Industrial Hemp Market is Projected to Reach US$ 19.7 Billion by 2032 | CAGR of 15.1% during 2024-2032

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 industrial segment because it is rich in proteins and essential fatty acids; their nutritional profile makes them highly valued and a common ingredient in health foods and supplements.
• Conventional holds the largest share in the industrial hemp industry.
• Food and beverages remain a dominant segment in the market, driven by the rising demand from consumers for dietary supplements and plant-based, healthful products.
• The rising interest in natural and organic personal care products, as hemp oil and other derivatives are increasingly used for their moisturizing and anti-inflammatory properties in cosmetics and skincare, is bolstering the market demand.
• Besides this, the growing trend towards plant-based diets, leading to increased demand for hemp seeds and protein as nutritious, high-protein food sources in the health food market, is aiding the market growth.

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Industry Trends and Drivers:

• Increasing demand for sustainable and eco-friendly products:

One of the most significant factors driving the industrial hemp market is the growing demand for sustainable and eco-friendly products. As consumers become increasingly aware of environmental issues, there is a notable shift towards renewable and biodegradable materials. Industrial hemp is an incredibly versatile crop that requires minimal pesticide and herbicide use, making it an attractive alternative to traditional materials. Its fibers can be used to produce biodegradable plastics, textiles, and construction materials, which contribute to reducing the environmental impact associated with petroleum-based products. The eco-friendly nature of hemp, coupled with its ability to absorb carbon dioxide during growth, is strengthening the market growth.

• Expanding applications across various industries, and favorable:

The expansion of applications for industrial hemp across multiple industries is another critical factor contributing to market growth. Traditionally, hemp has been used for textiles, paper, and building materials. However, its applications have broadened significantly in recent years to include food products, health and wellness supplements, biocomposites, and biofuels. The rise of the health-conscious consumer has particularly fueled demand for hemp-derived products such as oil, which is touted for its potential therapeutic benefits. Additionally, as industries explore innovative uses for hemp, its incorporation into sectors such as automotive manufacturing and construction is impelling the market growth.

• Regulatory changes that promote hemp cultivation and utilization:

Favorable regulatory changes are also driving the industrial hemp market as governments worldwide begin to recognize the economic and environmental benefits of hemp cultivation. In recent years, several countries have enacted laws to legalize hemp farming and reduce restrictions on its production and sale. For example, the U.S. Farm Bill of 2018 legalized the cultivation of hemp, which has significantly boosted domestic production and market growth. Similarly, other countries in Europe and North America are developing regulatory frameworks that support hemp agriculture, allowing farmers to access resources, funding, and markets for their crops thereby providing an impetus 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 (F&B) 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:

• 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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