Industrial Hemp Market Name Size, Share, Growth Analysis, By Type (Hemp seed, Hemp seed oil), By Source (Conventional, Organic), By Application (Food & Beverages, Pharmaceuticals), By Region - Industry Forecast 2024-2031

Industrial Hemp Market Drivers

Market Players will Benefit from Nutritional Values of Hemp during Forecast Period

• The high nutritional value of hemp, as well as its healthy fatty acid and protein composition, is driving up demand for hemp supplements. Because of its high absorbency, hemp fibre is useful for animal bedding, personal hygiene, and oil and gas clean-up. Furthermore, rising product demand from the paper, textile, and building materials markets due to good aesthetic and acoustic properties will propel the global industrial hemp market forward. Hemp-based products are environmentally friendly, renewable, and associated with less toxic manufacturing methods. Paper made from hemp fibre contains fewer chemicals than paper made from wood pulp.

• Increased consumer awareness of product benefits is expected to fuel market growth. Businesses that sell hemp and hemp-derived products, on the other hand, are subject to a variety of regulatory requirements around the world. While different forms of hemp are legal in different countries around the world, the stringent regulatory requirements governing the cultivation and sale of industrial hemp across many states within the same country may be difficult for producers and consumers to meet.

Industrial Hemp Market Restraints

Lack of Knowledge about Hemp to Hinder Its Market Growth

• Health concerns and dogma related to the usage of hemp will hinder its market during the forecast period. The market will be further restrained by the government regulations in different parts of the world.