A recent report projects the international industrial hemp market will increase significantly over the next seven years, reaching $10.6 billion US by 2025.
According to the report by Grand View Research, Inc. the worldwide industrial hemp market is expected to expand at a CAGR (compound annual growth rate) of 14 percent during that period.
Growing population numbers, rising disposable income and increasing calls for hemp products across a wide variety of sectors are expected to boost that demand.
The publication adds that in the North American market, industrial hemp is projected to see a volume-based CAGR of 17.6 percent. That increase is due in part to growing demand from the automotive industry for hemp-derived panels, to be manufactured as an alternative to fiberglass products