IMARC Group has recently released a new research study titled “Industrial Hemp Market Report by Type, Source, Application and Region 2024-2032”, offers a detailed analysis of the industrial hemp market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the industrial hemp market?
The global industrial hemp market size reached US$ 5.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 19.7 Billion by 2032, exhibiting a growth rate (CAGR) of 15.1% during 2024-2032.
Global Industrial Hemp Market Trends:
The significant increase in the legalization and deregulation of hemp in various countries represents one of the key factors influencing the growth of the industrial hemp market across the globe. This is expanding its cultivation and usage possibilities which is boosting the market growth. This regulatory shift is fueling the diversification of hemp-based products across the food, textile, construction, and pharmaceutical industries.
There's a growing consumer awareness and acceptance of hemp-derived products, particularly CBD oil, for their health and wellness benefits, driving demand in personal care and nutraceutical sectors. Moreover, sustainability trends are boosting the adoption of hemp in industries like construction and textiles, as it offers eco-friendly alternatives to traditional materials. Innovations in hemp processing technologies are also enhancing efficiency and expanding its application range.
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Factors Affecting the Growth of the Industrial Hemp Industry:
- Legislative Changes:
The global industrial hemp market is significantly influenced by legislative changes that are increasingly favoring the cultivation, processing, and sale of hemp and hemp-derived products. Many countries are revising their laws to distinguish industrial hemp from psychoactive cannabis varieties, thereby removing legal barriers to hemp production. This legal recognition is opening new avenues for farmers and businesses, facilitating investment, research, and development in hemp cultivation and product innovation. In addition to this, the relaxation of regulations is not only expanding the market geographically but also encouraging a broader acceptance and integration of hemp-based products in various industries, from textiles and construction to food and pharmaceuticals, driving the market's growth.
- Consumer Awareness and Demand:
The surge in consumer awareness regarding the health benefits and sustainability of hemp products is a pivotal factor driving the market's expansion. As consumers become more conscious of their health and the environmental impact of their choices, the demand for hemp-based food, supplements, and personal care products has seen a marked increase. This shift is supported by a growing body of research highlighting hemp's nutritional benefits, including its high protein content, essential fatty acids, and minerals. In line with this, the versatility of hemp, coupled with its eco-friendly cultivation characteristics, appeals to the rising global demand for sustainable, natural products, which is further propelling the market growth.
- Technological Advancements in Hemp Processing:
Technological advancements in hemp processing are revolutionizing the industrial hemp market by significantly enhancing the efficiency and versatility of hemp product manufacturing. Modern extraction methods, such as supercritical CO2 extraction, have improved the purity and yield of hemp extracts, including CBD oil, allowing to production of high-quality, consistent products. Innovations in decortication technology, which separates hemp fibers from the stalk, are enabling the production of finer and stronger fibers, suitable for textiles, construction materials, and even bioplastics. Furthermore, advancements in genetic engineering and cultivation techniques are optimizing hemp plant strains for higher cannabinoid content, disease resistance, and yield, broadening the scope of hemp applications across industries, and making hemp products more accessible and sustainable.
Industrial Hemp Market Report Segmentation:
By Type:
- Hemp Seed
- Hemp Oil
- Hemp Fiber
- Others
The hemp seed segment dominates the global industrial hemp market due to its extensive nutritional benefits and versatility in applications ranging from food and beverages to personal care products.
By Source:
- Conventional
- Organic
Conventional hemp, being more widely cultivated and less regulated than organic variants, captures the largest market share due to its higher yield and lower production costs.
By Application:
- Food and Beverages
- Textiles
- Personal Care Products
- Pharmaceuticals
- Others
The food and beverages sector leads the application segment in the market due to the increasing consumer demand for hemp-based products, recognized for their health benefits and nutritional value.
Regional Insights:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Asia Pacific holds the largest market share, driven by historical cultivation practices, a growing awareness of hemp's benefits, and the gradual relaxation of regulations around hemp production and use.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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
Read Full Blog Top Manufacturing Companies in Industrial Hemp Market by IMARC Group
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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