A new report by Globe Industrial Hemp Market by Type predicts that the industrial hemp industry will grow to $6.8 billion this year and to $18.1 billion by 2027.
Research and Markets’ “Global Hemp Market by Type” report analyzed the numerous uses of hemp as textiles, foodstuffs, building materials, and more. The report suggests a compound annual growth rate (CAGR) of 21.6% for the industry over the next five years, suggesting that many countries will legalize industrial hemp in the near future.
The European region will grow the fastest during the forecast period of 2022-2027. The area devoted to hemp cultivation in the EU has increased significantly in recent years, by 75%, from 19,970 hectares in 2015 to 34,960 hectares in 2019. France has the largest agricultural area devoted to hemp cultivation in the EU, covering nearly 18,000 hectares, followed by Italy, the Netherlands, and Estonia.
Read more about the global hemp industry and find the latest hemp news in the world with the Hemp.im mobile app.
Hemp as livestock feed
The report also includes examples of hemp company successes recorded this year. In terms of application, hemp meal was recently recognized as an alternative method of feeding livestock.
According to a scientific opinion from the European Food Safety Authority (EFSA): “Hemp oil, as a rich source of essential fatty acids, can be used as an additive in animal feed, while hemp seed and hemp seed cake can be used as a source of fat and protein in animal diets.”
Hemp fiber uses
The report also explains that hemp fibers, which consist of cellulose, hemicellulose, lignin and pectin, also have many uses in the textile industry.
“The advantages of bast fibers include lighter product weight, lower energy consumption and lower environmental impact. Bast fibers can be spun and woven, making them widely used in the textile industry,” states Research and Markets.
“In addition, hemp fibers are much stronger than cotton and do not cause mold. Hemp bast fibers have unique properties such as strength, durability, and antibacterial and antifungal properties.”
Hemp food items
In addition to the spreading legalization of industrial hemp around the world, the report also cites the increased use of hemp seeds and oil in foodstuffs and the “rising prevalence of chronic diseases” as two major factors contributing to the growth of the hemp industry.
In addition, growing awareness of the benefits to human health is expected to further accelerate hemp cultivation. The high content of essential fatty acids in hemp seeds and oil helps prevent many common ailments, leading to their increased use in food and beverages, pharmaceuticals and personal care products.
Hemp is an opportunity to boost the economy
Other recent reports on hemp have also been published that predict similar growth in the hemp industry. A report by the United Nations Conference on Trade and Development (UNCTAD) titled “Commodities at a Glance: Special Edition on Industrial Hemp” says the global hemp market will reach $18.6 billion by 2027.
According to UNCTAD economist and author of the report, Marco Fugazza, hemp offers great potential for both developed and developing countries.
“The growing hemp market offers significant economic opportunities from which all countries can benefit,” – Fugazza said. “This is extremely important because countries can revitalize their economies while protecting the environment.”
“Due to its versatility and functional characteristics, the industrial hemp market has great potential in agriculture, textiles, recycling, automotive, furniture, food and beverages, paper, construction materials and personal care products,” the UNCTAD report states.
Additionally, hemp can be an effective part of crop rotation, which can help maximize the use of agricultural land and contribute to farmers’ incomes.
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First published in Fakty Konopne, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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