According to the research report titled ‘Global Industrial Hemp Market Size, Share and Industry Analysis Report by Product (Seeds [By Derivative Product {Hemp Oil, Seed Cake, Meat, Shell}, and Application {Food & Beverages, Animal Feed, Personal Care}], Fiber [By Application {Bio-Composites, Building Materials, Textiles, Pulp & Paper}], Shives [By Application {Animal Bedding, Building Material, Garden Mulch}]), Country Outlook Application Development, Competitive Market Share & Forecast, 2021 - 2027,’ available with MarketStudyReport, global industrial hemp market is slated to display strong augmentation during 2021-2027

Increasing demand for health and dietary supplements coupled with growing popularity of CBD products are some of the major factors driving the growth of the global industrial hemp market. Widespread adoption of industrial hemp in the textile sector as a green alternative to cotton is also aiding towards the market expansion.

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Apart from this, strategic collaborations among the leading companies, technological advancements, and rising R&D activities are stimulating the overall industry outlook.

Based on product landscape, the market has further been divided into seeds, shives, and fiber. Under the derivate seed product segment, the meat sub-segment is estimated to register 6% CAGR and exceed a valuation of USD 27.6 million by the end of 2027. Meanwhile, the fiber segment is categorized into bio-composites, pulp & paper, building materials, textiles, and others.

Moving on to the application reach of seeds, the bio-composites segment is anticipated to expand at 7% CAGR through 2027, owing to surging demand for sustainable building materials and plastic composite alternatives.

Under the shives segment, the building material sub-segment is slated to reach USD 8.7 million or higher by the end of 2027, primarily attributed to the growing construction activities of green infrastructure.

Geographically, the industrial hemp market share in Latin America market is reckoned to reach valuation of USD 10.6 million, witnessing 5% CAGR over the analysis timeframe. Rising demand for hemp derivatives in food & beverages and personal care industries are favouring the regional market outlook.

The prominent companies operating in the global industrial hemp market are HempFlax Group B.V., Parkland Industrial Hemp Growers Co-op Ltd., Marijuana Company of America Inc., North American Hemp & Grain Co. Ltd., Terra Tech Corp., Hempco Food and Fiber Inc., Plains Industrial Hemp Processing Ltd., Valley Bio Ltd., Boring Hemp Company, Fresh Hemp Foods Ltd., Global Hemp Group Inc., Bombay Hemp Company, Hudson Valley Hemp LLC, American Hemp LLC, and HempMeds Brasil.