Industrial Hemp Market Size was valued at USD 4.9 billion in 2021. It is expected to reach a value of USD 26.7 billion by 2028, growing at a CAGR of 35% during 2022-2028. The industrial hemp market is expected to grow due to its application utilisation in the personal care, food and beverage, textile, and biocomposite industries. The high essential fatty acid content of hemp oil, which prevents and alleviates diseases, is one element leading to industrial growth in the food and beverage sector. Industrial hemp is a resource that is incredibly renewable. The crop produces a large production of edible proteins and fibres, with over 50,000 product applications once harvested. Because people are becoming more health-conscious, the demand for Industrial Hemp products is growing by the day. Consumers’ increased preference for natural products is a major driver for the worldwide Industrial Hemp market. Papermaking, textiles, biodegradable plastics, fuel, construction, and healthful food are just a few of the applications for industrial hemp. Industrial hemp is a crop grown for use in a variety of products such as fabrics and textiles, meals and beverages, cosmetics and personal care products, nutritional supplements, paper, yarns and spun fibres, construction materials, and other items. Industrial hemp is not the same as marijuana, yet they are both cultivars of the Cannabis sativa L. species. On a dry-weight basis, marijuana contains 3 to 15% THC (tetrahydrocannabinol), whereas industrial hemp contains less than 1%. In most developed countries that allow hemp growth, cultivars with less than 0.3 percent tetrahydrocannabinol must be used (THC). Some of the key factors fostering the market growth include increasing number of chronic diseases, rising use of hemp seeds and hemp oil seeds in different food applications together with growing demand for bakery products such as bread and cookies, superior mechanical properties of industrial hemp manufactured through environment friendly process and surging population and an increase in the level of disposable income. However, complex regulatory structure for the usage of industrial hemp and lack of processing facilities are inhibiting the market growth.
The Industrial Hemp Market Key Developments:
In January 2022, Hemp Inc. launched CBDA and CBGA line of water, tinctures, gummies, capsules, and edibles in a variety of sizes, potencies, flavors and formulas for the COVID_19 patients.