Industrial Hemp Market Expected to Grow at a Healthy CAGR of 18.3% in Terms of Value Over the Forecast Period 2018-2027- Persistence Market Research

NEW YORK, January 16, 2019 /PRNewswire/ --

Global Market Study on Industrial Hemp: Growing Demand for Hemp-Based Products and Legalization Driving Market Growth

Industrial Hemp: Market Definition 

Industrial Hemp, a variety of cannabis, is also known as Hemp or non-drug cannabis as doesn't exhibit any of the psychoactive property as its cousin marijuana. Industrial hemp is an annual plant and is cultivated in over 30 countries across the globe. Industrial hemp is cultivated for its seeds and stalk which are used widely across various industrial sectors. Seeds of Industrial hemp are used widely by the food and personal care sector as well as by paint and chemical industry. The stalks of industrial hemp as used for production bast fiber and hurd fiber. The bast fiber is extensively utilized by the consumer as well as technical textile industries. The hurd fiber finds its application in construction, paper, and automotive industry.

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Industrial Hemp: Market Outlook 

The global industrial hemp market is expected to exhibit an attractive absolute dollar incremental opportunity of about US $ 12,949.9 Mn in 2027 over 2018. The Hemp CBD segment is expected to exhibit the highest CAGR across all the segments in the global industrial hemp market. North America is expected to be the most attractive market over the forecast period, followed by key regions such as Europe and the Asia Pacific.

By the product type, the seeds segment is expected to dominate the industrial hemp in the terms of value as well as volume attributing to increasing demand from hemp-based food as well as for hemp seed oil from paint and personal care industry. The fiber segment is expected to grow at a rapid pace in industrial owing to the increasing application and rising innovation from the automotive and textile industry.

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In the global industrial hemp market, by end use, the hemp CBD followed by food and beverage segment is expected to dominate the market and exhibit the highest CAGR. The increasing demand for hemp CBD from healthcare and wellness sector for properties of CBD to treat anxiety as well as multiple health-related issues. The food sectors extensive used industrial hemp for salad dressing and cooking as well as for snack food in order to reap the highly nutritional benefits. Industrial hemp is used as a durable and cost-efficient source of fiber by the textile and automotive industry.