The North America and Oceania industrial hemp market size is expected to reach USD 11.5 billion by 2025, accelerating at a CAGR of 23.4% over the forecast period, as per a new report by Grand View Research Inc. Increasing R&D activities in the agricultural sector to advance new genetics and agronomy of the product to get high yield is likely to have a positive impact on the production of industrial hemp in North America and Oceania.
The political link between marijuana and industrial hemp has led to several restrictions on consumption, cultivation, distribution, and processing of the product in North America and Oceania. However, growing legalization and liberalization for the cultivation of industrial hemp with tetrahydrocannabinol (THC) content not more than 0.3 in countries such as the U.S. is expected to have a positive impact on the market growth in North America and Oceania. Seed oil and seedcakes are witnessing increasing demand owing to high nutritional value and fatty acid content of seeds, which, in turn, is expected to drive the growth of seeds segment.
Processing facilities extract required components from crops with the help of processing and manufacturing equipment. However, low yield, lack of harvesting innovations, and processing facilities, and difficulties in the transportation of industrial hemp in highly regulated markets are the factors hampering the market growth in North America and Oceania. Major players in the market are investing heavily in the research & development activities to achieve high yields and to maintain high-quality products at minimum prices to gain a competitive edge.
Industrial hemp is used in over 25,000 products across numerous end-use industries. These include automotive, construction, personal care, cosmetics, food & beverages, food supplements, textiles, and paper, among others. This is owing to the inherent advantageous characteristics of industrial hemp such as strength, durability, biodegradability, light weight, and low production costs.
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North America And Oceania Industrial Hemp Market Report Highlights
• Seeds segment is expected to grow at a CAGR of 23.6%, in terms of revenue, over the forecast period
• Personal care segment is expected to account for a revenue share of 38.3% in the North America and Oceania industrial hemp market over the forecast period. This can be attributed to the rising demand for the crop oil in personal care and hygiene products including body care and hair care products and soaps segments in North America and Oceania
• Textile segment is expected to witness a growth rate of 24.9%, in terms of volume, over the forecast period owing to increasing demand for fibers in fashion, household, and technical textiles owing to their high durability and strength characteristics over other natural sources
• The market for industrial hemp in Australia is expected to grow at a CAGR of 14.2%, in terms of revenue, over the forecast period owing to rising demand for shivs in preparation of hempcrete, plaster, and insulation panels and its growing demand in other construction material applications.
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North America And Oceania Industrial Hemp Market Segmentation
Grand View Research has segmented the North America and Oceania industrial hemp market on the basis of product, application, and region:
North America And Oceania Industrial Hemp Market Segmentation Product Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• Animal Care
• Food & Beverages
• Construction Materials
• Personal Care
North America And Oceania Industrial Hemp Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• New Zealand
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Browse More Related Report:
Industrial Hemp Market Size, Share & Trends Analysis Report By Product (Seeds, Fiber, Shives), By Application (Animal Care, Textiles, Food & Beverages, Personal Care), And Segment Forecasts, 2020 – 2027
About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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