Global industrial hemp market is expected to reach USD 14.67 Billion by 2026 at a CAGR of 16.2% during the forecast period 2019-2026. Increasing demand in application industries and growing legalization of hemp cultivation are the two factors which may boost the growth of the industrial hemp market.
Industrial hemp is defined as a broad-leaved plant including taproot which is capable of rapid growth under perfect growing conditions. It also includes the by-products of hemp plants and plant part. For example, by-products are considered as industrial hemp and include hemp flour and hemp seed oil. Industrial hemp is used in producing a large number of products, including construction and insulation materials, paper products, fiberglass, textiles, biofuel, nutraceuticals, bio-plastics, etc. It can be grown for food and non-food products without relying on toxic chemical pesticides, herbicides, and fertilizers.
Global Industrial Hemp Market Key Findings:
All the segments have been analysed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment.
The industrial hemp market is segmented on the basis of nature, application, and product.
Regional Segmentation Analysis:
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global industrial hemp market with USD 1.81 Billion in 2018 where as the Asia Pacific is the rapidly growing region in the market.
Global Industrial Hemp Market Competitive Analysis:
Key players in the industrial hemp market are Botanical Genetics, LLC, Ecofibre, Hemp Inc., Plains Industrial Hemp Processing Ltd., MARIJUANA COMPANY OF AMERICA, INC., Global Hemp Group Inc., American Hemp LLC, Valley Bio Limited, Boring Hemp Company, and HempFlax BV. For instance, in October 2018, Alfa Laval launched an aseptic double-seat valve to its range of Alfa Laval Mixproof valves. It reduces the total cost of ownership for dairy, food, beverage, and other manufacturers by up to 45% compared with the leading Aseptic Double Seat Mixproof valves. Further, it also ensures product safety through full protection against the intrusion of harmful microorganisms, even during unwanted pressure spikes.
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This study forecasts revenue growth and volume at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global industrial hemp market on the basis of below-mentioned segments:
Global Industrial Hemp Market, By Product:
Global Industrial Hemp Market, By Nature:
Global Industrial Hemp Market, By Application:
Global Industrial Hemp Market, By Regions:
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