The global industrial hemp market size was estimated at USD 4.71 billion in 2019 and is expected to register a revenue-based CAGR of 15.8% over the forecast period. The market is driven by the growing demand for hemp oil and fibers in the automotive, construction, food and beverage, personal care, and textile industries; especially in emerging regions such as the Asia Pacific. Rising demand for oil paints, varnishes, printing inks, fuel, solvents, chain-saw lubricants, putty, and coatings is expected to further propel the product demand. In addition, growth in the investment for the production of hemp-based products is expected to drive the market growth.
