The European Industrial Hemp Market size is estimated to hike at a CAGR of 24.24% between 2024 to 2029 and the European market size is expected to be valued at USD 8.57 billion by 2029 from USD 2.89 billion in 2024.
The growing incidence of cancer in European countries and the growing prevalence of oil paints, printing inks, and coatings are majorly contributing to the market's growth. Government and non-government organizations are increasing their investments in developing new products using industrial hemp in various sectors and leveling up the market's growth rate. Rising usage of the derived products of hemp oil in food and beverages, growing expenditure on personal care products, and increasing disposable income are also anticipated to promote the growth rate of the market.
Additionally, rising investments in the development of novel drugs and the increasing scale of research and institutes across the region favor market growth. In many countries, industrial hemp is legalized by government authorities, which has propelled crop production since 2018. The launch of new products in the skincare sector, which favors end-users, is greatly influencing the demand for the industrial hemp market.
However, strict rules and regulations in approving the new product launch by government authorities quietly impede the market's growth rate. Also, people in rural areas are less aware of industrial hemp cultivation due to less knowledge of the benefits of hemp-based products, which is limiting the demand for the industrial hemp market in Europe. Complex regulatory systems are additionally declining the growth rate of the market. Besides, regular use of hemp products in healthcare causes some side effects, slowly hampering the market’s demand.
Impact of COVID-19 on the industrial hemp market in Europe:
COVID-19 has shown disrupted results in every sector. Due to lockdown restrictions and a ban on international flights, there is a reduced supply chain in the first half of 2020. Some studies show that the medical use of hemp-based products has successful results in treating COVID-19. As cannabis has anti-inflammatory properties, it is very efficient in reducing stress and anxiety. So, these particular properties of industrial hemp in healthcare are propelling the market's growth rate. Also, it is observed that the hemp-based medicines are lowering the risk among the COVID-19 patients. COVID-19 is not over yet; the pandemic will continue for some years. There is an increasing number of research and development activities in healthcare using industrial hemp during these challenging times, and this is gearing up the share of the market.
This research report on the Europe industrial hemp market has been segmented & sub-segmented into the following categories.
Europe Industrial Hemp Market - By Type:
Europe Industrial Hemp Market - By Application:
Europe Industrial Hemp Market - By Country:
Geographically, In Europe, the demand for industrial hemp has been surging for the past few years. In 2023, Europe held 22.2% of the revenue share of the market. An increasing number of industries like textiles, automotive, fabrics, and others across the region are mainly promoting the market's growth rate. The legalization of industrial hemp in most countries due to its varied advantages in different fields is anticipated to fuel the market's growth rate. An increasing number of COVID-19 cases is also one factor for the growing demand for industrial hemp in the European region. Constant economic growth in developed countries is escalating the growth rate of the market. The UK and Germany are two major countries that contribute the highest share of the market. Creating awareness and increasing demand for hemp-based products in healthcare and other areas creates growth opportunities for the market. Germany is projected to hit the highest CAGR in the near future.
MAJOR COMPANIES IN THIS MARKET:
Companies playing a dominating role in the European industrial hemp market include Hempco, Ecofibre, Hemp Inc., Gencanna, Hempflax BV, Konoplex Group, Hemp Oil Canada, BAFA, Hemp Poland, Dun Agro, Colorado Hemp Works, and Canah International.
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