The global industrial hemp market is expected to witness a CAGR of 15.5% during the forecast period. Certain factors that are driving the market growth include high demand from the textile industry, high demand from China and the US, and increasing demand for cannabidiol. As per the latest market research report published by Technavio, the industrial hemp market size will grow at a CAGR of close to 16% between 2019 and 2023. The report analyzes the market by geography (APAC, Europe, the Middle East, and Africa, North America, and South America), and by application (textiles, personal care, hemp CBP, food and supplements, and others).
The major revenue contributors to the global industrial hemp market are China and the US due to high consumption of industrial hemp in various industries, including textiles, personal care, food and beverage, and construction in these countries. China accounted for about 33% of the market in 2018 due to the growth in the textiles and construction industries in the country.
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The textile industry in the market in China provides huge growth opportunities as the consumer textiles segment was the largest end-user segment in the market. Similarly, the market in North America is dominated by the US due to the high consumption of industrial hemp in hemp-derived CBD, personal care, and other industrial applications.
The rise in the geriatric population and growing concerns of skin diseases due to UV light exposure is driving the consumption of hemp-derived CBD oil in the personal care industry in the US. Hence, the major demand from China and the US is driving the growth of the market.
The supply and consumption of industrial hemp for applications such as textiles, personal care, hemp CBD, and food and supplements will continue to increase in the next decade. The rising demand for industrial hemp-based products has compelled producers to expand their production capacities and build new manufacturing centers. Hence, capacity expansion and product developments are expected to drive the growth of the industrial hemp market.
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