What is the value of industrial hemp in the global market?

Industrial hemp which is commonly known as hemp is obtained from the stem of Cannabis sativa L. plant. Industrial hemp also includes the buy-product of hemp plants such as hemp flour and hemp seed oil. Industrial hemp has a wide range of applications in industries such as textile, pharmaceutical, food, beverage, personal care, construction & material, furniture, and paper. Fabrics made from this bast fiber are string, hypo-allergic, and are naturally resistant to UV light, mold, and mildew. Hence many consumer goods are manufactured from hemp fiber such as apparel, diapers, fabrics, handbags, working clothes, denim, socks, shoes, etc.

The global industrial hemp market can be segmented on the following basis:
• Based on product type: Based on product the global industrial hemp market includes long (bast) fibers, short (core) fibers, and others.
• Based on application: On the basis of the application, the global industrial hemp market includes animal care, textiles, automotive, furniture, food and beverages, paper, construction materials, personal care, and others.
• Based on region: Based on geographical region the global industrial hemp market is divided into Asia-Pacific (China, Southeast Asia, India, Japan, Korea, Oceania), Europe (Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland), North America (United States, Canada, Mexico), Middle East and Africa (GCC, North Africa, South Africa), and South America (Brazil, Argentina, Columbia, Chile, Peru).

The global market value of industrial hemp is approximately USD 3.97 billion. Among all the market regions, North America accounted for the largest market share of more than 40% in the year 2018 but in 2019, Asia Pacific dominated the industrial hemp market with a share of 32.6%. This is mainly due to the rise in the aging population and growing concerns about skin diseases and UV protection. Due to the increased consumption of hemp fibers, the Asia-Pacific region is also rapidly growing.

Few of the major countries that supply hemp fibers include China, Australia, South Korea, and India. Some of the leading manufacturers for the global Hemp Fiber Market are Botanical Genetics, LLC, Ecofibre Ltd, Hemp Inc., Plains Industrial Hemp Processing Ltd., Marijuana Company of America Inc., HempFlax, Cavac BiomatÃ, BaFa, Hemp Planet, Dunagro, American Hemp LLC, Hempline, Hemp Inc, etc.