Industrial hemp is type of cannabis sativa plant species that has tetrahydrocannabinol (THC) content less than 0.3%.
A major factor driving growth of the global industrial hemp market increasing demand for hemp-based products across the globe. In addition, increasing adoption of industrial hemp by various sectors such as food & beverages, textile, automotive, pharmaceuticals, etc. is another factor driving growth of the global market. A major factor hampering growth of the global industrial hemp market is stringent government regulation over cultivation of hemp across the globe, owing to its illegal use and consumption.
The global market is segmented into product, application, and region. On the basis of product, the global market is segmented into seeds, fiber, and shivs. The seed segment accounts for significant share in the global market; whereas the fiber segment is expected to witness highest growth during the forecast period.
On the basis of application, the global market is segmented into animal care, textiles, automotive, furniture, food & beverages, paper, construction materials, personal care, and others. The textile segment is expected to witness significant growth over the forecast period.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts for significant share in the global market. The Asia Pacific industrial hemp market is expected to witness highest growth in terms of revenues over the forecast period. This growth can be attributed to presence of major suppliers in countries in this region.
Key players in the global market are Parkland Industrial Hemp Growers, Compass Diversified Holdings, Botanical Genetics, LLC, Hemp Foods Australia, HempMeds Brasil, HempFlax B.V., Industrial Hemp Manufacturing, LLC, Marijuana Company of America Inc., Nutiva Inc., Manitoba Harvest, American Hemp Seed Genetics, Northeast Heritage Ltd. and other players.