What Is The Scope Of The Global Hemp Market?
Hemp is a type of cannabis sativa plant cultivated primarily for industrial applications and medicinal purposes. It is distinct from marijuana because of its low content of tetrahydrocannabinol (THC), the psychoactive compound found in cannabis. Hemp is widely used in the textile industry to produce durable fabrics and eco-friendly clothing.
Hemp Global Market Report 2024 provides data on the global hemp market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The hemp market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Hemp Market Expected To Grow In Size And Annual Rates?
The hemp market has experienced exponential growth, projected to rise from $5.91 billion in 2023 to $7.12 billion in 2024 at a CAGR of 20.5%. This growth is fueled by increased demand for hemp-based textiles, the rising popularity of hemp-derived CBD products, awareness of hemp’s environmental benefits, demand for sustainable and organic products, and expanding industrial uses of hemp fiber. The market is expected to reach $15.08 billion by 2028 at a CAGR of 20.6%. Growth will be driven by increased investment in hemp research and development, growing adoption of hemp in the automotive industry, higher demand for plant-based proteins, eco-friendly materials, and hemp’s use in pharmaceutical applications. Major trends include the use of hempcrete in sustainable construction, innovation in textiles, hemp-based pharmaceuticals, advancements in hemp crop genetics, and the creation of new hemp-derived food products.
What Main Forces Are Fueling Expansion In The Hemp Market?
The increasing consumer preference for natural and organic products is fostering growth in the hemp market. Hemp is valued for its environmental sustainability and versatility, making it a natural choice for health-conscious and eco-friendly consumers. Organic sales in the U.S. reached $67.6 billion in 2022, with organic produce contributing $22 billion, demonstrating the growing demand for sustainable products like hemp.
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What Are The Primary Segments In The Global Hemp Market?
The hemp market covered in this report is segmented –
1) By Product Type: Hemp Seed, Hemp Oil, Hemp Fiber
2) By Source: Conventional, Organic
3) By Farm: Outdoor, Indoor
4) By Application: Food And Beverages, Textiles, Personal Care And Cosmetics, Pharmaceuticals, Automotive, Construction, Other Applications
Which Key Trends Are Driving Changes In The Hemp Market?
In the hemp market, companies are innovating hemp-based products like period pads to offer hygienic, absorbent, and eco-friendly menstrual solutions. Hemp is valued for its absorbent and antimicrobial properties, providing a sustainable alternative to traditional materials. For example, in February 2024, Mewalii, a Denmark-based sustainable product developer, introduced period pads made from Sero regenerative hemp fibers. The pads feature a 100% hemp fiber core and a hemp-viscose topsheet for enhanced absorbency and softness. This eco-friendly product minimizes water, pesticide, and land usage while ensuring biodegradability.
What Is The Leading Region In The Hemp Market?
North America was the largest region in the hemp market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hemp market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
