31-May-2024 | Facts and Factors
Findings from Facts and Factors report “Industrial Hemp Market Size, Share, Growth Analysis Report By Source (Organic and Conventional), By Product Type (Hemp Seeds, Hemp Seeds Oil, Hemp Shivs, and Others), By Application (Food & Beverages, Textiles, Personal Care, Construction Materials, Paper, Pharmaceuticals, Animal Nutrition, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032” states that The global industrial hemp market was worth around USD 6.73 billion in 2023 and is estimated to grow to about USD 26.42 billion by 2032, with a compound annual growth rate (CAGR) of approximately 16.4% over the forecast period. The report analyzes the industrial hemp market’s drivers, restraints, and challenges and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the industrial hemp market.
Industrial hemp is a cultivar of the plant Cannabis sativa that is utilized for a range of industrial and personal purposes. Hemp fiber, hemp oil, and hemp seeds are some of its by-products. Because of their high nutritional content, antioxidant, and anti-microbial qualities, these biodegradable compounds are widely employed in a variety of industries, including personal care products, textiles, animal feed, and others. Industrial hemp, as a fast-growing plant, provides a sustainable and renewable raw material for the manufacture of a variety of products, including fuel, plastic, and paper.
Browse the full “Industrial Hemp Market Size, Share, Growth Analysis Report By Source (Organic and Conventional), By Product Type (Hemp Seeds, Hemp Seeds Oil, Hemp Shivs, and Others), By Application (Food & Beverages, Textiles, Personal Care, Construction Materials, Paper, Pharmaceuticals, Animal Nutrition, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032” report at https://www.fnfresearch.com/industrial-hemp-market-report
Hemp's excellent nutritional value, as well as its healthy fatty acid and protein composition, is boosting demand for hemp supplements. Hemp fiber's high absorbency makes it useful for animal bedding, personal hygiene, and oil & gas clean-up uses. Furthermore, rising product demand from the paper, textile, and building materials markets due to good aesthetic and acoustic features will drive global industrial hemp market expansion. Hemp-based products are environmentally friendly, renewable, and connected with less toxic ways of production. Paper made from hemp fiber requires fewer chemicals to be processed than paper made from wood pulp.
As a result, increased consumer knowledge of product benefits is expected to boost the market growth. However, businesses that offer hemp and hemp-derived goods must follow various regulatory rules around the world. While countries around the world have varying degrees of legality for different forms of hemp, the tight regulatory requirements governing the cultivation and sale of industrial hemp across many states within the same country may be difficult for producers and consumers to comply with. Furthermore, the legislation governing hemp possessing tetrahydrocannabinol (THC) and cannabidiol (CBD) varies greatly, adding to the complexity associated with the commodity's trading.
The global industrial hemp market is segregated on the basis of application prospects, product prospects, and region. By application prospects, the market is divided into paper, personal care, automotive, textiles, food & beverages, animal care, furniture, construction materials, and others. Personal care products have the highest market share and are predicted to increase at a rapid CAGR over the forecast period. By product prospects, the market is divided into fiber, shivs, and seeds. The fiber segment is expected to increase at the fastest CAGR during the forecast period.
The Asia Pacific dominates the global industrial hemp market, accounting for more than 32% of worldwide sales. India, China, Japan, Australia, Korea, Thailand, and New Zealand are all strongly engaged in the production and use of industrial hemp and its by-products such as seeds, fiber, oil, and hurds. Increasing global product demand, as well as advancements in technology and innovation, is making harvesting easier for planters and thereby transforming the face of hemp cultivation in the region. Over the forecast period, the regional market is expected to be driven by the rising consumption of hemp-based food items and supplements in developing countries with a growing geriatric population.
Report Scope
Report Attribute |
Details |
Market Size in 2023 |
USD 6.73 Billion |
Projected Market Size in 2032 |
USD 26.42 Billion |
CAGR Growth Rate |
16.4% CAGR |
Base Year |
2023 |
Forecast Years |
2024-2032 |
Key Market Players |
American Hemp, Bombay Hemp Company, Boring Hemp Company, Botanical Genetics LLC, CBD Biotechnology Co., Dun Agro Hemp Group, Ecofiber Industries Operations, Global Hemp Group Inc., Hemp Inc., HempFlax Group BV, HempMeds Brasil, Industrial Hemp Manufacturing LLC, Marijuana Company of America Inc., North American Hemp & Grain Co. Ltd., Parkland Industrial Hemp Growers Cooperative Ltd., Plains Industrial Hemp Processing Ltd., Terra Tech Corp., Valley Bio Ltd., and Others. |
Key Segment |
By Source, By Product Type, By Application, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
Request customized purchase options to meet your research needs. Explore purchase options |
Key players functioning in the global industrial hemp market include American Hemp, Bombay Hemp Company, Boring Hemp Company, Botanical Genetics, LLC, CBD Biotechnology Co., Dun Agro Hemp Group, Ecofiber Industries Operations, Global Hemp Group Inc., Hemp, Inc., HempFlax Group BV, HempMeds Brasil, Industrial Hemp Manufacturing, LLC, Marijuana Company of America Inc., North American Hemp & Grain Co. Ltd., Parkland Industrial Hemp Growers Cooperative Ltd., Plains Industrial Hemp Processing Ltd., Terra Tech Corp., Valley Bio Ltd., and others.
Recent Developments:
- February 2023, marked a milestone for Hemp Inc. They shipped a record-breaking 120,000 pounds of their innovative DrillWallTM product. This all-natural kenaf/hemp solution caters to the oil and gas industry, offering a sustainable alternative in well drilling.
- January 2023, HempMeds Brazil catered to the evolving needs of the Brazilian market. They launched two new full-spectrum hemp products, formulated to comply with the latest regulations for doctor recommendations.
- January 2022, looking to expand its footprint, MariMed Inc. signed a deal to acquire Green Growth Group Inc. This acquisition grants MariMed a short-term Cannabis Craft License in Illinois, opening up new market opportunities.
The global industrial hemp market is segmented as follows:
By Source
By Product Type
- Hemp Seeds
- Hemp Seeds Oil
- Hemp Shivs
- Others
By Application
- Food & Beverages
- Textiles
- Personal Care
- Construction Materials
- Paper
- Pharmaceuticals
- Animal Nutrition
- Others
Global Industrial Hemp Market: Regional Segmentation Analysis
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
About Us:
Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction in our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.
Contact Us:
Facts & Factors
A 2108, Sargam,
Nanded City,
Sinhagad Road,
Pune 411041, India
USA: +1-347-989-3985
Email: [email protected]
Web: https://www.fnfresearch.com
