Hemp Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
Hemp Market: Overview and Definition
The hemp market refers to the industry involved in the cultivation, processing, and distribution of products derived from the hemp plant, which is a variety of the Cannabis sativa plant species. Hemp is known for its versatile use in a variety of industries, including textiles, construction, food and beverages, and health and wellness.
Hemp-derived products, such as cannabidiol (CBD) oil, are becoming increasingly popular due to their perceived health benefits and therapeutic properties. The legalization of hemp farming in many countries, including the United States, has opened up new opportunities for businesses to enter the market.
However, it's important to note that hemp contains very low levels of THC, the psychoactive compound found in marijuana, and is not used for recreational purposes. While the legal status of hemp and its products varies widely by jurisdiction, the overall trend towards legalization and acceptance of hemp-derived products is driving growth in the industry.
The Global Hemp Market accounted for USD XX.X Million in 2019. Further, the market is expected to reach to a valuation of USD XX.X Million by the end of 2025. Moreover, it is anticipated to flourish at a CAGR of 16.9% during the forecast period i.e. 2020-2025.
According to a research conducted by KD Market Insights, the U.S. hemp market is considered to be USD 820.0 Million in 2017, which indicates a 16% increase over sales in the year 2016. Factors such as the rising demand for hemp-based products which includes hemp oil, personal care products, supplements, and others are believed to spur the growth of the hemp market in the upcoming years. Further, growing consumer awareness regarding benefits associated with hemp products such as an excellent source of nutrition, heart-healthy compounds, and others is anticipated to positively impact the growth of the hemp market. In addition to this, the demand for hemp-fibers is growing on the back of rising demand from the textile industry for manufacturing of spun fibers, and a range of consumer and industrial textiles. Moreover, this factor is expected to drive the growth of the global hemp market.
In terms of geography, the hemp market is analyzed into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Among these regions, North America is slated to account for the highest percentage of market share in the overall hemp market during the forecast period. Increasing demand for hemp oil in the North American region due to the rising geriatric population and growing concerns about skin diseases are believed to intensify the growth rate of North America hemp market in the upcoming years. In addition to this, Europe hemp market is anticipated to witness substantial growth over the upcoming years. The increasing number of hemp farms in countries such as Ukraine and others are expected to positively impact the growth of Europe hemp market over the forecast period.
The research offers a comprehensive analysis of hemp market with respect to following sub-markets:
By Product Type
By End Use
- Consumer Textiles
- - - Clothing
- - - Shoes
- Foods & Beverages
- Hemp CBD
- Hemp Oil
- Personal Care Products
- - - Soap
- - - Beauty Products
- - - Moisturizer
- - - Others
- Farm & Landscaping
- - - Mulch
- - - Composting
- - - Animal Bedding
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Hemp market is witnessing a wide range of industry activities such as acquisition, joint venture, product launch and expansion across the globe. For instance, on March 21, 2020, Canopy Growth Corporation announced the acquisition of AgriNextUSA. This acquisition helped the company to expand its presence in the U.S. market. Apart from this, various new market players are trying to enter into the hemp market, for instance, Schmidt’s Naturals is planning to launch hemp-oil deodorants in September 2020. This product launch will help the company to strengthen its presence into the market over the upcoming years.
Also, the report profiles various major market players such as;
- Hemp Production Services
- Manitoba Harvest Hemp Foods
- All American Hemp, LLC
- North American Hemp & Grain Co. Ltd
- Hemp Foods Australia
- Hemp Sense Inc.
- Canopy Growth Corporation
- HempMeds Brazil
- Botanical Genetics, LLC
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides company’s positioning and market share in hemp market.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecasted Year
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global hemp market by the following segments;
- Product Type
- End Use
Geographic Market Analysis:
The report offers separate analysis of North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In addition, further breakdown of market data and analysis of region into countries is covered in the report.
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Hemp Industry Report;
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?