The Forecast Period of 2023-2030 Shows Boom in Global Industrial Hemp Market

by IS_Indust
Hemp Market

The Industrial Hemp Market is divided into regions, types (CBD Oil, CBD Crystal), and applications (Medical and Pharmaceutical, Food and Beverage, Cosmetics, Other). To the benefit of stakeholders, vendors, and other industry participants, the study delivers the research and analysis contained in the Industrial Hemp Market Research. The market for industrial hemp is anticipated to rise astronomically each year (2023 to 2030 CAGR).

Asan Wuxing Biology, Kunming BiouNIO Biotechnology, Yunnan Hamusen Biology, Yunnan Hansu Biotechnology, Hankang (Yunnan) Biotechnology, Manitoba Harvest, Canopy Growth Corporation, Aphria, Aurora Cannabis, Endoca, Folium Biosciences, CV Sciences, Charlotte’s Web CBD, Medical Marijuana, Inc., Kazmira, and others are some of the biggest producers of hemp.

Between 2023 and 2030, there is an estimate that the global industrial hemp market would grow significantly. Due to the fact that big corporations are implementing strategies at a faster rate than expected in 2022, the market is likely to grow over the projected time frame.

Cannabis sativa plant species, specifically bred for industrial use, is known as industrial hemp. It can be used to create a variety of goods. Hemp is one of the plants on Earth that grows the fastest, along with bamboo. Additionally, 50,000 years ago, it was one among the first plants to be spun into useful fibre.

After processing, it can be used to create a variety of commercial goods, such as paper, rope, textiles, clothing, biodegradable plastics, paint, insulation, biofuel, food, and animal feed.

Canopy Growth Corporation, Charlotte’s Web CBD, Aurora Cannabis, Folium Biosciences, Endoca, and others are major players in the global industrial hemp market. Over 30% of the market is held by the top five producers globally. With a combined market share of roughly 40%, North America leads the way, followed by Europe and Latin America. With a market share of over 75%, CBD Oil is the most popular product category. The largest application in terms of use is in medicine, which is followed by food and drink, cosmetics, etc.

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