About Industrial Hemp
Industrial hemp is a strain of the Cannabis sativa plant species and it is grown specifically for the industrial uses of its derived products. It is used to produce a variety of industrial and consumer products. It is a source of fiber and oilseed. The stalk and seeds obtained from industrial hemp can be used to make paper, clothing, sweeteners, packaging material and construction material. The industrial hemp market is creating more revenue opportunities for the players available in the market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Industrial Hemp market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Industrial Hemp Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Industrial Hemp market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Botanical Genetics (United States), Ecofibre (Australia), Hemp Inc. (United States), Plains Industrial Hemp Processing Ltd. (Canada), Marijuana Company of America Inc. (United States), Global Hemp Group Inc. (Canada), American Hemp LLC (United States), Valley Bio Limited (Canada), HempFlax BV (Netherlands) and Bluebird Botanicals (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Isolate Extraction Systems Inc. (United States), Manitoba Harvest Hemp Foods (Canada) and Hempro International (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Industrial Hemp market by Type (Hemp Powder, Seed Oil, Rope, Clothes, Shoes and Others), Application (Animal Care, Textiles, Automotive, Furniture, Food & Beverages, Paper, Construction Materials, Personal Care and Others) and Region.
On the basis of geography, the market of Industrial Hemp has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Nature, the sub-segment i.e. Organic will boost the Industrial Hemp market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Demand for Innovative Products
Market Growth Drivers:
Increasing Demand for Industrial Hemp Products and Rising Adoption of Natural Products by Consumers
Challenges:
Stringent Rules and Regulation of the Various Governments
Restraints:
Lack of Industrial Hemp Production Restraining the Market Growth
Opportunities:
Increasing Demand For Hemp-Based Technical Products Such As Oil Paints, Varnishes Etc. and Growing Demand from End-User Industry
Market Leaders and their expansionary development strategies
In October 2023, The Australian Industrial Hemp Program of Research (AIHPR) officially launched at Southern Cross University in Lismore, was guided by the Australian Industrial Hemp Strategic RD&E Plan and developed in close consultation with industrial hemp growers, processors, agronomists and researchers.
Key Target Audience
Industrial Hemp Products Manufacturers, Raw Material Suppliers/ Buyers, Distributors, Government Body & Associations and End-user
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.