Industrial Hemp Market to Hit $18.1 Billion in Five Years

Industrial Hemp Market to Hit $18.1 Billion in Five Years

Information collected in “”Global Hemp Market by TypeA Research and Markets report analyzing hemp’s many uses as a fiber, food, building material, and more. The report forecasts a compound annual growth rate (CAGR) of 21.6% for the industry over the next five years, and as many other countries have legalized industrial hemp or will do so in the near future. It suggests that this proportion will rise.

The report also cites examples of hemp’s success seen throughout the year. and the European Food Safety Authority (EFSA) Panel on Products or Substances Scientific Opinion, hemp seed and hemp seed cake can be used as a feed ingredient for all animal species, but the proportions vary depending on the species. of inclusion in a Research and Markets press release status“Hemp oil can be used as an animal feed supplement as a rich source of essential fatty acids, while hemp seed and hemp seed cake can be used as a source of fat and protein in an animal’s diet.”

The report also explains that hemp bast fibers, which are composed of cellulose, hemicellulose, lignin and pectin, also offer many benefits for use in textiles. “The benefits of bast fibers include lighter weight products, reduced energy consumption and reduced environmental footprint. Bast fibers can be spun and woven, which is why they are widely used in the textile industry.” Research and Market StateAdditionally, bast fibers are much stronger than cotton and do not mold. Hemp bast fiber has excellent properties such as strength, durability, antibacterial and antifungal properties. ”

In addition to increasing legalization around the world, the report also identified two major factors contributing to the rise of hemp: the increasing use of hemp seeds and oil in food products and the “increase in the incidence of chronic disease.” That said, the persistent stigma of hemp and cannabis and restrictions in some countries on industrial hemp continue to hinder its growth.

Other hemp-based reports have also been published recently, predicting similar growth for the hemp industry.Products at a Glance Industrial Hemp FeatureThe global hemp market is expected to reach $18.6 billion by 2027. Hemp offers many possibilities for both established and developing countries, according to UNCTAD economist and report author Marco Fugazza. “The growing hemp market presents a significant economic opportunity available to all countries.” fugaza he said“As a renewable product, the opportunity is sustainable. This is very important as countries seek to boost their economies while protecting the environment.”

The UNCTAD report recommends that “the government needs to clarify its legal status as a non-toxic substance.” Once this is complete, countries can begin to explore the many benefits that the hemp plant offers. and has great potential in beverages, paper, construction materials and personal care,” said the UNCTAD report. In addition, hemp can be an effective part of crop rotation, maximizing the use of land and contributing to increased income for farmers.

Hemp for animals and livestock continues to be a topic of debate. Hemp as animal feed may reduce stress in cattle, but a recent research study showed that THC was found in the systems of cattle fed hemp feed. We have stopped selling CBD pet supplements. This is because “safe levels for hemp and hemp-derived products in animal feed have not yet been established under federal or state law,” the USDA said.

With two decades of dedicated experience, Nuggs is a seasoned cannabis writer and grower. His journey has been a harmonious blend of nurturing cannabis from seed to harvest and crafting insightful content. A true expert, they've honed strain-specific knowledge, cultivation techniques, and industry insights. His passion shines through enlightening articles and thriving gardens, making them a respected figure in both the growing and writing facets of the cannabis world.

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