Industrial Hemp Market Size, Share, And Trends Analysis 2032

Global Industrial Hemp Market Size

The global industrial hemp market size was worth around USD 8.29 billion in 2023 and is predicted to grow to around USD 46.41 billion by 2032 with a compound annual growth rate (CAGR) of roughly 21.1% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The report covers a forecast and an analysis of the Industrial Hemp market on a global and regional level.

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Global Industrial Hemp Market Overview

Industrial hemp, commonly called hemp, is a plant with broad leaves that consists of taproots. This agricultural product grows rapidly under specific conditions. Industrial hemp also includes the by-products of hemp plants. The examples of by-products are hemp flour and hemp seed oil, which are also considered as industrial hemp. Industrial hemp is collected for producing several products, such as paper products, nutraceuticals, insulation and construction materials, biofuel, fiberglass, bio-plastics, textiles, etc. Industrial hemp can also be grown for non-food and food products without depending on toxic chemical fertilizers, herbicides, and pesticides. Industrial hemp is obtained from Cannabis sativa. It has been used across the globe to produce various industrial and consumer products. Mostly, every part of the hemp plant can be used in various applications, such as oils, flowers, seeds, and stalks. Industrial hemp or Indian Cannabis is known to be the best grade cannabis available at a reasonable price, which is expected to positively impact the global industrial hemp market growth over the forecast time period.

The rising number of research and development activities to develop flawless agronomy and new genetics of crops to produce high yield and enhance product quality is expected to fuel the hemp production. Major industry players are using fiber treatment technology to produce fibers that are water repellant, fire retardant, super soft, and absorptive, which, in turn, is predicted to further drive the industrial hemp market in the upcoming years. Moreover, the rapidly growing global population and rising disposable income of people would generate a high demand for better quality personal care products, cosmetics, protein supplements, and various other health products. These factors are also predicted to propel the industrial hemp market in the future.

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The study also provides the impact and descriptive analysis of major drivers, restraints, and opportunities of the global industrial hemp market.

The study also offers market attractiveness along with Porter’s Five Forces Model to gauge the competitive landscape of major vendors of the global industrial hemp market. This comprehensive study provides a detailed analysis and an overview of each segment.

Global Industrial Hemp Market Segmentation

The report includes major segments like type, application, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032. 

Based on product, the global industrial hemp market includes seeds, fiber, and shivs.

Based on application, the global industrial hemp market includes animal care, textiles, automotive, furniture, food and beverages, paper, construction materials, personal care, and others.

Industrial Hemp Market: Report Scope

Global Industrial Hemp Market Regional Analysis

The regional segment includes the historical and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. 

By region, the North America region contributed a major revenue share to the global industrial hemp market in the year 2023. This regional share can be attributed to the increasing demand for fiber- and seed-based products that are majorly used in personal care, cosmetics, textiles, and food and beverage industries. The Asia Pacific industrial hemp market is predicted to register the highest growth rate over the forecast timeframe, owing to the increasing use of fibers in the manufacturing of biodegradable textiles.

Global Industrial Hemp Market Key Players Analysis

Some major players operating in the global industrial hemp market include:

• Industrial Hemp Manufacturing
• Hemp-E
• Mollerup
• Valley Bio Limited
• Hemp Inc.
• Bombay Hemp Company
• UAB Agropro
• Hemp Oil Canada
• HempFlax
• Hemp Food Australia

This report segments the global industrial hemp market into:

Global Industrial Hemp Market: Type Analysis

• Seeds
• Fiber
• Shivs

Global Industrial Hemp Market: Application Analysis

• Animal Care
• Textiles
• Automotive
• Furniture
• Food and Beverages
• Paper
• Construction Materials
• Personal Care
• Others

Global Industrial Hemp Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa