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.