Global Hemp Market – Industry Research report by Product, Nature Forecast 2019Posted by sarahbennu on August 19th, 2019 The global industrial hemp market size will register a CAGR of 15.5% by 2023. See the latest market research, opportunities, trends, and market forecast from Technavio's hemp industry analysts. The industrial hemp market will be driven by the high demand from the textile industry. High demand from textile industries 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 textile industry will drive the industrial hemp market size during the forecast period. Looking for more information on this market? Request a free sample report Technavio’s sample reports are free of charge and contain multiple sections of the report, including the market size and forecast, drivers, challenges, trends, and more. The rise in legalization of hemp cultivation With 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. According to a senior analyst at Technavio, “Apart from the rise in the legalization of hemp cultivation, other factors such as the increase in mergers and acquisitions, capacity expansions, and product developments will have a significant impact on the growth of the industrial hemp market size during the forecast period.” Oversupply of hemp The hemp market is witnessing price wars among producers and end-users owing to the oversupply of hemp in various countries such as Canada and China. Moreover, the increasing legalization of hemp production across the world is also resulting in the overproduction of hemp, which is expected to impact the prices of hemp during the forecast period. While these factors are expected to influence the market growth negatively, the increasing demand for hemp in various applications in the textile industry will fill the gap between the demand and supply of during the forecast period. Top players in the global industrial hemp market:
Some of the key topics covered in the global industrial hemp market include: Market Landscape
Market Sizing
Five Forces Analysis Market Segmentation Geographical Segmentation
Market Drivers Market Challenges Market Trends Vendor Landscape
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