According to the recent research report titled ‘Global Industrial Hemp Market Size study, by Product Type (Hemp Seed, Hemp Seed Oil, CBD Hemp Oil, Hemp Fiber), by Source (Conventional, Organic) by Application (Food, Textiles, Beverages, Personal Care Products, Pharmaceuticals, others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global industrial hemp market stood at USD 3.6 billion in 2020 and is projected to expand at a CAGR of 16% over 2021-2027, subsequently garnering a valuation of USD 10.17 billion by the forecast period-end.
 

As per the report findings, the growth of worldwide industrial hemp market can be ascribed to functional properties of hemp seed, legalization of industrial hemp production, and its expanding uses in food applications. Further, the development of new industrial hemp products is likely to open new opportunities for the overall growth.
 

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/4339689/
 

For the unversed, industrial hemp belongs to plant species referred to as Cannabis sativa used to make various industrial and consumer products worldwide.
 

Credible sources stated that food & beverage industry garnered a total revenue of USD 34.22 billion in 2021, up 16.3% from the previous year, and is predicted to increase at a rate of 24.8% by 2025. The imminent growth of the food business will act as a stimulant for the industry.
 

However, complex regulatory structure for the use of industrial hemp is anticipated to hamper the market progression over the projection period.
 

Based on product type, global industrial hemp industry is split into hemp fiber, CBD seed oil, hemp seed oil, and hemp seed. As per source, the industry is bifurcated into organic and conventional. Elaborating on application spectrum, the market is classified into textiles, food, pharmaceuticals, beverages, personal care products, and others.
 

Asia Pacific, Europe, North America, and Latin America are the major regional contributors to the industry growth. Asia Pacific presently accounts for a considerable share of the overall market, owing to escalating demand for industrial hemp, technological advancements, and emerging innovative techniques to streamline harvesting.
 

Coming to competitive landscape, Dun Agro Hemp Group, BAFA Neu GmbH, HemPoland, Hemp Oil Canada, Konoplex Group, HempFlax B.V., GenCanna, Hemp Inc., Ecofibre Ltd., and Hempco Food & Fiber Inc. are the top companies in global industrial hemp market sphere.