The global industrial hemp market size is expected to grow by USD 3.35 billion, progressing at a CAGR of over 11% during the forecast period. Request a free sample report
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Technavio has announced its latest market research report titled Global Industrial Hemp Market 2020-2024 (Graphic: Business Wire)
The high demand from the textile industry and the rise in the legalization of hemp cultivation are among the major factors propelling the market growth. However, challenges associated with the production of hemp will hamper the growth of the market participants.
The textile industry is the largest consumer of industrial hemp. Hemp fibers are used as raw materials in the textile industry to manufacture yarn, canvas, sailcloth, rope, sacks, clothing, furnishing textiles, specialty textiles, and other products. These fibers are also used as substitutes for cotton and synthetic fibers. Moreover, hemp fibers can be blended with cotton, wool, and silk to produce various fabric products. Also, hemp fibers contain numerous cracks and small holes, that provide excellent capillary effect, good moisture absorbing ability, and excellent breathing performance. All these factors are increasing the use of hemp in the textile industry, which is driving the growth of the market.
More details: https://www.technavio.com/report/industrial-hemp-market-industry-analysis
Industrial Hemp Market: Application Landscape
Based on the application, the textiles segment led the market in 2019. The growth in the manufacture of apparel, fabrics, denim, and fine textiles has increased the use of industrial hemp in the textiles segment. Besides, properties such as high absorption capacity and good thermal and electrical properties are increasing the use of hemp in the textile industry.
Industrial Hemp Market: Geographic Landscape
APAC is expected to provide significant growth opportunities for industrial hemp manufacturers during the forecast period. This is due to the growth of various end-user industries such as textiles, personal care, food, and construction in the region. Also, factors such as expanding population and increasing demand are expected to fuel the growth of the industrial hemp market in APAC.
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Industrial Hemp Market 2020-2024: Key Highlights
Table of contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201028005940/en/
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