Industrial Hemp Market Overview
The Industrial Hemp Market is poised for remarkable growth, with a projected market size of USD 88.42 billion by 2030, expanding at a CAGR of 34.4% from USD 11.16 billion in 2023. With increasing demand across multiple sectors, including food, personal care, pharmaceuticals, and biofuels, industrial hemp is emerging as a major player in the global marketplace.
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Industrial Hemp Market Scope and Methodology:
The Industrial Hemp Market Report uses a wide research technique and scope to give readers a thorough understanding of the Industrial Hemp market’s environment, trends, and growth-promoting factors. A wide range of topics are covered in this report, such as the size of the market, its main drivers, opportunities, difficulties, and a competitive analysis. A comprehensive research methodology involving primary and secondary research techniques along with strong data analysis is used in the study to provide insights into the present Industrial Hemp market scenario and future estimates.
Key Drivers of Industrial Hemp Market Growth
Several factors are driving the rapid expansion of the industrial hemp market:
Legalization and Growing Acceptance: Industrial hemp has seen a surge in cultivation as countries, notably the United States and parts of Europe, legalize its use for both industrial and agricultural purposes. The 2018 Farm Bill in the U.S. played a significant role in removing hemp from the list of restricted narcotics, fostering greater cultivation and innovation.
Health and Sustainability Trends: As consumers increasingly seek natural, plant-based products, industrial hemp is finding its place in food, cosmetics, and health products. CBD oil, derived from hemp, is gaining popularity for its non-psychoactive properties, especially in dietary supplements and pharmaceuticals.
Biofuel and Bioplastics: The market is also being driven by innovations in biofuels and bioplastics, created from hemp seeds and fibers. As concerns about environmental sustainability rise, hemp-derived products provide a renewable alternative to petroleum-based materials.
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Industrial Hemp Market Regional Insights
North America: The U.S. continues to dominate the industrial hemp market, with significant growth in the personal care and food sectors. The continuous development of small-scale hemp-based product manufacturers further contributes to market growth.
Europe: Europe is witnessing the fastest-growing market for industrial hemp, with notable demand in countries like Germany and the Netherlands. The region’s food, beverage, and textile industries are major contributors to market expansion.
Asia-Pacific: The Asia-Pacific region, led by countries like China, India, and Japan, held 32% of global market revenue in 2023. The growing elderly population and increased consumption of hemp-based food and supplements are key factors in the region’s rapid market development.
Key Developments and Mergers in the Industrial Hemp Market
Vietnam, Thailand, and South Korea are witnessing growing investments in hemp farming and processing, leading to increased production capabilities. The increased interest from these countries, driven by growing demand for hemp-based products, is expected to bolster market growth.
In Japan, hemp-based textiles and personal care products are becoming increasingly popular, as local manufacturers continue to invest in sustainable, eco-friendly products. Singapore, with its focus on biotechnology and innovation, has become a hub for industrial hemp research and development.
In the U.S., the government has actively supported the industrial hemp industry with various stimulus packages. Key players like Hemp, Inc. and CBD Biotechnology Co. continue to lead the charge in innovation, developing products ranging from textiles to health supplements.
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Industrial Hemp Market Segmentation
by Type
Hemp Seed
Hemp Seed Oil
CBD Hemp Oil
Hemp Fiber
The market is divided into four categories based on type: hemp fiber, hemp seed, hemp seed oil, and CBD hemp oil. Over the course of the forecast period, the hemp fiber segment is anticipated to dominate the market. The fibers of hemp are classified as hurds (inner short fibers) and bast (outer long strands). The bast fibers are further classified into two groups: primary bast fibers, which can reach a length of 50 mm and contain 50–70% cellulose, and secondary bast fibers, which are only around 2 mm long. Because bast fibers can be spun and knitted, they are primarily used in the textile industry.
by Application
Food, Beverages
Personal Care Products
Textiles
Pharmaceuticals
Others
The market is divided into segments based on application, including food, drinks, textiles, personal care items, pharmaceuticals, and others. Forecasts indicate that the food segment will dominate the industrial hemp market. This is because hemp is used to make foods that are high in minerals including protein, calcium, zinc, iron, salt, potassium, and magnesium, as well as linoleic and linolenic acid and vitamin E. The most popular way to consume hemp seeds is raw or roasted. It is found in cereals, yogurt, smoothies, and salads. As veganism gains popularity worldwide, it is predicted that the demand for processed foods made from hemp, such as bars, flour, snacks, and cheese, will increase in response to the growing consumption of plant-based protein.
by Source
Organic
Conventional
Industrial Hemp Market Key Players
1. Valley Bio Ltd.
2. Hemp, Inc.
3. Terra Tech Corp.
4. American Hemp
5. Ecofiber Industries Operations
6. Botanical Genetics, LLC
7. Marijuana Company of America, Inc.
8. HempMedsBrasil
9. CBD Biotechnology Co.
10.Plains Industrial Hemp Processing Ltd.
11.HempFlax B.V.
12.Industrial Hemp Manufacturing, LLC
13.Boring Hemp Company
14.American Cannabis Company, Inc.
15.Parkland Industrial Hemp Growers Cooperative Ltd.
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Key questions answered in the Industrial Hemp Market are:
- How has the Industrial Hemp market performed so far and how will it perform in the coming years?
- What is the market segmentation of the global Industrial Hemp market?
- What is the regional breakup of the global Industrial Hemp market?
- What are the price trends of various feedstocks in the Industrial Hemp industry?
- What is the structure of the Industrial Hemp industry and who are the key players?
- What are the raw material requirements for setting up a Industrial Hemp processing plant?
- What are the packaging requirements for setting up a Industrial Hemp processing plant?
Key Offerings:
- Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
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