LONDON–(BUSINESS WIRE)–The global industrial hemp market size is expected to grow by USD 3.35 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Hemp fibers are increasingly being used as a raw material for textile yarn production and are considered as a great substitute for cotton and synthetic fibers. The increasing demand for hemp in the textile industry is attributed to the technological, ecological, and economic superiority of hemp. Industrial hemp is used for manufacturing canvas, sailcloth, rope, sacks, clothing, specialty textiles, and other products. Hence, the high demand from the textile industry will drive the industrial hemp market size during the forecast period.

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As per Technavio, the rise in the legalization of hemp cultivation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Industrial Hemp Market: Rise in the Legalization of Hemp Cultivation

With the rising focus on the use of natural resources to reduce the dependence on petroleum resources, several governments, and regulatory agencies are focusing on legalizing hemp cultivation. They are also approving the use of hemp for commercial applications. As a result, hemp cultivation is expected to increase, which will result in a reduction of dependency on the import of hemp seeds. Thus, the rise in the legalization of hemp cultivation will fuel the industrial hemp market growth during the forecast period.

“Other factors such as the increase in mergers and acquisitions, capacity expansions, and product development will have a significant impact on the growth of the industrial hemp market value during the forecast period,” says a senior analyst at Technavio.

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Industrial Hemp Market: Segmentation Analysis

This market research report segments the industrial hemp market by application (textiles, hemp-based CBD, food and supplements, personal care, and others) and geography (APAC, North America, Europe, South America, and MEA).

The APAC region led the industrial hemp market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to factors such as the rise in the geriatric population and the growing concern of skin diseases due to UV light exposure. Hemp is increasingly being used in food and personal care products in the region.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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