4581fc49abcfc0e9baf13dedb7

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
• Hempco Food and Fiber Inc.
• Ecofibre
• Hemp Inc.
• GenCanna
• HempFlax Group B.V.
• The Konoplex Group
• South Hemp
• Plains Industrial Hemp Processing Ltd.
• MH medical hemp
• Hempro International GmbH & Co. KG.

📝 𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domain.

We have professional corporate relations with various companies and this helps us dig out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality of data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

📞𝐂𝐨𝐧𝐭𝐚𝐜𝐭

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