The global Industrial Hemp market size is estimated to be worth US$1.3bn (~£1.08bn) in 2022 and is forecast to reach $3.2bn by 2028.
Industrial hemp is a variety of cannabis that is grown specifically for industrial use, and can be used to make a wide range of products.
Along with bamboo, hemp is one of the fastest growing plants on Earth and was one of the first plants to be spun into usable fibre 50,000 years ago. It can be refined into a variety of commercial items, including paper, rope, textiles, clothing, biodegradable plastics, paint, insulation, biofuel, food, and animal feed.
The Global Industrial hemp Market Report 2022 from Proficient Market Insights focuses on Professional Global Industrial Hemp Market Trend 2022-2028 volume and value at global level, regional level and company level.
Read more: Industrial hemp in Europe driving global market growth
Proficient Market Insights has split the report by segment by type including CBD oil and CBD crystal, by application including medical, pharmaceutical, food and beverage, cosmetics and others.
It has also been split by region, covering North America, Europe, Asia-Pacific and the Middle East and Africa, as well as highlighting global key players in the market.
The report highlights that North America is the largest market, with a share of around 60 per cent, followed by Europe, and Latin America, which have a total shareof around 40 per cent. In terms of product, CBD Oil is the largest segment, with a share of over 75 per cent.
In terms of application, the report notes that the largest application is medicine, followed by food and beverage and cosmetics.
The research report has incorporated the analysis of different factors that augment the market’s growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner. This section also provides the scope of different segments and applications that can potentially influence the market in the future.
Additionally, insights into market experts’ opinions have been taken to understand the market better.
To read the report in full please visit proficientmarketinsights.com.
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