Revenue expansion of USD 6.87 billion forecasted for Industrial Hemp Market through 2023-2027|Demand from the textile industry is boosting the market Advancement
High demand from the textile industry, as well as from China and the US, is expected to fuel sustained expansion in the industrial hemp market. By 2027, the market is projected to have grown by USD 6.87 billion at a compound annual growth rate of 17.1%.
Technavio's Senior Analyst Quoted ~ “The ballooning of the industrial hemp market is notably driven by the high demand from the textile industry ”
22nd Century Group Inc., Aurora Cannabis Inc., Bombay Hemp Co. Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., CV Sciences Inc., Deep Nature Project GmbH, Dun Agro Hemp Group, Ecofibre Ltd., Elixinol Wellness Ltd., GFR Ingredients Ltd., Hanma Investment Group Co. Ltd., HempFlax Group BV, HemPoland Sp zoo, Liaoning Qiaopai Biotech Co. are some of the leading brands that are experimenting and constantly striving with product innovation
Snapshot of Industrial Hemp Market
Challenges associated with the production of hemp and Stringent regulations are expected to hinder the growth of the market. However, Growing strategic collaboration, partnership, and M and A and Growing demand for organic hemp-based foods will have a positive impact on the industrial hemp market during the forecast period.
In-depth research of the industrial hemp market's revenue projections, along with a look at the major players, market drivers, and development prospects, are all included in Technavio's latest report. The research divides the markets geographically into APAC, North America, Europe, South America, and the Middle East and Africa. A market share of 40% is anticipated for the APAC area. Learn more about the market dynamics and the aspects that our report's in-depth analysis predicts will have the biggest impact on the market under review.
Technavio’s analysis of the Industrial Hemp Market also includes:
