Report: Industrial Hemp Market to Hit $270 Million by 2025
The Industrial Hemp Market is set to grow from its current market value of more than $180 million to more than $270 million by 2025 according to a new study released by Global Market Insights, Inc.
Increasing consumer demand for nutritionally favorable CBD oil which is a rich source of fatty acids is likely to drive industrial hemp market demand. CBD oil is widely is widely used in therapeutic purposes for treating various chronic diseases. It is also used in personal care creams, lotions and cosmetic products on account of high amino acids concentration helps reduce wrinkles, create a de-aging effect and reduce skin irritation.
Growing demand for industrial hemp fibers market from bio composites applications may witness significant gains up to 5% by 2025 owing to superior properties such as high mechanical strength and light weight.
Companies are focusing on advancement in processing equipment and technology to improve productivity and offering products with higher quality and in less time, which have a major impact on creating competitive environment in the market.
For more information, please visit https://www.gminsights.com/industry-analysis/industrial-hemp-market