The report "Industrial Hemp Market by Type (Hemp Seed, Hemp Seed Oil, Hemp Fiber, and CBD Hemp Oil), Application (Food, Beverages, Personal Care Products, Textiles, and Pharmaceuticals), Source (Organic and Conventional), and Region - Global Forecast to 2025", The industrial hemp market was valued at USD 4.6 billion in 2019; to reach USD 26.6 billion by 2025, recording a compound annual growth rate (CAGR) of 34.0% during the forecast period. The major factors driving the growth of the industrial hemp market include increasing legalization in the cultivation of industrial hemp, functional properties of hemp seed and hemp seed oil, and their growing use in different food applications, and increase number of chronic diseases.
Browse 77 market data Tables and 34 Figures spread through 132 Pages and in-depth TOC on "Industrial Hemp Market by Type (Hemp Seed, Hemp Seed Oil, Hemp Fiber, and CBD Hemp Oil), Application (Food, Beverages, Personal Care Products, Textiles, and Pharmaceuticals), Source (Organic and Conventional), and Region - Global Forecast to 2025"
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The CBD hemp oil segment is projected to be the fastest-growing segment in the industrial hemp market during the forecast period.
The industrial hemp market is segmented, based on type, into hemp fiber, hemp seed, hemp seed oil, and CBD hemp oil. The CBD hemp oil segment is projected to be the fastest-growing segment in the industrial hemp market during the forecast period. The growing application of CBD hemp oil in personal care, health supplements, and food & beverage products is expected to drive the demand for this segment. Furthermore, the numerous health benefits of CBD hemp oil make it useful to treat and prevent conditions like anxiety, depression, pain, and acne are also expected to drive the growth.
The textiles segment is projected to account for the second- largest market share in the industrial hemp market during the forecast period.
The industrial hemp market is segmented, based on application, into food, beverages, textiles, personal care products, pharmaceuticals, and others. The textiles segment is projected to be a leading segment in the industrial hemp market. Hemp fiber is among the strongest and most durable naturally occurring textile fiber and is naturally resistant to bacteria and ultraviolet radiations. Due to its porous nature, it affects better color retention than any other fabric. Additionally, it requires a lesser amount of water for cultivation, in comparison with cotton, which is mainly used in the textile industry.
The organic source segment in the industrial hemp market is expected to grow with the highest CAGR.
The organic source segment is expected to grow with the highest CAGR owing to factors including organically certified hemp ensures the consumers that it is grown under strict guidelines and does not have any pesticides and fertilizers residues.
The Asia Pacific region dominates the industrial hemp market during the forecast period.
The Asia Pacific region dominates the industrial hemp market. The market in Asia Pacific region is majorly driven by wide production and consumption of hemp fiber in the textile and paper industries. Furthermore, the growth of the cosmetics and personal care market in the region and the legalization of industrial hemp in food supplements are factors projected to drive the market growth. China is the largest producer of industrial hemp in Asia Pacific region.
Major vendors in the industrial hemp market include Hempco (Canada), Ecofibre (Australia), Hemp Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA (Germany), Hemp Poland (Poland), Dun Agro (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), Plains Industrial Hemp Processing (Canada), and MH Medical Hemp (Germany).
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