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Industrial Hemp Market is Expected to Reach US$ 19.7 Billion by 2032 | CAGR of 15.1% during 2024-2032
The global industrial hemp market size reached US$ 5.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 19.7 Billion by 2032
BROOKLYN, NEW YORK, UNITED STATES, July 16, 2024 /EINPresswire.com/ -- IMARC Group has recently released a new research study titled โIndustrial Hemp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032โ, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global industrial hemp market size reached US$ 5.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 19.7 Billion by 2032, exhibiting a growth rate (CAGR) of 15.1% during 2024-2032. The market is experiencing steady growth driven by the extensive changes in legislative landscapes, facilitating a more favourable environment for hemp cultivation and processing, increasing recognition of hemp's environmental benefits, and the diversification of hemp applications across numerous end-use industries.
๐๐น๐ผ๐ฏ๐ฎ๐น ๐๐ป๐ฑ๐๐๐๐ฟ๐ถ๐ฎ๐น ๐๐ฒ๐บ๐ฝ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ง๐ฟ๐ฒ๐ป๐ฑ๐:
The increasing diversification of hemp-derived products and applications represents one of the key factors influencing the growth of the industrial hemp market across the globe. Beyond traditional uses like textiles and paper, hemp is being utilized in a wide range of industries, including health and wellness, construction, automotive, and agriculture. This diversification is driven by advancements in processing technologies and growing consumer awareness of hemp's versatility and sustainability.
Additionally, there is a growing emphasis on sustainable cultivation practices and organic production methods within the industrial hemp industry. Consumers are increasingly seeking products that are ethically sourced and environmentally friendly, leading to a rise in demand for organic hemp products. Moreover, the global legalization and regulatory framework surrounding industrial hemp are evolving, with more countries legalizing hemp cultivation for industrial purposes.
๐ฅ๐ฒ๐พ๐๐ฒ๐๐ ๐๐ผ ๐๐ฒ๐ ๐๐ต๐ฒ ๐ฆ๐ฎ๐บ๐ฝ๐น๐ฒ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐: https://www.imarcgroup.com/industrial-hemp-market/requestsample
๐๐ฎ๐ฐ๐๐ผ๐ฟ๐ ๐๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐๐ต๐ฒ ๐๐ฟ๐ผ๐๐๐ต ๐ผ๐ณ ๐๐ต๐ฒ ๐๐ป๐ฑ๐๐๐๐ฟ๐ถ๐ฎ๐น ๐๐ฒ๐บ๐ฝ ๐๐ป๐ฑ๐๐๐๐ฟ๐:
๐๐ฒ๐ด๐ฎ๐น๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐ฎ๐ป๐ฑ ๐ฅ๐ฒ๐ด๐๐น๐ฎ๐๐ผ๐ฟ๐ ๐๐ต๐ฎ๐ป๐ด๐ฒ๐: Legalization and regulatory changes play a pivotal role in shaping the industrial hemp market. As governments around the world legalize hemp cultivation for industrial purposes and amend regulations to facilitate the production and sale of hemp-derived products, barriers to entry are lowered, and market opportunities expand. These changes provide farmers and businesses with greater clarity and certainty, encouraging investment in hemp cultivation, processing, and product development. Additionally, legalization allows consumers broader access to hemp-derived goods, including CBD products, textiles, food, and cosmetics, driving the market growth. However, varying regulations and compliance requirements across regions can create challenges for businesses navigating the legal landscape, highlighting the importance of staying informed and adapting to evolving regulatory frameworks in the dynamic industrial hemp market.
๐๐ฟ๐ผ๐๐ถ๐ป๐ด ๐๐ฒ๐บ๐ฎ๐ป๐ฑ ๐ณ๐ผ๐ฟ ๐๐ฒ๐บ๐ฝ-๐๐ฒ๐ฟ๐ถ๐๐ฒ๐ฑ ๐ฃ๐ฟ๐ผ๐ฑ๐๐ฐ๐๐: The rising demand for hemp-derived products in the industrial hemp market is driven by several factors. First, the increasing acceptance and legalization of hemp cultivation for industrial purposes have spurred interest in utilizing hemp's diverse range of applications. CBD oil, derived from hemp, has gained popularity for its potential health benefits, driving demand in the wellness and pharmaceutical sectors. Additionally, hemp fiber is valued for its strength, durability, and sustainability, making it an attractive alternative to traditional materials in textiles, paper, and building materials. As consumers prioritize environmentally friendly and natural products, the demand for hemp-derived goods continues to grow across various industries, reflecting the versatility and eco-friendly nature of hemp as a renewable resource.
