$ 3.35 Billion Progress in World Industrial Hemp Market in 2020-2024 | With main distributors together with 22nd Century Group Inc., Aurora Hashish Inc., and Bombay Hemp Firm Pvt. | Technavio
LONDON–(BUSINESS WIRE) – Technavio announces the release of its latest report on the industrial hemp market. The market is segmented based on applications (textiles, hemp-based CBD, food and supplements, personal care, etc.) and geographic regions (APAC, North America, Europe, South America, and MEA). The report provides an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches and market behavior in various segments.
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Industrial Hemp Market: Key Findings
The market value for industrial hemp is expected to increase by USD 3.35 billion over the period 2020-2024 with an annual growth rate of over 11%
46% of the market growth came from APAC in the forecast period
Based on the application, the textiles segment offers maximum opportunities for providers in the forecast period
The industrial hemp market is likely to have a neutral impact due to the spread of COVID-19
Industrial hemp market: growth driver
The increasing demand for industrial hemp from the textile industry is one of the main factors behind the market growth. Industrial hemp fibers are widely used in the textile industry as a substitute for cotton and synthetic fibers in the manufacture of canvas, canvas, ropes, sacks, clothing, furnishing textiles, specialty textiles and other products. This is because hemp fibers contain numerous tears and small holes that provide a capillary effect, good moisture absorption ability and better breathing performance. They also have various properties such as moisture permeability, good thermal radiation, and static and ultraviolet resistance. Many of these benefits increase the use of industrial hemp in the textile industry, thus driving market growth.
“The increasing legalization of hemp cultivation and the increasing demand for industrial hemp from China and the USA will further stimulate market growth in the forecast period,” says a senior analyst at Technavio.
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Industrial hemp market: main supplier
22nd Century Group Inc.
The 22nd Century Group Inc. operates in segments such as tobacco and hemp. The company offers industrial hemp with optimized amounts of medically important cannabinoids, including CBD, CBC, and CBG.
Aurora Cannabis Inc.
Aurora Cannabis Inc. operates its business through segments such as cannabis and horizontally integrated companies. The company offers hemp CBD under the Reliva brand.
Bombay Hemp Company Pvt. GmbH.
Bombay Hemp Company Pvt. Ltd. operates its business through the Unified segment. The company offers high quality cannabis seeds.
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