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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Industrial Hemp Market Outlook
The global industrial hemp market attained a value of USD 5,998.67 million in 2023. The market is estimated to grow at a CAGR of 19% during 2024-2032 to reach a value of USD 28,706.33 million by 2032.
The market is being driven by the rising demand from the textile industry. The product is cultivated to be used in the production of food and beverage, and non-food based products, without the use of toxic chemicals, fertilizers, and pesticides. In addition to this, the product is a renewable and environmentally efficient raw material for the production of materials, such as plastic, paper, and fuel.
The Asia Pacific is one of the fastest-growing regions for this industry and is expected to witness increased growth in the forecast period. The regional market is expected to witness a growth due to the ease of access to the raw materials and rising global demand for hemp from Asia.
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Market Segmentation
Industrial hemp is the stalk, oil, seeds, and leaves of a variety of the cannabis sativa plant. The product is used to make industrial items, such as building materials, paper products, textiles, personal care items, health supplements, and much more.
Based on the source, the market is bifurcated into conventional and organic.
On the basis of product type, the market is divided into:
- Hemp Seed
- Hemp Fibre
- Hemp Seed Oil
- CBD Hemp Oil
- Others
By application, the market is categorised into:
- Food and Beverages
- Personal Care
- Animal Care
- Pharmaceuticals
- Textiles
- Construction Materials
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, and LAMEA.
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Market Analysis
The global industrial hemp market is driven by the growing health and wellness sector. The market is accelerating owing to the extensive use of the product in various industries, such as textile, paper, food and beverage, personal care, construction, furniture, and automobile. The increasing geriatric population and rising skin diseases caused by the increased UV light exposure across the world are giving rise to the demand for personal care products, especially products with organic ingredients. Thus, the rising demand for organic personal care products is aiding the market growth. The rising use of the product as a textile yarn and as an alternative to cotton and synthetic fibres is further bolstering the market growth. In the coming years, the market is expected to be aided by the rising environmental awareness, changing government policies in several countries, and the increasing demand for the product.
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Competitive Landscape
The report gives a detailed analysis of the following key players in the global industrial hemp market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Hemp Inc
- Manitoba Harvest Hemp Foods
- Bombay Hemp Company Private Limit
- HempFlax Group B.V.
- HPS Food & Ingredients Inc.
- Unrivaled Brands, Inc
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Source |
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| Breakup by Product Type |
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| Breakup by Application |
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| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Industrial Hemp Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global industrial hemp market attained a value of USD 5,998.67 million in 2023.
The market is projected to grow at a CAGR of 19% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 28,706.33 million by 2032.
The major drivers of the market, such as the rising demand from the textile industry, the increasing health and wellness sector, and the growing demand for organic personal care products are expected to aid the market growth.
The key trends propelling the market development include rising eco-consciousness, growing product awareness, evolving government policies regarding the use of industrial hemp in several countries, and the increasing demand for hemp-based products.
The major regions in the market are North America, Europe, Asia Pacific and LAMEA.
The major sources of industrial hemp in the market are conventional and organic.
The major product types in the market are hemp seed, hemp fibre, hemp seed oil, and CBD hemp oil.
The significant applications of industrial hemp include food and beverages, personal care, animal care, pharmaceuticals, textiles, and construction materials, among others.
The key market players are Manitoba Harvest Hemp Foods, Hemp Inc., Hemp Oil Canada Inc., HempFlax Group B.V., Hemp Production Services, and Unrivaled Brands, Inc, among others.
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