QYR Consulting's latest report “Global Hemp Market Report 2019-2025,” found that the global hemp market is expected to grow at CAGR of 23.1% over the next six years.
Hemp is a strain of a cannabis sativa plant species. Hemp is specifically grown for the industrial usage of its derived products. Increased in the liberalization and legalization of hemp farming with a sanctioned measure of tetrahydrocannabinol content is predicted to boost the market growth.
Hemp is the fastest growing plant and has a wide industrial application. Hemp fiber has an increased demand in the textile industry, which is also expected to trigger the growth in the global hemp market. In addition, hemp and its by-products are widely used in cosmetics and personal care. The global Hemp market is expected to be valued US$ 4.26 Bn by the end of 2025 from US$ 990 Mn in the year 2018.
Rising Consumption of Hemp-Based Products to Create Positive Impact on the Market Growth
Shivs are another type of product derived from Hemp and used in the manufacturing of construction and insulating material. Moreover, different companies in the market, function with fiber treatment technology to make fire retardant, fiber water repellent, and absorptive is foretold to propel the demand.
Growing consumption of Hemp infused food items such as cooking oil, dairy alternative, flour, and salad dressings are anticipated to fuel the market growth. Apart from this, the rising consumption of bakery items such as bread and cookies is predicted to drive the demand for Hemp products in the worldwide market. Increasing awareness about the various benefit associated with Hemp is likely to boost the demand in the global market.
Geographically, North America is predicted to register a significant CAGR owing to major consumption of seed-based and fiber-based products that are primarily used in industries like textiles, food and beverages and personal care. Apart from North America, the Asia Pacific region is also showing remarkable market growth in the forecasted period.