LONDON–(BUSINESS WIRE)–Technavio has been monitoring the industrial hemp market and it is poised to grow by USD 3.35 billion during 2020-2024, progressing at a CAGR of over 11% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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This Report Addresses:
- The market size from 2020-2024
- Expected market growth until 2024
- Forecast of how market drivers, restraints, and future opportunities will affect the market dynamics
- Segments and regions that will drive or lead market growth and why
- Comprehensive mapping of the competitive landscape
- In-depth analysis of key sustainability strategies adopted by market players
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Frequently Asked Questions-
- Based on segmentation by application, which is the leading segment in the market?
- The textiles industry is expected to be the leading segment based on application in the global market during the forecast period.
- What are the major trends in the market?
- High demand from textile industry is one of the major trends in the market.
- At what rate is the market projected to grow?
- Growing at a CAGR of over 11%, the incremental growth of the market is anticipated to be USD 3.35 billion.
- Who are the top players in the market?
- 22nd Century Group Inc., Aurora Cannabis Inc., Bombay Hemp Company Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., HempFlax Group BV, HemPoland Sp zoo, Medical Marijuana Inc., and Nutiva Inc. are some of the major market participants.
- What are the key market drivers and challenges?
- High demand from textile industry is one of the major factors driving the market. However, the challenges associated with production of hemp will restrain market growth.
- How big is the APAC market?
The APAC region will contribute 46% of market growth.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 22nd Century Group Inc., Aurora Cannabis Inc., Bombay Hemp Company Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., HempFlax Group BV, HemPoland Sp zoo, Medical Marijuana Inc., and Nutiva Inc. are some of the major market participants. The high demand from textile industry will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Industrial Hemp Market 2020-2024: Segmentation
Industrial Hemp Market is segmented as below:
- Hemp-based CBD
- Food and Supplements
- Personal Care
- North America
- South America
Industrial Hemp Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The industrial hemp market report covers the following areas:
- Industrial Hemp Market Size
- Industrial Hemp Market Trends
- Industrial Hemp Market Analysis
This study identifies rise in the legalization of hemp cultivation as one of the prime reasons driving the industrial hemp market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Industrial Hemp Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist industrial hemp market growth during the next five years
- Estimation of the industrial hemp market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the industrial hemp market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of industrial hemp market vendors
Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Textiles – Market size and forecast 2019-2024
- Hemp-based CBD – Market size and forecast 2019-2024
- Food and supplements – Market size and forecast 2019-2024
- Personal care – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- APAC – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- 22nd Century Group Inc.
- Aurora Cannabis Inc.
- Bombay Hemp Company Pvt. Ltd.
- Boring Hemp Co.
- Canopy Growth Corp.
- Charlotte’s Web Holdings Inc.
- HempFlax Group BV
- HemPoland Sp zoo
- Medical Marijuana Inc.
- Nutiva Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.