Industrial Hemp Industry
Summary:
- The global industrial hemp market size reached US$ 5.4 Billion in 2023.
- The market is expected to reach US$ 19.7 Billion by 2032, exhibiting a growth rate (CAGR) of 15.1% during 2024-2032.
- Asia Pacific leads the market, accounting for the largest industrial hemp market share.
- Hemp seed accounts for the majority of the market share in the type segment due to the growing consumer preference for plant-based nutrition.
- Conventional holds the largest share in the industrial hemp industry, owing to the high availability of conventional hemp and its lower production costs.
- Food and beverages (FB) represent the leading application segment, owing to hemp seeds’ health benefits, including high fiber content and essential nutrients.
- The rising emphasis on sustainable products is a primary driver of the industrial hemp market.
- The increasing popularity of hemp-derived products is reshaping the industrial hemp market.
Industry Trends and Drivers:
- Increasing Demand for Sustainable Materials:
The growing focus on sustainability across industries, prompting the demand for industrial hemp as an eco-friendly material, is creating a positive outlook for the market. Moreover, the fast growth rate, low water requirements, and minimal need for pesticides for hemp production are bolstering the market growth. Additionally, the product’s rising ability to absorb carbon dioxide (CO2) during its growth phase, which adds to its appeal as a renewable resource, is contributing to the market growth. Moreover, the increasing application of hemp in the textiles and construction industries to produce fabrics, biodegradable plastics, and building materials like hempcrete is acting as a growth-inducing factor.
- Growing Product Acceptance in Health and Wellness Products:
The rising popularity of hemp-derived products such as CBD (cannabidiol) oils, creams, and supplements in the health and wellness sector is positively impacting the market growth. Moreover, the ongoing consumer shift towards natural remedies for pain management, anxiety, and skin care, boosting the use of hemp-based products, is catalyzing the market growth. Apart from this, the growing awareness of CBD's potential health benefits, along with changing regulations around the use of hemp and its derivatives, is propelling the market growth. Besides this, the inclusion of hemp-derived ingredients in personal care and nutraceutical products, as more brands incorporate hemp extracts into their offerings, is fueling the market growth.
- Rising Legalization and Regulatory Support:
The changing legal landscape surrounding industrial hemp is another crucial factor contributing to the market growth. Moreover, the growing legalization of the cultivation of hemp for industrial purposes, paving the way for its broader use in various sectors, is anticipated to drive the market growth. In addition to this, the increasing investments in hemp-related industries, including textiles, food, and cosmetics, are contributing to the market growth. Along with this, the rising recognition among governments and regulatory bodies of the economic benefits of industrial hemp, including job creation and rural development, is providing a considerable boost to the market growth.
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Industrial Hemp Market Report Segmentation:
Breakup By Type:
- Hemp Seed
- Hemp Oil
- Hemp Fiber
- Others
Hemp seeds account for the majority of shares as they are widely used in food products, supplements, and personal care items due to their rich nutritional profile, including essential fatty acids and proteins.
Breakup By Source:
- Conventional
- Organic
Conventional dominates the market as this farming method is more widespread and cost-effective compared to organic farming.
Breakup By Application:
- Food and Beverages
- Textiles
- Personal Care Products
- Pharmaceuticals
- Others
Food and beverages (FB) exhibit a clear dominance due to the increasing popularity of hemp-based food products, including oils, protein powders, and snacks.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific holds the leading position owing to a large market for industrial hemp driven by its long-standing history of hemp cultivation, growing industrial applications, and favorable government policies.
Top Industrial Hemp Market Leaders:
The industrial hemp market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.
Some of the key players in the market are:
- Aurora Cannabis
- Boring Hemp Company
- Ecofibre Limited
- Hemp Inc
- HempFlax Group B.V.
- Hempro International GmbH
- MH medical hemp GmbH
- Parkland Industrial Hemp Growers Co-op. Ltd.
- South Hemp Tecno srl
- Valley Bio Limited
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