The global industrial hemp market size was valued at USD 4.9 billion in 2021 and is poised to grow at a significant CAGR of 35% during 2022-28. Cannabis sativa is a plant, and one of its cultivars known as industrial hemp is used for both commercial and domestic purposes. Some of its byproducts include hemp fibre, hemp oil, and hemp seeds. These biodegradable substances are widely used in a range of industries, including personal care products, textiles, animal feed, and others because of their high nutritional content, antioxidant, and anti-microbial characteristics. Industrial hemp is a quick-growing plant that offers a renewable and sustainable raw material for the production of many goods, including paper, plastic, and fuel.

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The global industrial hemp market segmentation:
1) By Product: Hemp Seeds, Seed Oils, Hemp Fibers and CBD Hemp Oil.
2) By Source: Conventional and Organic.
3) By Application: Food, Beverages, Personal Care Products, Textiles, Pharmaceuticals and Others.

Hemp bio-composites are in high demand for interior applications also including door panels, trunk liners, spare wheel covers, headliners, and parcel trays, thanks to the growing desire for lightweight automobiles. Some of the key factors driving the market include the expanding demand for hemp across a variety of industries and the growing legalisation of cannabis production for industrial purposes.

Europe and Asia Pacific are expected to be important areas in the global industrial hemp market because they are home to a number of major companies in the industry, have appropriate government regulations, and have significant demand from a variety of industries. Due to rising awareness, growing demands for hemp-based goods, and changing government policies in the region, North America is predicted to overtake Europe and Asia Pacific in the worldwide industrial hemp market during the forecast period.

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Some of the major key players in the Industrial Hemp Market are Hempco, Ecofibre, Hemp Inc, GenCanna, HempFlax BV, Konoplex Group, Hemp Oil Canada, BAFA, Hemp Poland, Dun Agro

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