The global industrial hemp market size will
register a CAGR of 15.5% by 2023. See the latest market research,
opportunities, trends, and market forecast from Technavio's hemp industry
analysts. The industrial hemp market will be driven by the high demand from the
textile industry.
High demand from textile industries
Hemp fibers are increasingly being used as a raw material for
textile yarn production and are considered as a great substitute for cotton and
synthetic fibers. The increasing demand for hemp in the textile industry is
attributed to the technological, ecological, and economic superiority of hemp.
Industrial hemp is used for manufacturing canvas, sailcloth, rope, sacks,
clothing, specialty textiles, and other products. Hence, the high demand from
textile industry will drive the industrial hemp market size during the forecast
period.
Technavio’s sample reports are free of charge and contain
multiple sections of the report, including the market size and forecast,
drivers, challenges, trends, and more.
The rise in legalization of hemp cultivation
With rising focus on the use of natural resources to reduce the
dependence on petroleum resources, several governments, and regulatory agencies
are focusing on legalizing hemp cultivation. They are also approving the use of
hemp for commercial applications. As a result, hemp cultivation is expected to
increase, which will result in a reduction of dependency on the import of hemp
seeds. Thus, the rise in the legalization of hemp cultivation will fuel the
industrial hemp market growth during the forecast period.
According to a senior analyst
at Technavio, “Apart from the rise in the legalization of hemp
cultivation, other factors such as the increase in mergers and acquisitions,
capacity expansions, and product developments will have a significant impact on
the growth of the industrial hemp market size during the forecast period.”
Oversupply of hemp
The hemp market is witnessing price wars among producers and
end-users owing to the oversupply of hemp in various countries such as Canada
and China. Moreover, the increasing legalization of hemp production across the
world is also resulting in the overproduction of hemp, which is expected to
impact the prices of hemp during the forecast period. While these factors are
expected to influence the market growth negatively, the increasing demand for
hemp in various applications in the textile industry will fill the gap between
the demand and supply of during the forecast period.
Top players in the global industrial hemp market:
·
22nd Century Group
·
Aurora Cannabis
·
Canopy Growth
·
Charlotte’s Web
·
Hemp
·
Medical Marijuana
Some of the key topics covered in the global industrial
hemp market include:
Market Landscape
·
Market ecosystem
·
Market characteristics
·
Market segmentation analysis
Market Sizing
·
Market definition
·
Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
·
Regional comparison
·
Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
·
Vendors covered
·
Vendor classification
·
Market positioning of vendors
·
Competitive scenario
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