Jersey City, NJ--A significant upward trajectory for the global industrial hemp market is predicted, led by market diversification and positive regulatory developments.
According to a PR Newswire release, the "Global Industrial Hemp Market Size By Type, By Application, By Sources, By Geographic Scope And Forecast" report from Verified Market Research has unveiled that the market, valued at USD 8.10 Billion in 2022, is expected to climb to a whopping USD 23.20 Billion by 2030, expanding at a CAGR of 14.05%.
Factors Shaping the Industrial Hemp Landscape
- Diverse Applications: The wide-ranging utility of industrial hemp, spanning textiles, cosmetics, dietary supplements, paper, construction, and more, is a significant growth propellant.
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Consumer Shift Towards Health and Sustainability: With rising health awareness, the market sees a surge, especially from hemp oil's nutritional benefits in the food and beverage sector.
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Automotive Sector's Growing Appetite: Governments focusing on fuel efficiency increase the demand for hemp's lightweight materials.
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Regulation Changes: Favorable adjustments, primarily in the U.S., are anticipated to spur the market.
The Future Outlook
The release noted that despite its bright prospects, companies must grapple with the multifaceted regulatory environment that varies across nations.
Nevertheless, with consumer preference tilting toward natural, sustainable products, the future remains optimistic for hemp, especially in the food, beverage, and automotive sectors.
Movers and Shakers in the Market
The release noted that prominent players leading the global industrial hemp revolution include:
- Hemp Oil Canada
- Hemp Inc.
- Konoplex Group
- BAFA
- Hemp Poland
- Dun Agro
- HempFlax BV
Their pioneering efforts and innovative strategies promise to sculpt the future of the industrial hemp sector.
A Regional Perspective on Industrial Hemp
The market research segments the industrial hemp industry by type, application, sources, and geography, covering regions like North America, Europe, Asia Pacific, and more.
The New York State Hemp Revolution
People have been preparing for such a transition to take place. According to a Cornell Chronicle report on revolutionizing the industrial hemp sector, Hailee Greene MBA ’24 is steering GreeneAcres Processing to establish the northeast's first industrial hemp processing facility.
Her vision encompasses sustainable farming, assisting independent growers, and capitalizing on carbon credits.
The report noted that Greene's research and dedication underscore hemp's incredible carbon sequestration capacity, up to four times that of trees.
Moreover, hemp's versatility can transform industries, as was evident when Henry Ford developed a bioplastic Model-T using hemp.
Greene’s company, chosen for the Blackstone LaunchPad Fellowship and showcased at the Bangkok Business Challenge, aims to fill the processing gap in the U.S., drawing inspiration from hemp's success in Canada, China, and France.
Per the report, supported by numerous institutions, Greene is in dialogue with farmers and hemp buyers, aiming for a processing facility by fall 2024 and to plant 100 acres of hemp next summer.