Industrial Hemp Market | Major Growth to Originate from APAC During 2020-2024 | Technavio

LONDON–(BUSINESS WIRE)–The global industrial hemp market size is expected to grow by USD 3.35 billion, progressing at a CAGR of over 11% during the forecast period. Request a free sample report

The high demand from the textile industry and the rise in the legalization of hemp cultivation are among the major factors propelling the market growth. However, challenges associated with the production of hemp will hamper the growth of the market participants.

The textile industry is the largest consumer of industrial hemp. Hemp fibers are used as raw materials in the textile industry to manufacture yarn, canvas, sailcloth, rope, sacks, clothing, furnishing textiles, specialty textiles, and other products. These fibers are also used as substitutes for cotton and synthetic fibers. Moreover, hemp fibers can be blended with cotton, wool, and silk to produce various fabric products. Also, hemp fibers contain numerous cracks and small holes, that provide excellent capillary effect, good moisture absorbing ability, and excellent breathing performance. All these factors are increasing the use of hemp in the textile industry, which is driving the growth of the market.

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Industrial Hemp Market: Application Landscape

Based on the application, the textiles segment led the market in 2019. The growth in the manufacture of apparel, fabrics, denim, and fine textiles has increased the use of industrial hemp in the textiles segment. Besides, properties such as high absorption capacity and good thermal and electrical properties are increasing the use of hemp in the textile industry.

Industrial Hemp Market: Geographic Landscape

APAC is expected to provide significant growth opportunities for industrial hemp manufacturers during the forecast period. This is due to the growth of various end-user industries such as textiles, personal care, food, and construction in the region. Also, factors such as expanding population and increasing demand are expected to fuel the growth of the industrial hemp market in APAC.

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Companies Covered

• 22nd Century Group Inc.
• Aurora Cannabis Inc.
• Bombay Hemp Company Pvt. Ltd.
• Boring Hemp Co.
• Canopy Growth Corp.
• Charlottes Web Holdings Inc.
• HempFlax Group BV
• HemPoland Sp zoo
• Medical Marijuana Inc.
• Nutiva Inc.

What our reports offer:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers market data for 2019, 2020, till 2024
• Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Industrial Hemp Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist industrial hemp market growth during the next five years
• Estimation of the industrial hemp market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the industrial hemp market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of industrial hemp market vendors

Table of contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 – 2024

Five Forces Analysis

• Five forces analysis
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application
• Textiles – Market size and forecast 2019-2024
• Hemp-based CBD – Market size and forecast 2019-2024
• Food and supplements – Market size and forecast 2019-2024
• Personal care – Market size and forecast 2019-2024
• Others – Market size and forecast 2019-2024
• Market opportunity by Application

Customer Landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC – Market size and forecast 2019-2024
• North America – Market size and forecast 2019-2024
• Europe – Market size and forecast 2019-2024
• South America – Market size and forecast 2019-2024
• MEA – Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• 22nd Century Group Inc.
• Aurora Cannabis Inc.
• Bombay Hemp Company Pvt. Ltd.
• Boring Hemp Co.
• Canopy Growth Corp.
• Charlotte’s Web Holdings Inc.
• HempFlax Group BV
• HemPoland Sp zoo
• Medical Marijuana Inc.
• Nutiva Inc.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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