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Industrial Hemp Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Oct 2021
  • Pages: 120
  • SKU: IRTNTR44462
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The industrial hemp market share is expected to increase by USD 5.95 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 16.1%.

This industrial hemp market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers industrial hemp market segmentation by application (textiles, FB, animal care, personal care, and others) and geography (APAC, North America, Europe, South America, and MEA). The industrial hemp market report also offers information on several market vendors, including 22nd Century Group Inc., Aurora Cannabis Inc., Bombay Hemp Company Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., HempFlax Group BV, HemPoland Sp zoo, Medical Marijuana Inc., and Nutiva Inc. among others.

What will the Industrial Hemp Market Size be During the Forecast Period?

Industrial Hemp Market Size

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Industrial Hemp Market: Key Drivers, Trends, and Challenges

The high demand from the textile industry is notably driving the industrial hemp market growth, although factors such as challenges associated with the production of hemp may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industrial hemp industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Industrial Hemp Market Driver

High demand from the textile industry is one of the major drivers of the industrial hemp market growth. Hemp fibers are increasingly used as a raw material for textile yarn production. They are also considered a substitute for cotton and synthetic fibers. Moreover, the technological, ecological, and economic superiority of hemp has been driving its demand in the textiles industry for the manufacture of a variety of products. Hemp is extensively used for manufacturing canvas, sailcloth, rope, sacks, clothing, furnishing textiles, specialty textiles, and other products. Hemp fiber is among the strongest and most highly durable textile fibers. In addition, hemp can also be blended with cotton, wool, and silk to produce various fabric products. As hemp fibers contain numerous cracks and small holes, they have an excellent capillary effect, good moisture absorbing ability, and excellent breathing performance. Hence, hemp fibers are used to manufacture waterproof, windproof, wear resistance, and anti-bacterial clothing for the military. Hemp fibers are also used to manufacture summer clothing, as they possess various properties such as moisture permeability, good heat radiation, and static and ultraviolet resistance.

Key Industrial Hemp Market Trend

Growing strategic collaboration, partnership, and M&A are one of the major trends in the industrial hemp market growth. Vendors in the region are adopting certain strategies, such as collaborations, partnering, and mergers and acquisitions, to increase their market share and global presence. These strategies are adopted to gain a competitive advantage in the market. Some examples are, In June 2020, Charlotte's Web Holdings Inc. acquired Abacus Health Products Inc., which is a producer of over-the-counter topical products that combine active pharmaceutical ingredients with hemp extract. In May 2020, Aurora Cannabis Inc. completed the acquisition of Reliva LLC, which is a leader in the sale of hemp-derived CBD products in the US. This acquisition was made to expand its presence in the US. In March 2020, Medical Marijuana Inc. completed the acquisition of Sapphire Biotech Inc., a leading oncology research and development company.

Key Industrial Hemp Market Challenge

Challenges associated with the production of hemp are one of the major challenges to the industrial hemp market growth. Although hemp is increasingly consumed in a wide range of applications, its production has been a challenge for farmers across the globe. Hemp production requires specific climatic conditions such as a mild climate, humid atmosphere, a rainfall of a minimum of 25-30 inches annually, well-drained loam soils, and compact soils. Also, as there are fewer genetic differences between hemp and marijuana, hemp farming faces regulatory challenges. This is because marijuana is classified as a dangerous drug by the Federal government in the US. Hemp contains 0.3% tetrahydrocannabinol (THC), while marijuana contains 3%-15% THC by weight. Also, the presence of THC content in hemp and marijuana defines the legality of each plant. The production of marijuana is illegal in many countries, including the US, due to its high THC content. As different components of hemp and marijuana are not clear among farmers, the production of hemp has become a major challenge.

This industrial hemp market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global hemp market as a part of the global diversified chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the industrial hemp market during the forecast period.

Who are the Major Industrial Hemp Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • 22nd Century Group Inc.
  • Aurora Cannabis Inc.
  • Bombay Hemp Company Pvt. Ltd.
  • Boring Hemp Co.
  • Canopy Growth Corp.
  • Charlottes Web Holdings Inc.
  • HempFlax Group BV
  • HemPoland Sp zoo
  • Medical Marijuana Inc.
  • Nutiva Inc.

 

This statistical study of the industrial hemp market encompasses successful business strategies deployed by the key vendors. The industrial hemp market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The industrial hemp market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Industrial Hemp Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the industrial hemp market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the diversified chemicals market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Industrial Hemp Market?

