The key players in the global industrial hemp markets include Hemp, Inc., Hemp Oil Canada Inc., HempFlax Group B.V., Terra Tech Corp., Manitoba Harvest Hemp Foods, Hemp Production Services, and Unrivaled Brands, Inc, among others.
The global industrial hemp market reached a value of about USD 4.7 billion in 2020. The market is further expected to grow at a CAGR of 22.5% in the forecast period of 2022-2027.
The global industrial hemp market is majorly driven by the increase in demand from the textile industry. The product is grown without the use of toxic chemicals, fertilisers, or pesticides to be utilised in the manufacturing of food and beverage, and non-food-based items. The product is also a renewable and environmentally friendly raw material for manufacturing goods like plastic, paper, and fuel. The market is growing rapidly as a result of the product's widespread application in various industries, including textiles, paper, food and beverage, personal care, construction, furniture, and automobiles. The world's growing geriatric population, and the growth in skin illnesses caused by increased UV light exposure, are driving the demand for personal care products, particularly those containing organic ingredients. As a result, market growth is aided by increased demand for organic personal care products. The increasing usage of the product as a textile yarn and as a substitute for cotton and synthetic fibres is fueling market expansion.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Region-wise, Asia Pacific is the fastest-growing region for this market and is expected to continue to do so in the forecast period. Due to the ease of availability of raw resources and expanding global demand for hemp from Asia, the regional market is likely to increase.
Headquarters: Irvine, CA, United States
Terra Tech Corp. had permanently merged with the Unrivaled brand in 2021. Unrivaled is a leading cannabis operator from various states and is also a parent company of multiple dominant cannabis brands spanning consumer products, cultivation, distribution, and retail. The brand markets itself by focusing on customer experience, product innovation, and organic brand building. The Unrivaled brand has currently set its bases at locations such as California, Oregon, and Nevada, and their brands are licensed in Arizona and Oklahoma.
Headquarters: Las Vegas, United States
Hemp, Inc. is a publicly traded company founded to provide eco-friendly solutions that help make the world a better place to live in. The company focuses on helping the environment by ensuring that its products remain eco-friendly, healthy, and replace the petroleum-based products. Hemp, Inc. has been a pioneer of the industrial hemp market worldwide even though it is yet to be legalised in several countries, including the United States of America.
Headquarters: Oude Pekela, Netherlands
HempFlax, one of the leading players in the industry, was founded with a singular aim of restoring the age-old crop back to its glory, which they’ve been successful in doing so, thereby creating a high demand for high-quality hemp products. They have their cultivation plants established at multiple locations, including the Netherlands, Germany, and Romania, and their factories have been setup at places such as Oude Pekela, Netherlands, and Alba Lulia, Romania.
Headquarters: Manitoba, Canada
Hemp Oil Canada is Canada’s first hemp-exclusive seed processing unit and since then it has been able to establish itself among the market leaders globally. The company focuses on expanding the availability of hemp foods and building new markets to support its cause. The company’s export has now been established globally from their two state-of-art processing facility in Manitoba, Canada, and currently are the only available North American grown Hemp product suppliers for their customers.
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.