New Report Shows the Market for Hemp is Set for Explosive Growth

A recent study has found that by 2027, the value of the global market size of industrial hemp will have hit $18.6 billion. This valuation will be reached if the market grows at the projected compound annual growth rate of 22.4%.

The global hemp market is based on source, type, region and application. Based on source, it is classified into organic or conventional, and when it comes to application, this market is studied across textiles, food and beverages, pharmaceuticals and personal-care products. On the basis of type, the market is categorized into hemp fiber, hemp oil and hemp seed, among others. With regard to region, it is analyzed across the Asia-Pacific, Europe, LAMEA and North America.

The study found that by region, the Asia-Pacific made up the biggest share of the global industrial hemp market in 2019, noting that this share was expected to grow at a compounded annual growth rate of 20.4%.

Based on source, the conventional division was at the forefront of worldwide demand in 2019. This division, the researchers noted, was expected to continue dominating the industry throughout the forecast period.

On the basis of application, the personal-care products segment made up the biggest share of hemp seed market growth in 2019. The researchers reported that the segment was expected to grow at a compounded annual growth rate of 19.6%.

With regard to type, the hemp-oil segment made up the largest share of the global market, with the forecast showing that it would retain this share in the period between 2021–2027.

Industrial hemp comes from the cannabis sativa plant and is grown for commercial use. It is rich in two essential fatty acids, linoleic (omega-6) and linolenic (omega-3), and is used in an extensive range of products.

Industrial hemp, also known as hemp seeds, is also a rich source of magnesium, vitamin B6, vitamin B2, vitamin B1, potassium, calcium and vitamin D, among others. Additionally, industrial hemp contains proteins and can be utilized in the production of various food products, including hemp oil, hemp milk, hemp-based protein powder and hemp cheese substitutes. Hemp seeds are also used in the production of ethanol, which is currently processed from food crops such as wheat and corn.

Furthermore, industrial hemp helps create ecofriendly fabrics with textures similar to linen. The fabric, which is very flexible, is also used in other products, including dog collars, home wares, accessories and shoes.

The report was published by “Allied Market Research.”

As the hemp market grows, there is likely to be a corresponding growth in the demand for solutions such as mass spectrometry and process controls made by entities such as Astrotech Corp. (NASDAQ: ASTC) that are needed by companies making different products from industrial hemp.

NOTE TO INVESTORS: The latest news and updates relating to Astrotech Corp. (NASDAQ: ASTC) are available in the company’s newsroom at https://cnw.fm/ASTC

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