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Report Overview
The industrial hemp market size reached around USD 5998.67 Million in 2024. The market is projected to grow at a CAGR of 19.00% between 2025 and 2034 to reach nearly USD 34160.53 Million by 2034. The industrial hemp industry is witnessing strong growth, led by increasing demand from different application industries such as food & beverage, personal care, and animal care. As people become more aware of the benefits of hemp, the market is expected to grow at a high CAGR. The adaptability of hemp-based products, from nutrition to cosmetics, is leading to adoption all over the world, and hence it is emerging as a dominant player in green and sustainable solutions.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
Key Companies & Market Share Insights
The industrial hemp industry is extremely competitive, with major players emphasizing innovation, strategic alliances, and diversifying their product lines. Firms are spending on research & development to improve product quality and diversify usage across food & beverage, personal care, textiles, and construction materials industries. Also, the growing legalization of hemp production and the increasing demand for CBD hemp oil, hemp seeds, and fiber products have promoted international market growth. Top companies are using sustainable agricultural methods and cutting-edge processing technology to become market leaders in this changing market.
- Hemp Inc – An industrial hemp leader, focusing on mass-scale hemp cultivation and processing, with a specialty in biodegradable plastics and wellness products made from hemp.
- Manitoba Harvest Hemp Foods – A major manufacturer of hempseed and hempseed oil, supplying organic and non-GMO hemp-based food products throughout North America.
- Bombay Hemp Company Private Limited (BOHECO) – A company based in India that deals in hemp textiles, CBD wellness, and pharmaceuticals based on hemp, with a strong emphasis on sustainable agriculture and government cooperation.
- HempFlax Group B.V. – A leading European producer of hemp fiber, with expertise in automotive, textile, and building material uses, and expanding into environmentally friendly industrial products.
They have a key function in the formation of the industrial hemp industry, pushing the use of bioplastics, nutraceuticals, and biofuels. As they diversify their presence across the world and reinforce supply chains, they continue to dictate industry trends and consumer acceptance. The competitive dynamic continues to shift, with market participants evolving based on regulatory change, consumer desire, and advancements in technology in order to continue to hold onto market share.
Key Companies Profiled:
- Parkland Industrial Hemp Growers Cooperative Ltd.
- CBD Biotechnology Co.
- Botanical Genetics, LLC
- Marijuana Company of America Inc.
- HempMeds Brasil
- Terra Tech Corp.
- American Cannabis Company, Inc.
- HempFlax B.V.
- Industrial Hemp Manufacturing, LLC
- American Hemp
- Hemp, Inc.
- Boring Hemp Company
- Plains Industrial Hemp Processing Ltd.
- Ecofiber Industries Operations
- Valley Bio Limited
- Manitoba Harvest Hemp Foods
- Bombay Hemp Company Private Limit
- HPS Food & Ingredients Inc.
- Unrivaled Brands, Inc
- Others
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 2024, the market reached an approximate value of USD 5998.67 Million.
The market is projected to grow at a CAGR of 19.00% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 34160.53 Million by 2034.
The market is driven by increasing demand for sustainable textiles, bioplastics, hemp-based food products, growing legalization, and the rising adoption of hemp in pharmaceuticals and personal care.
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, fiber (bast), shivs (hurd), hemp seed oil, and CBD hemp oil.
The significant applications of industrial hemp include food and beverages, personal care, animal care, pharmaceuticals, textiles, construction materials, automotive, furniture, biofuel, and paper, among others.
The key market players are Parkland Industrial Hemp Growers Cooperative Ltd., CBD Biotechnology Co., Botanical Genetics, LLC, Marijuana Company of America Inc., HempMeds Brasil, Terra Tech Corp., American Cannabis Company, Inc., HempFlax B.V., Industrial Hemp Manufacturing, LLC, American Hemp, Hemp, Inc., Boring Hemp Company, Plains Industrial Hemp Processing Ltd., Ecofiber Industries Operations, Valley Bio Limited, Manitoba Harvest Hemp Foods, Bombay Hemp Company Private Limit, HPS Food & Ingredients Inc., and Unrivaled Brands, Inc, among others.
The fiber segment accounted for the largest share in the industrial hemp market due to its wide applications in textiles, bioplastics, and composites.
North America is projected to account for the largest share of the industrial hemp market due to favorable regulations, increasing investments, and high demand for hemp-based products.
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