Industrial Hemp Market Share by Geography

For more insights on the market share of various regions Request PDF Sample now!

42% of the market’s growth will originate from APAC during the forecast period. China is the key market for industrial hemp in the region. 

The rising demand for consumer and industrial textiles in China and India will facilitate the industrial hemp market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The growth of the market declined in 2020 owing to the COVID-19 outbreak. Several countries, such as China, Japan, South Korea, and India, were highly affected by the outbreak. The governments of most countries in APAC had introduced emergency legislation that imposed restrictions on business activities and social gatherings during 2020. While a few essential industries, such as food and beverage, and pharmaceuticals, were exempted from the lockdown and were permitted to operate at usual utilization rates, most industrial activities, manufacturing, chemical, and other industries, witnessed a decline in output. This hindered the regional market’s growth in 2020. However, in Q4 2020, many countries across APAC lifted restrictions on various business activities. Vendors were then able to resume their routine operations by adhering to COVID-19 guidelines that mandated social distancing measures and restrictions on the entry of non-essential visitors at their facilities. In-person interactions at workplaces were limited, and daily temperature monitoring was mandated at all entry points. Such initiatives are expected to help vendors remain operational and allow the regional market to recover slowly and grow during the forecast period.

What are the Revenue-generating Application Segments in the Industrial Hemp Market?

Industrial Hemp Market Share

To gain further insights on the market contribution of various segments Request PDF Sample

The industrial hemp market share growth in the textiles segment will be significant during the forecast period. Hemp is an agricultural commodity, which is cultivated for use in the production of a wide range of products that include textiles, personal care, hemp-based CBD, food and supplements, automotive, fuel production, construction materials, and animal care. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the industrial hemp market size and actionable market insights on post COVID-19 impact on each segment.

 

Industrial Hemp Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 16.1%

Market growth 2021-2025

$ 5.95 million

Market structure

Fragmented

YoY growth (%)

9.40

Regional analysis

APAC, North America, Europe, South America, and MEA

Performing market contribution

APAC at 42%

Key consumer countries

China, US, Germany, Canada, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

22nd Century Group Inc., Aurora Cannabis Inc., Bombay Hemp Company Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., HempFlax Group BV, HemPoland Sp zoo, Medical Marijuana Inc., and Nutiva Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Industrial Hemp Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive industrial hemp market growth during the next five years
  • Precise estimation of the industrial hemp market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the industrial hemp industry across APAC, North America, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of industrial hemp market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Diversified chemicals

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Application

    • 5.1 Market segments
      • Exhibit 15: Application - Market share 2020-2025 (%)
    • 5.2 Comparison by Application
      • Exhibit 16: Comparison by Application
    • 5.3 Textiles - Market size and forecast 2020-2025
      • Exhibit 17: Textiles - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Textiles - Year-over-year growth 2020-2025 (%)
    • 5.4 FB - Market size and forecast 2020-2025
      • Exhibit 19: FB - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: FB - Year-over-year growth 2020-2025 (%)
    • 5.5 Animal Care - Market size and forecast 2020-2025
      • Exhibit 21: Animal Care - Market size and forecast 2020-2025 ($ million)
      • Exhibit 22: Animal Care - Year-over-year growth 2020-2025 (%)
    • 5.6 Personal care - Market size and forecast 2020-2025
      • Exhibit 23: Personal care - Market size and forecast 2020-2025 ($ million)
      • Exhibit 24: Personal care - Year-over-year growth 2020-2025 (%)
    • 5.7 Others - Market size and forecast 2020-2025
      • Exhibit 25: Others - Market size and forecast 2020-2025 ($ million)
      • Exhibit 26: Others - Year-over-year growth 2020-2025 (%)
    • 5.8 Market opportunity by Application
      • Exhibit 27: Market opportunity by Application

    6 Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 29: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 30: Geographic comparison
    • 7.3 APAC - Market size and forecast 2020-2025
      • Exhibit 31: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: APAC - Year-over-year growth 2020-2025 (%)
    • 7.4 North America - Market size and forecast 2020-2025
      • Exhibit 33: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 34: North America - Year-over-year growth 2020-2025 (%)
    • 7.5 Europe - Market size and forecast 2020-2025
      • Exhibit 35: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 36: Europe - Year-over-year growth 2020-2025 (%)
    • 7.6 South America - Market size and forecast 2020-2025
      • Exhibit 37: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 38: South America - Year-over-year growth 2020-2025 (%)
    • 7.7 MEA - Market size and forecast 2020-2025
      • Exhibit 39: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 40: MEA - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 41: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 42: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 43: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Landscape disruption
          • Exhibit 46: Landscape disruption
          • Exhibit 47: Industry risks
        • 9.2 Competitive Landscape

