[ad_1]
PORTLAND, OR, February 8, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the industrial hemp market generated $ 4.9 billion in 2019 and is expected to reach $ 18.6 billion by 2027, with a CAGR of 22.4% from 2021 to 2027.
The increase in the use of hemp seeds and hemp seed oil in several food applications, increased awareness of the benefits of recreational hemp, and an increase in the demand for beauty and personal care products based on of hemp are driving the growth of the global industrial hemp market. However, a complex regulatory structure for the use of industrial hemp is hampering the growth of the market. On the contrary, technological innovations should create lucrative opportunities for market players in the future.
Download Sample Copy of Report @ https://www.alliedmarketresearch.com/request-sample/9049
Covid19 pandemic:
- With the Covid-19 outbreak and lockdowns in various countries, people’s lifestyles, health and well-being have changed dramatically. To curb the spread of the virus, governments have imposed strict social distancing guidelines, which have affected the industrial hemp sector.
- The pandemic and the prolonged lockdown led to the shutdown of the food and drink, personal care products and textiles sector, which negatively impacted demand for industrial hemp.
- However, as some countries have declared relaxed regulations, the industrial hemp industry is expected to get back on track in the near future.
In-depth analysis of the impact of COVID-19 on the industrial hemp market @ https://www.alliedmarketresearch.com/request-for-customization/9049?reqfor=covid
The global industrial hemp market is segmented on the basis of type, application, source, and region. Based on type, the market is categorized into hemp seed, hemp oil, hemp fiber, and others. The hemp fiber segment is estimated to have the highest CAGR of 24.6% during the forecast period. However, the hemp oil segment held the largest share in 2019, accounting for almost half of total revenue.
Based on the application, the market is divided into food and beverage, textiles, personal care products, pharmaceuticals, and others. The personal care products segment held the lion’s share in 2019, contributing over a third of the market. However, the pharmaceuticals segment is expected to show the highest CAGR of 25.8% from 2021 to 2027.
Send me a purchase inquiry here @ https://www.alliedmarketresearch.com/purchase-enquiry/9049
The global industrial hemp market is analyzed across various regions including Asia-Pacific, North America, LAMEA, and Europe. The Asia-Pacific market held the largest share in 2019, accounting for almost half of total revenue. However, the European market is expected to post the highest CAGR of 26.5% during the forecast period.
Global Industrial Hemp Market report includes in-depth analysis of major market players such as Hempco Food and Fiber Inc., Ecofibre, Hemp Inc., GenCanna, HempFlax Group BV, The Konoplex Group, South Hemp, Plains Industrial Hemp Processing Ltd., MH medical hemp and Hempro International GmbH & Co. KG.
Basic map of the avenue | Access to the library | One year subscription |
Subscribe to Avenue for access to over 12,000 company profiles and over 2,000 niche market research reports at $ 699 per month per seat. For one year, the customer must purchase a minimum 2-seat plan.
Avenue Library Subscription | Request a 14-day free trial before you buy: https://www.alliedmarketresearch.com/avenue/trial/starter
Get more information: https://www.alliedmarketresearch.com/library-access
About Us:
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We have professional relationships with various companies, which helps us extract market data that helps us generate accurate research data tables and confirm the highest accuracy of our market forecasts. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of large companies in the field concerned. Our secondary data acquisition methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States Toll Free (USA/Canada): +1-800-792-5285, +1-503-446-1141 International: +1-503-894-6022 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-20-66346060 Fax: +1-855-550-5975 [email protected] Web: https://www.alliedmarketresearch.com Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research/
Source link
