North America Hemp Market Share, Size, Growth, Industry Trends and Forecast 2027

According to the latest report by IMARC Group, titled “North America Hemp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The North America hemp market is expected to exhibit a CAGR of 17.2% during 2022-2027.

Hemp represents small, brown oilseeds that are extracted from the Cannabis Sativa plant. It acts as a good source of healthy fats, minerals, protein, fibers, etc. Hemp is extensively available in the form of whole seed, shelled seed, hemp oil, protein powder, etc. It offers numerous benefits in enhancing metabolism, increasing immunity, treating chronic pain, reducing anxiety, etc. As a result, hemp is widely utilized in various sectors, such as food & beverages (F&B), pharmaceuticals, nutritional supplements, cosmetics, textiles, etc.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Market Trends:

The rising consumer awareness among several nutritional benefits of hemp and the growing health consciousness are among the key factors augmenting the North America hemp market. Additionally, the shifting consumer preferences from high-calorie food items to a protein-rich diet are acting as significant growth-inducing factors. Apart from this, the growing hectic work schedules and sedentary lifestyle of the consumers, there is an increase in the demand for processed and ready-to-eat food products in the region, which are also bolstering the regional market. Besides this, the expanding popularity of hemp-based cereals, bars, smoothies, yogurt, etc., is catalyzing the market growth. Furthermore, the rising adoption of vegan food trends has led to a shift from meat and dairy products to plant-sourced alternatives, including hemp-based vegan meat and hemp milk is also driving the regional market. Moreover, the growing nutraceuticals sector is also propelling the utilization of hemp, owing to its high content of antioxidants, vitamins, iron, etc., which is further fueling the market growth. Besides this, the inflating demand for hemp in various non-food sectors, such as cosmetics, personal care, textiles, etc., is expected to positively influence the North America hemp market over the forecasted period.

Breakup by Product Type:

  • Hemp Seed

  • Hemp Seed Oil

  • CBD Hemp Oil

  • Others

Breakup by Application:

  • Food

    • Snacks and Cereals

    • Soup, sauces, and seasonings

    • Bakery

    • Dairy and frozen desserts

    • Others (cold cereals, pasta, chocolate spreads, pet food)

  • Beverages

    • Hot Beverages

    • Sports and Energy Drinks

    • Ready-to-Drink

    • Others (Meal Replacement Drinks, Beverage Mixes, Beverage Concentrates, Juice Drinks)

  • Textiles

  • Pharmaceuticals

  • Personal Care Products

  • Others (Paper, Automobiles, Construction and Materials, Furniture, etc.)

Breakup by Source:

  • Organic

  • Conventional

Breakup by Country:

  • United States

  • Canada

Competitive Landscape with Key Player:

  • BaFa Neu GmbH(Planete Chanvre)

  • Dun Agro Hemp Group

  • Ecofibre

  • Gencanna

  • Hemp Inc

  • Hemp Oil Canada

  • Hempflax BV(Hempflax Group BV)

  • Konoplex Group

  • Marijuana Company of America Inc

  • U.S. HempCo

Key highlights of the report:

  • Market Performance (2016-2021)

  • Market Outlook (2022- 2027)

  • Porter’s Five Forces Analysis

  • Market Drivers and Success Factors

  • SWOT Analysis

  • Value Chain

  • Comprehensive Mapping of the Competitive Landscape

Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/north-america-hemp-market

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

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