The global industrial hemp market was valued at USD 4,638.6 million in 2018 and is expected to reach USD 16,758.9 million in 2026, growing at a CAGR of 17.0% during the forecast period.
Industrial hemp is extracted from the cannabis sativa and it is different from marijuana on the basis of the visual similarities of widely differentiated varieties of plants. It is widely adopted worldwide for the production of a variety of industrial and consumer products. The countries such as Canada and the European Union regulated strictly to maintain the active tetrahydrocannabinol (THC) levels of industrial hemp, which is less than 0.3 percent in it compared to 3 to 30 percent in marijuana.
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The growth in the number of chronic diseases and rapid expansion of functional properties for industrial hemp are expected to drive the growth of the industrial hemp market.
Considering the current scenario, the increase in the pro-hemp initiatives mainly in the US, Canada, and the European Union are now focused on to move to control of US hemp production from the DEA to the USDA. The expansion in terms of consumption and production of the food and body products, clothing, herbal, and medicine. Moreover, increasing legalization in the cultivation of industrial hemp across small parts in the developed and developing countries such as the US and Canada are expected to create opportunities for the production and consumption for industrial hemp in the market. However, the strict government regulation for the use of industrial hemp and illegal cultivation to meet the market demand are expected to hamper the growth in terms of sales and demand for industrial hemp in the global market over the forecast period.
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