The industrial hemp market size has grown rapidly in recent years, increasing from $6.12 billion in 2023 to $7.34 billion in 2024, reflecting a compound annual growth rate (CAGR) of 19.8%. This significant growth in the historic period is attributed to factors such as increasing demand for hemp-based textiles, rising awareness of hemp’s sustainability, growing use of hemp in construction materials, the legalization of hemp cultivation in multiple countries, and rising demand for hemp-derived CBD products. The industrial hemp market size is expected to see exponential growth in the next few years, projected to reach $15.27 billion in 2028 at a CAGR of 20.1%. This growth in the forecast period can be attributed to expanding applications in the automotive sector, increased use of hemp in bioplastics, rising demand for hemp in the food and beverage industry, rising interest in sustainable agriculture, and growing demand for hemp-based dietary supplements. Major trends expected to emerge include advancements in hemp cultivation techniques, the expanding application of hemp in pharmaceutical industries, the development of hemp-based packaging materials, integration of hemp in sustainable construction projects, and advancements in genetic modification of hemp for higher yields.
Global Industrial Hemp Market Key Driver
The rising demand for sustainable and eco-friendly products is expected to propel the growth of the industrial hemp market. Sustainable products minimize environmental impact by using renewable resources, reducing waste, and promoting ecological balance, driven by increased environmental awareness, regulatory pressures, consumer preferences for green alternatives, and corporate commitments to lowering carbon footprints. Industrial hemp is valued for its rapid growth with minimal resource use, requiring fewer pesticides and herbicides than conventional crops. According to the NYU Stern Center for Sustainable Business, sustainability-marketed products accounted for 17.3% of purchases in 2022, reflecting a 0.3% increase from 2021. Thus, the increasing demand for sustainable products is expected to drive the industrial hemp market, projected to reach $4.10 billion in 2023, $5.25 billion in 2024, and $9.80 billion by 2028.
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Global Industrial Hemp Market Segments
The industrial hemp market covered in this report is segmented –
1) By Type: Hemp Seed, Hemp Seed Oil, Cannabidiol (CBD) Hemp Oil, Hemp Bast, Hemp Hurd
2) By Source: Conventional, Organic
3) By Application: Food And Beverages, Textiles, Pharmaceuticals, Personal Care Products, Animal Nutrition, Paper, Construction Materials, Other Applications
By Geography:The regions covered in the industrial hemp marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the industrial hemp market in 2023.
Major Industrial Hemp Industry Players
Curaleaf Holdings Inc., Aurora Cannabis Inc., Konoplex Group, Plains Industrial Hemp Processing Ltd., Manitoba Harvest Hemp Foods Information, Ecofibre Limited, Elixinol, HempFlax Group BV, PureHemp Technology, Zelios, Parkland Industrial Hemp Growers Cooperative Ltd., Marijuana Company of America Inc., IND HEMP LLC, Blue Sky Hemp Ventures Ltd., Bombay Hemp Company, Panda Biotech LLC, HempMeds Brasil, Hempro International GmbH, Dun Agro Hemp Group, Greenfield Paper Company, Hempco Food and Fiber Inc., Bast Fibre Technologies Inc., Treehouse Biotech, The Hemp Mine, Bastcore Inc., Bluebird Botanicals, South Hemp Tecno Srl
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Industrial Hemp Market Overview
Industrial hemp is a variety of the Cannabis sativa plant explicitly grown for industrial uses, including fiber, seed, and oil production. This hemp contains only trace amounts of THC (tetrahydrocannabinol), the psychoactive compound found in higher concentrations in marijuana. Industrial hemp is recognized for its versatility and potential as a sustainable agricultural crop.
Industrial Hemp Global Market Report 2023 provides data on the global industrial hemp market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The industrial hemp market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
