Global industrial hemp market to 2026

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 byproducts of hemp plants and plant part. For example, byproducts 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 and bio-plastics. It can be grown for food and non-food products without relying on toxic chemical pesticides, herbicides, and fertilizers.

However, increasing beneficial use of the industrial hemp product in paper making, textiles, biodegradable plastics, fuel, construction, and health food is expected to provide numerous growth opportunities in the forthcoming years.

Global industrial hemp market key findings:

• The product segment is divided into segments such as seeds, fibre, and shivs. The seeds segment is dominating the market with the highest share of 50.90% in 2018 owing to the growing demand for hemp grain to obtain seed oil, and food matter due to its high fatty acid content and nutritional value. Hemp seeds include about 35% of oil in 80% is essential fatty acids and 20% is crude protein. Hemp seeds can be prepared into a liquid and used for baking or for beverages such as hemp milk and tisanes.
• The nature segment is classified into organic and conventional. The organic segment is anticipated to grow at highest CAGR of 18.91% during the forecast period. The preference for an organic segment is growing in developed and developing countries along with an ongoing organic trend as well as increased spending capacity of the consumers. The legalisation of producing the hemp and increasing production of organic hemp oil that are grown without the use of pesticides or herbicides has driven the organic segment growth.
• The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America is dominating the global industrial hemp market with the highest share of 41.2% in 2018.
• North America is dominating the market owing to the rising geriatric population and increasing concerns about skin diseases and UV protection which are expected to drive demand for hemp oil from the personal care industry in the region.

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