The industrial hemp market is expected to grow from its current market value, $180 million, to over $270 million by 2025, according to a study by Global Market Insights, Inc.
Demand is likely to come from consumer desire for CBD oil, which has applications in HABA products and dietary supplements, according to a press release regarding the study. Growing demand for hemp fibers, too, will drive the hemp market, as they are lightweight and have a high mechanical strength, making them ideal for use in automotive interior parts.
The release notes that “hempcrete,” a mixture of hemp shives and lime, is used in the European Union, as it is lightweight and insulating and can help control moisture and condensation, improving internal air quality.
Industrial hemp seeds, too, will see growth, the release says. Seeds are looking at a growth rate of over 5.5% during the forecast period, thanks again to consumer demand for CBD oil. It will see growth in the food & beverages and personal care applications, with slight growth in the animal feed application.
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