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.
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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.
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:
Some of the key topics covered in the global industrial hemp market include:
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation
Geographical Segmentation
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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