๐๐ป๐ฐ๐ฟ๐ฒ๐ฎ๐๐ถ๐ป๐ด ๐๐๐ฎ๐ฟ๐ฒ๐ป๐ฒ๐๐ ๐ผ๐ณ ๐๐ฒ๐บ๐ฝ'๐ ๐๐ป๐๐ถ๐ฟ๐ผ๐ป๐บ๐ฒ๐ป๐๐ฎ๐น ๐๐ฒ๐ป๐ฒ๐ณ๐ถ๐๐: The increasing awareness of hemp's environmental benefits is driving interest and demand for hemp-derived products in the industrial hemp market. Hemp is recognized for its sustainability and positive environmental impact, as it requires minimal water, pesticides, and fertilizers to grow, making it an eco-friendly alternative to traditional crops. Furthermore, hemp can sequester carbon dioxide from the atmosphere and improve soil health through phytoremediation, making it a valuable tool for mitigating climate change and promoting soil regeneration. As concerns about environmental sustainability continue to grow, consumers, businesses, and policymakers are increasingly turning to hemp as a renewable resource that offers solutions to pressing environmental challenges, driving the adoption and expansion of hemp cultivation and product development initiatives worldwide.
๐๐ฒ๐ ๐๐ผ๐บ๐ฝ๐ฎ๐ป๐ถ๐ฒ๐:
โข Aurora Cannabis
โข Boring Hemp Company
โข Ecofibre Limited
โข Hemp Inc
โข HempFlax Group B.V.
โข Hempro International GmbH
โข MH medical hemp GmbH
โข Parkland Industrial Hemp Growers Co-op. Ltd.
โข South Hemp Tecno srl
โข Valley Bio Limited etc.
๐๐ป๐ฑ๐๐๐๐ฟ๐ถ๐ฎ๐น ๐๐ฒ๐บ๐ฝ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ฆ๐ฒ๐ด๐บ๐ฒ๐ป๐๐ฎ๐๐ถ๐ผ๐ป:
๐๐ ๐ง๐๐ฝ๐ฒ:
โข Hemp Seed
โข Hemp Oil
โข Hemp Fiber
โข Others
Hemp seed is widely recognized for its nutritional value and versatility, being used in a variety of food products, supplements, and skincare items, driving its dominance in the industrial hemp market.
๐๐ ๐ฆ๐ผ๐๐ฟ๐ฐ๐ฒ:
โข Conventional
โข Organic
Conventional hemp cultivation methods are more widely adopted and established, offering a lower barrier to entry for producers and a larger supply base for industrial hemp products, thus making conventional sourcing the dominant choice in the market.
๐๐ ๐๐ฝ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป:
โข Food and Beverages
โข Textiles
โข Personal Care Products
โข Pharmaceuticals
โข Others
The growing trend towards healthy eating and natural ingredients has fueled demand for hemp-based food and beverage products, including hemp seeds, oil, protein powder, and beverages, making it the largest segment within the industrial hemp market.
๐ฅ๐ฒ๐ด๐ถ๐ผ๐ป๐ฎ๐น ๐๐ป๐๐ถ๐ด๐ต๐๐:
โข North America
โข Asia-Pacific
โข Europe
โข Latin America
โข Middle East and Africa
Asia Pacific has a large and growing population, coupled with increasing consumer awareness of hemp-derived products and supportive regulatory frameworks, leading to significant market growth and making it the largest regional market for industrial hemp products.
๐ฆ๐ฝ๐ฒ๐ฎ๐ธ ๐๐ผ ๐๐ป ๐๐ป๐ฎ๐น๐๐๐: https://www.imarcgroup.com/request?type=report&id=4473&flag=C
๐๐ฒ๐ ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ ๐ผ๐ณ ๐๐ต๐ฒ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐:
โข Market Performance (2018-2023)
โข Market Outlook (2024-2032)
โข Market Trends
โข Market Drivers and Success Factors
โข Impact of COVID-19
โข Value Chain Analysis
โข Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCโs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companyโs expertise.
Elena Anderson
IMARC Services Private Limited
+1 631-791-1145
email us here
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