The market analysis notes that hemp can be used in a variety of health and wellness, industrial,
“The increasing demand by the pharmaceutical and textile industry and rising consumer awareness about product benefits significantly drive the primary factors,” the authors of the report wrote. “Besides this, the growing consumption of hemp-based products on health benefits and the escalating incidences of epilepsy and other sleep disorders is anticipated, and the long-term profitability of industrial hemp is a real hindrance for potential growers.”
The analysis categorizes
The report notes that the demand for hemp fiber is growing around the world as the resource is increasingly used in products such as paper, carpeting, home furnishings, construction materials, auto parts and composites. Market analysts expect textiles to also be a significant segment of the global industrial hemp market through the forecast period.
Hemp Grown In More Than 40 Countries
Hemp is becoming an increasingly popular crop around the world, with more than 40 nations now growing the crop for industrial and commercial purposes, the market report notes. China has long been the global leader in hemp production, primarily for fiber production. The report notes that France is a leading producer in Europe, followed by the Netherlands and Austria.
The crop is also increasingly popular in other countries including the United Kingdom and Eastern European nations such as Poland. North America, Canada and the United States are also becoming global leaders in hemp production focus on international markets, with the legalization of hemp agriculture in the United States in 2018 fueling increased interest in the crop among American farmers.
The new market analysis report also notes that
“Hemp is a fast-growing plant with the ability to sequester an average of zero-point-six-seven tons of carbon dioxide per hectare every year from the atmosphere,” the report notes. “This sustainably means that it turned into consistent, durable material, and hemp can store carbon for its lifetime, thus reducing carbon in the atmosphere. Therefore, it could impact global carbon reduction goals negatively if used to substitute more carbon-intensive materials and products.”
The new report, “Industrial Hemp Market, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis,” is