Global Industrial Hemp Applications
- New Frontier Data predicts sales of hemp-based industrial products to accelerate with strong growth across global markets for 5-10 years.
- With 2018 sales of $425 million, Europe remains the global leader in industrial hemp. Out front with segments like hemp-based automotive parts (biocomposites) and animal bedding, Europe will retain its lead in global industrial sales due to its established producers, processing capacity, and mature supply chains.
- Estimates for hemp-based industrial products do not include textiles, a separate sales category in New Frontier Data’s analysis; in 2018, the global hemp-based textile market was worth $1.08 billion, led by China with sales of $846 million (representing over 78% of the global market).
- New Frontier Data projects the global hemp-based industrial market to grow from sales of $776 million in 2018 to $1.4 billion throughout 2020.
- Given the 2018 Farm Bill, an emerging U.S. industrial market will compete with Europe’s through product innovations, increased processing capacity, and traditional entrepreneurial spirit.
- New Frontier Data’s latest report, Global State of Hemp: 2019 Industry Outlook, tracks the global market across the United States, Australia, Canada, China, the European Union, South and Central America, and Africa/Other.