[Start of Market Research Report Handling] World Market Report on Industrial Hemp 2024

The industrial hemp market size is expected to experience significant growth in the coming years, reaching USD 15.27 billion by 2028 with a CAGR of 20.1%. The anticipated growth during the forecast period is attributed to the expanding applications of hemp in the automotive industry, increased use of hemp in bioplastics, rising demand for hemp in the food and beverage segment, growing interest in sustainable agricultural practices, and increasing demand for hemp-based dietary supplements. Key trends during this period include advancements in hemp cultivation techniques, expanded use of hemp in the pharmaceutical segment, development of hemp-based advanced packaging solutions, integration of hemp into sustainable construction initiatives, and yield improvements through genetic modification of hemp.
The rising demand for sustainable and environmentally friendly products is expected to drive the growth of the industrial hemp market in the future. Sustainable and environmentally friendly products are designed to reduce environmental impact by utilizing renewable resources, minimizing waste, and fostering ecosystem balance.
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The Business Research Company

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