A brand new market analysis research by Technavio on the world industrial hemp market tasks the market to develop at a CAGR of near 16% throughout the interval 2019-2023. This analysis report offers an in-depth evaluation of the market by way of income, high drivers, and rising market traits. It additionally contains detailed insights and forecasts for all of the market segments throughout completely different geographies.
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Excessive demand from textile industries
Hemp fibers are more and more getting used as a uncooked materials for textile yarn manufacturing and are thought-about as an important substitute for cotton and artificial fibers. The rising demand for hemp within the textile trade is attributed to the technological, ecological, and financial superiority of hemp. Industrial hemp is used for manufacturing canvas, sailcloth, rope, sacks, clothes, specialty textiles, and different merchandise. Therefore, the excessive demand from textile trade will drive the commercial hemp market dimension throughout the forecast interval.
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The rise in legalization of hemp cultivation
With rising concentrate on using pure assets to scale back the dependence on petroleum assets, a number of governments, and regulatory businesses are specializing in legalizing hemp cultivation. They’re additionally approving using hemp for industrial functions. Consequently, hemp cultivation is anticipated to extend, which can end in a discount of dependency on the import of hemp seeds. Thus, the rise within the legalization of hemp cultivation will gas the commercial hemp market development throughout the forecast interval.
In keeping with a senior analyst at Technavio, “Other than the rise within the legalization of hemp cultivation, different elements similar to the rise in mergers and acquisitions, capability expansions, and product developments could have a big affect on the expansion of the commercial hemp market dimension throughout the forecast interval.”
Oversupply of hemp
The hemp market is witnessing value wars amongst producers and end-users owing to the oversupply of hemp in varied international locations similar to Canada and China. Furthermore, the rising legalization of hemp manufacturing internationally can also be ensuing within the overproduction of hemp, which is anticipated to affect the costs of hemp throughout the forecast interval. Whereas these elements are anticipated to affect the market development negatively, the rising demand for hemp in varied functions within the textile trade will fill the hole between the demand and provide of throughout the forecast interval.
Prime gamers within the world industrial hemp market:
Among the key matters lined within the world industrial hemp market embrace:
- Market ecosystem
- Market traits
- Market segmentation evaluation
- Market definition
- Market dimension and forecast
5 Forces Evaluation
- Regional comparability
- Key main international locations
- Distributors lined
- Vendor classification
- Market positioning of distributors
- Aggressive state of affairs
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