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Industrial Hemp Market by Source (Organic and Conventional), by Type (Hemp Seed, Hemp Seed Oil, Hemp Fiber, and Others), by Application (Food [Dietary Supplements and Functional Foods], Beverages, Personal Care & Cosmetics, Textiles, Pharmaceuticals, and Others), by North America (United States, Canada, Mexico), by Middle East & Africa (UAE, South Africa, Saudi Arabia, Rest of Middle East Africa), by Asia Pacific (China, Japan, India, South Korea, Taiwan, South East Asia, Australia, Rest of Asia-Pacific), by Europe (Germany, France, Italy, United Kingdom, Spain, Nordics, Benelux, Rest of Europe), by Latin America (Brazil, Argentina, Rest of South America) Forecast 2024-2032
The Industrial Hemp Marketsize was valued at USD 6.63 USD Billion in 2023 and is projected to reach USD 26.84 USD Billion by 2032, exhibiting a CAGR of 22.11 % during the forecast period. Industrial hemp is defined as Cannabis sativa that is grown particularly for industrial purposes having low concentrations of THC, the psychoactive material contained in marijuana. There are two primary types: This division is based on the utilization of the plant that includes; fiber hemp- mostly valued for its strong fibers used in making textiles, ropes, and paper; grain hemp- important for its nutritious seeds, used in food products as well as for oil. Industrial hemp grows faster, has a low pest and herbicide requirement, and has high biomass productivity regardless of climate. Its uses cut across textiles, automotive for its composites, construction for insulation, bioenergy/biofuels, and biopolymers/bioplastics. Thus, owing to its sustainability and the wide usage of products made of industrial hemp, it gains an increasing appreciation of the economic value and the impact on the environment in many countries.
Source:
Type:
Application:
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 22.11% from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 22.11% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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