The global industrial hemp market is on a steady rise, expected to reach USD 18.1 billion by 2027 from USD 6.8 billion in 2022. This significant growth reflects a compound annual growth rate (CAGR) of 21.6%.
Food and Beverage Industry Leading the Charge
The increased use of hemp seeds in various food and beverage products is a major driver of the market. Consumers are finding hemp seeds in cereals, yogurts, protein powders, and even hemp milk, reflecting a growing interest in healthy and sustainable food options.
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=84188417
Hemp Hurds: A Versatile Byproduct Finds its Place
Hemp hurds, the short fibers found in the hemp stalk, are proving to be a valuable resource. These fibers can be transformed into various products, including construction materials, animal bedding, and even furniture. Their excellent thermal and acoustic properties make them ideal for sustainable construction, while their use in other applications helps reduce agricultural waste.
Plant-Based Protein Trend Boosts Hemp Seed Demand
The growing popularity of plant-based protein sources due to the rise of veganism is another factor propelling the market. Hemp seeds are a rich source of protein, attracting health-conscious consumers.
Hemp-Infused Beverages: A New Wave of Wellness
The health benefits associated with hemp consumption are driving the demand for hemp-infused beverages. These drinks, such as hemp juice, flavored water, and hemp tea, are gaining popularity due to their nutritional value and calming properties.
Sustainable Construction Gets a Hemp Boost
Hemp fiber’s strength, durability, and insulation capabilities are making it a valuable material in the construction industry. It is being used as a substitute for wood in building panels and planks, while hemp bricks offer a sustainable and energy-efficient alternative to traditional bricks.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=84188417
Europe: A Hotbed for Industrial Hemp Growth
The European market is expected to witness the fastest growth in the industrial hemp sector. This can be attributed to the increasing use of hemp seeds and hemp seed oil in various products, along with the growing adoption of hemp fiber in automotive and construction applications.
Key Players in the Industrial Hemp Market
Several companies are at the forefront of the industrial hemp industry, including Marijuana Company of America (US), Cronos Group (Canada), Ecofibre (Australia), and HempFlax (Netherlands). These players are driving innovation and product development, contributing to overall market growth.
