Dublin, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The "Industrial Hemp Market Report: Trends, Forecast and Competitive Analysis to 2030" report has been added to ResearchAndMarkets.com's offering.
The industrial hemp sector is set to experience a significant expansion with projections indicating that the market will reach $24.97 billion by 2030, flourishing at a robust CAGR of 21.2% from 2024 to 2030.
This surge is largely attributed to the escalating legalization of industrial hemp across the globe, coupled with an uptick in the usage of hemp derivatives in a multitude of consumer goods. Rising health consciousness and the prevalence of chronic diseases have also spurred the demand for hemp-based products.
Industrial Hemp Growth Catalyzed by Food & Beverage and Health Sectors
Among various segments within the industrial hemp market, hemp seed is anticipated to maintain its dominance due to its high nutritional value. The food & beverage segment is expected to continue as the largest beneficiary of the industry's offerings, with consumers increasingly turning to plant-based proteins and health-centric products.
This trend is complemented by innovations in textiles, pharmaceuticals, personal care products, and animal nutrition domains, which are progressively integrating hemp materials and derivatives into their offerings.
The Asia Pacific region is projected to witness the highest growth within the industrial hemp market, driven by ongoing technological advancements and a spike in the consumption of hemp-based food products and supplements.
Key Industrial Hemp Market Companies Lead with Strategic Expansions
Industrial hemp market leaders, such as Marijuana, Cronos, Ecofibre, Green Thumb Industries, and Curaleaf Holdings, are extending their market presence by investing in research and development, increasing manufacturing facilities, and engaging in strategic alliances. Through these actions, they aim to deliver higher-quality products, reduce production costs, develop innovative technologies, and enlarge their customer base.
Strategic Insights into the Industrial Hemp Market Dynamics
The report offers an in-depth evaluation of the industrial hemp landscape, covering critical aspects such as market size estimates, trend analyses, and segment forecasts. Analysis of the competitive intensity through Porter's Five Forces model provides insights into market dynamics, business risks, and competitive threats.
- Emerging trends and resultant market shifts
- Customer demand variations
- New market developments and leading innovators
- Competitive strategies and market positioning
- Material and product substitutes posing market share challenges
- Significant mergers and acquisitions shaping the industry
Comprehensive in nature, the report delves into the intricacies of the industrial hemp market, providing stakeholders with valuable information to make informed decisions. The analysis of regional growth, alongside insights into future opportunities in various types of hemp products, gives a clear picture of the path ahead for this burgeoning industry.
Current and future market participants will find this report to be an indispensable resource for strategic planning, as it encompasses all significant facets influencing the global industrial hemp market trajectory. It empowers industry stakeholders to leverage growth opportunities, understand regional market propensities, and adapt to the ever-evolving consumer and regulatory landscape.
Key Report Features
- Market Size Estimates: Industrial hemp market size estimation in terms of value ($B).
- Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
- Segmentation Analysis: Industrial hemp market size by type, source, application, and region in terms of value ($B).
- Regional Analysis: Industrial hemp market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
- Growth Opportunities: Analysis of growth opportunities in different types, sources, applications, and regions for the industrial hemp market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape of the industrial hemp market.
- Analysis of competitive intensity of the industry based on Porter's Five Forces model.
Companies Profiled
- Marijuana
- Cronos
- Ecofibre
- Green Thumb Industries
- Curaleaf Holdings
For more information about this report visit https://www.researchandmarkets.com/r/ynflep
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