Although relatively few African countries have legalized the production of industrial cannabis, the continent is likely to be a global player in the future. That’s according to the African Hemp Fund, which reports that Africa is experiencing a “modernization” of  policies and regulations pertaining to industrial cannabis.

The Fund says “Africa has long been known for its rich natural resources, and now the continent is poised to tap into a new industry with immense potential – industrial hemp.” states the Africa Hemp Fund, an organization dedicated to promoting sustainable development in Africa.

It conducted a market survey recently and projects that “Africa’s industrial hemp industry possesses a market potential of US$2.4 billion, and the entity’s market projection excludes cannabidiol (CBD), which itself is a massive market.

“The Africa Hemp Fund believes that the continent is well-positioned to become a major player in the global industrial hemp market. With its vast land and favourable climate, Africa has the potential to become a leading producer and exporter of industrial hemp. This could not only bring economic benefits to the region, but also create 180,000 job opportunities.”  it stated.

Africa’s emerging industrial hemp industry fits within the larger global industrial hemp market, which is expected to grow at a significant rate in the coming years as more countries modernize their hemp laws and regulations.

According to market analysts at Spherical Insights LLP, the global industrial hemp market is projected to be worth an estimated $24.30 billion by 2033.

This is an extract from the African Hemp Fund’s report.

The growth of the global industrial cannabis market is being driven by demand from industries such as paper, construction materials, textiles, furniture, food & beverage, automotive, recycling, personal care, and agriculture.

Industrial hemp is experiencing significant economic expansion as it acquires popularity as a crop that offers several environmental benefits.  Furthermore, hemp grows faster and needs fewer pesticides and herbicides than conventional crops do, making it a more environmentally friendly crop. Its ability to regain soil nutrients, efficiently absorb carbon, and need less water than many other crops make it desirable in the context of climate change and environmental preservation.

However, numerous regulations and laws control the growing and marketplace of hemp, and using the plant to make consumer goods is prohibited in several countries.

The seeds segment is anticipated to hold the largest share of the global industrial hemp market during the projected timeframe.   

Based on the product, the global industrial hemp market is divided into seeds, fiber, and shivs. Among these, the seeds segment is anticipated to hold the largest share of the global industrial hemp market during the projected timeframe. These seeds are regarded as a complete protein source since they provide each of the nine necessary amino acids. Omega-3 fatty acids are present in hemp seeds in substantial amounts, and the ratio of omega-3 to omega-6 fatty acids is advantageous. Hemp seed oil has several uses, such as in food and beverage products, personal hygiene products, animal feed, nutritional supplements, medications, and other products. Hemp seeds are derived from Cannabis sativa plants, which are used for their pleasant properties. As a result of the rising demand for hemp seed oil in personal care products, the seed market is expanding through the projected timeframe.

The textiles segment is projected to grow at the fastest pace in the global industrial hemp market during the predicted timeframe.   

Based on the application, the global industrial hemp market is classified into textiles, automotive, animal care, furniture, food & beverages, pharmaceuticals, and others. Among these, the textiles segment is projected to grow at the fastest pace in the global industrial hemp market during the predicted timeframe. Hemp fiber is the strongest fiber used in textile manufacture. Compared to other fabrics made of natural fibers, it provides superior ultraviolet (UV) protection and is noticeably more durable and dependable than cotton.

The conventional segment is estimated for the largest revenue in the global industrial hemp market through the forecast period.

Based on the source, the global Industrial Hemp market is divided into conventional and organic. Among these, the conventional segment is estimated for the largest revenue in the global industrial hemp market through the forecast period. Hemp's extremely resistant nature indicates that it doesn't need particular or organic treatments to produce a substantial harvest that can withstand severe weather. There is almost no difference in production and quality between hemp sourced through conventional and organic methods.

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