          10 Vendor Analysis

          • 10.1 Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 49: Market positioning of vendors
            • 10.3 22nd Century Group Inc.
              • Exhibit 50: 22nd Century Group Inc. - Overview
              • Exhibit 51: 22nd Century Group Inc. - Product and service
              • Exhibit 52: 22nd Century Group Inc. - Key offerings
            • 10.4 Aurora Cannabis Inc.
              • Exhibit 53: Aurora Cannabis Inc. - Overview
              • Exhibit 54: Aurora Cannabis Inc. - Business segments
              • Exhibit 55: Aurora Cannabis Inc. - Key offerings
              • Exhibit 56: Aurora Cannabis Inc. - Segment focus
            • 10.5 Bombay Hemp Company Pvt. Ltd.
              • Exhibit 57: Bombay Hemp Company Pvt. Ltd. - Overview
              • Exhibit 58: Bombay Hemp Company Pvt. Ltd. - Product and service
              • Exhibit 59: Bombay Hemp Company Pvt. Ltd. - Key offerings
            • 10.6 Boring Hemp Co.
              • Exhibit 60: Boring Hemp Co. - Overview
              • Exhibit 61: Boring Hemp Co. - Product and service
              • Exhibit 62: Boring Hemp Co. - Key offerings
            • 10.7 Canopy Growth Corp.
              • Exhibit 63: Canopy Growth Corp. - Overview
              • Exhibit 64: Canopy Growth Corp. - Business segments
              • Exhibit 65: Canopy Growth Corp. - Key news
              • Exhibit 66: Canopy Growth Corp. - Key offerings
              • Exhibit 67: Canopy Growth Corp. - Segment focus
            • 10.8 Charlottes Web Holdings Inc.
              • Exhibit 68: Charlottes Web Holdings Inc. - Overview
              • Exhibit 69: Charlottes Web Holdings Inc. - Product and service
              • Exhibit 70: Charlottes Web Holdings Inc. - Key offerings
            • 10.9 HempFlax Group BV
              • Exhibit 71: HempFlax Group BV - Overview
              • Exhibit 72: HempFlax Group BV - Product and service
              • Exhibit 73: HempFlax Group BV - Key offerings
            • 10.10 HemPoland Sp zoo
              • Exhibit 74: HemPoland Sp zoo - Overview
              • Exhibit 75: HemPoland Sp zoo - Product and service
              • Exhibit 76: HemPoland Sp zoo - Key offerings
            • 10.11 Medical Marijuana Inc.
              • Exhibit 77: Medical Marijuana Inc. - Overview
              • Exhibit 78: Medical Marijuana Inc. - Product and service
              • Exhibit 79: Medical Marijuana Inc. - Key offerings
            • 10.12 Nutiva Inc.
              • Exhibit 80: Nutiva Inc. - Overview
              • Exhibit 81: Nutiva Inc. - Product and service
              • Exhibit 82: Nutiva Inc. - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Currency conversion rates for US$
                • Exhibit 83: Currency conversion rates for US$
              • 11.3 Research methodology
                • Exhibit 84: Research Methodology
                • Exhibit 85: Validation techniques employed for market sizing
                • Exhibit 86: Information sources
              • 11.4 List of abbreviations
                • Exhibit 87: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Industrial Hemp Market market growth will increase by $5.95 mn during 2021-2025.
              The industrial hemp market market is expected to grow at a CAGR of 16.1% during 2021-2025.
              Technavio has segmented the industrial hemp market market by application (textiles, FB, animal care, personal care, and others) ,geography (APAC, North America, Europe, South America, and MEA) , and geographic (APAC, North America, Europe, South America, and MEA).
              22nd Century Group Inc., Aurora Cannabis Inc., Bombay Hemp Company Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., HempFlax Group BV, HemPoland Sp zoo, Medical Marijuana Inc., Nutiva Inc. are a few of the key vendors in the industrial hemp market market.
              APAC will register the highest growth rate of 42% among the other regions. Therefore, the industrial hemp market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the industrial hemp market market growth are:
              • High demand from the textile industry
              • Growing strategic collaboration, partnership , and M&A
              The industrial hemp market market vendors should focus on grabbing business opportunities from the textiles segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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