IMARC Group has recently released a new research study titled “Industrial Hemp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
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. The market is experiencing steady growth driven by the extensive changes in legislative landscapes, facilitating a more favourable environment for hemp cultivation and processing, increasing recognition of hemp's environmental benefits, and the diversification of hemp applications across numerous end-use industries.
Global Industrial Hemp Market Trends:
The increasing diversification of hemp-derived products and applications represents one of the key factors influencing the growth of the industrial hemp market across the globe. Beyond traditional uses like textiles and paper, hemp is being utilized in a wide range of industries, including health and wellness, construction, automotive, and agriculture. This diversification is driven by advancements in processing technologies and growing consumer awareness of hemp's versatility and sustainability.
Additionally, there is a growing emphasis on sustainable cultivation practices and organic production methods within the industrial hemp industry. Consumers are increasingly seeking products that are ethically sourced and environmentally friendly, leading to a rise in demand for organic hemp products. Moreover, the global legalization and regulatory framework surrounding industrial hemp are evolving, with more countries legalizing hemp cultivation for industrial purposes.
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Factors Affecting the Growth of the Industrial Hemp Industry:
- Legalization and Regulatory Changes:
Legalization and regulatory changes play a pivotal role in shaping the industrial hemp market. As governments around the world legalize hemp cultivation for industrial purposes and amend regulations to facilitate the production and sale of hemp-derived products, barriers to entry are lowered, and market opportunities expand. These changes provide farmers and businesses with greater clarity and certainty, encouraging investment in hemp cultivation, processing, and product development. Additionally, legalization allows consumers broader access to hemp-derived goods, including CBD products, textiles, food, and cosmetics, driving the market growth. However, varying regulations and compliance requirements across regions can create challenges for businesses navigating the legal landscape, highlighting the importance of staying informed and adapting to evolving regulatory frameworks in the dynamic industrial hemp market.
- Growing Demand for Hemp-Derived Products:
The rising demand for hemp-derived products in the industrial hemp market is driven by several factors. First, the increasing acceptance and legalization of hemp cultivation for industrial purposes have spurred interest in utilizing hemp's diverse range of applications. CBD oil, derived from hemp, has gained popularity for its potential health benefits, driving demand in the wellness and pharmaceutical sectors. Additionally, hemp fiber is valued for its strength, durability, and sustainability, making it an attractive alternative to traditional materials in textiles, paper, and building materials. As consumers prioritize environmentally friendly and natural products, the demand for hemp-derived goods continues to grow across various industries, reflecting the versatility and eco-friendly nature of hemp as a renewable resource.
- Increasing Awareness of Hemp's Environmental Benefits:
The increasing awareness of hemp's environmental benefits is driving interest and demand for hemp-derived products in the industrial hemp market. Hemp is recognized for its sustainability and positive environmental impact, as it requires minimal water, pesticides, and fertilizers to grow, making it an eco-friendly alternative to traditional crops. Furthermore, hemp can sequester carbon dioxide from the atmosphere and improve soil health through phytoremediation, making it a valuable tool for mitigating climate change and promoting soil regeneration. As concerns about environmental sustainability continue to grow, consumers, businesses, and policymakers are increasingly turning to hemp as a renewable resource that offers solutions to pressing environmental challenges, driving the adoption and expansion of hemp cultivation and product development initiatives worldwide.
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Key Companies:
- 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 etc.
Industrial Hemp Market Report Segmentation:
By Type:
- Hemp Seed
- Hemp Oil
- Hemp Fiber
- Others
Hemp seed is widely recognized for its nutritional value and versatility, being used in a variety of food products, supplements, and skincare items, driving its dominance in the industrial hemp market.
By Source:
- Conventional
- Organic
Conventional hemp cultivation methods are more widely adopted and established, offering a lower barrier to entry for producers and a larger supply base for industrial hemp products, thus making conventional sourcing the dominant choice in the market.
By Application:
- Food and Beverages
- Textiles
- Personal Care Products
- Pharmaceuticals
- Others
The growing trend towards healthy eating and natural ingredients has fueled demand for hemp-based food and beverage products, including hemp seeds, oil, protein powder, and beverages, making it the largest segment within the industrial hemp market.
Regional Insights:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Asia Pacific has a large and growing population, coupled with increasing consumer awareness of hemp-derived products and supportive regulatory frameworks, leading to significant market growth and making it the largest regional market for industrial hemp products.
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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.
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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