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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Industrial Hemp Market: By Product, By Source, By Application and By Geography
Industrial Hemp Market Size was valued at US$ 4.9 billion in 2023 and expected to reach a value of US$ 26.7 billion by 2030, growing at a CAGR of 35% during 2024-2030. The market is expected to grow due to its application utilisation in the personal care, food and beverage, textile, and biocomposite industries. The high essential fatty acid content of hemp oil, which prevents and alleviates diseases, is one element leading to industrial growth in the food and beverage sector. Industrial hemp is a resource that is incredibly renewable. The crop produces a large production of edible proteins and fibres, with over 50,000 product applications once harvested. Because people are becoming more health-conscious, the demand for Industrial Hemp products is growing by the day.
Consumers' increased preference for natural products is a major driver for the worldwide market. Papermaking, textiles, biodegradable plastics, fuel, construction, and healthful food are just a few of the applications for industrial hemp. Industrial hemp is a crop grown for use in a variety of products such as fabrics and textiles, meals and beverages, cosmetics and personal care products, nutritional supplements, paper, yarns and spun fibres, construction materials, and other items. Industrial hemp is not the same as marijuana, yet they are both cultivars of the Cannabis sativa L. species. On a dry-weight basis, marijuana contains 3 to 15% THC (tetrahydrocannabinol), whereas industrial hemp contains less than 1%. In most developed countries that allow hemp growth, cultivars with less than 0.3 percent tetrahydrocannabinol must be used (THC).
Some of the key factors fostering the market growth include increasing number of chronic diseases, rising use of hemp seeds and hemp oil seeds in different food applications together with growing demand for bakery products such as bread and cookies, superior mechanical properties of industrial hemp manufactured through environment friendly process and surging population and an increase in the level of disposable income. However, complex regulatory structure for the usage of industrial hemp and lack of processing facilities are inhibiting the market growth.
Study Period
2024-2030Base Year
2023CAGR
35%Largest Market
Asia-PacificFastest Growing Market
North America
Hemp is measured as one of the worlds most nutritious plants. The seeds contain all of the essential amino acids, making them an ideal source of protein for vegans and raw foodists. Hemps booming reputation as a food and beverage ingredient is predicated on bolstered recognition as a versatile nutritional powerhouse. Hemp seeds and oil have been part of the human diet in Asia and Europe for at least 5,000 years. In China and in other hemp growing areas in Asia, hemp seeds remain as traditional foods. Growing demand for hemp-based food products including cooking oil, dairy alternatives, flour, and salad dressings is likely to drive market growth. High consumption of hemp-based foods and supplements owing to increased health issues such as cardiovascular diseases (CVDs) and other serious issues is anticipated to impel growth.
Report Benchmarks |
Details |
Report Study Period |
2024-2030 |
Market Size in 2023 |
US$ 4.9 billion |
Market Size in 2030 |
US$ 26.7 billion |
Market CAGR |
35% |
By Product |
|
By Source |
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By Application |
|
By Region |
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Industrial hemp market size was valued at US$ 4.9 billion in 2023 and is set to reach US$ 26.7 billion in 2030 at a CAGR of 35% from 2024-2030.
The Industrial Hemp Market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
North America is the fastest-growing for Industrial Hemp Market
1.Executive Summary |
2.Global Industrial Hemp Market Introduction |
2.1.Global Industrial Hemp Market - Taxonomy |
2.2.Global Industrial Hemp Market - Definitions |
2.2.1.Source |
2.2.2.Product Type |
2.2.3.Application |
2.2.4.Region |
3.Global Industrial Hemp Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4.Global Industrial Hemp Market Analysis, 2018-2022 and Forecast 2023-2029 |
4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5.Global Industrial Hemp Market By Source, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
5.1. Organic |
5.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Conventional |
5.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
6.Global Industrial Hemp Market By Product Type, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
6.1. Hemp Seed |
6.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Hemp Seed Oil |
6.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. CBD Hemp Oil |
6.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
6.4. Hemp Fibre |
6.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.4.3. Market Opportunity Analysis |
6.5. Hemp Hurd |
6.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.5.3. Market Opportunity Analysis |
6.6. Others |
6.6.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.6.3. Market Opportunity Analysis |
7.Global Industrial Hemp Market By Application, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
7.1. Animal Care |
7.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Textiles |
7.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Automotive |
7.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
7.4. Furniture |
7.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.4.3. Market Opportunity Analysis |
7.5. Food & Beverages |
7.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.5.3. Market Opportunity Analysis |
7.6. Paper |
7.6.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.6.3. Market Opportunity Analysis |
7.7. Construction Materials |
7.7.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
7.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.7.3. Market Opportunity Analysis |
7.8. Pharmaceuticals |
7.8.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
7.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.8.3. Market Opportunity Analysis |
7.9. Personal Care |
7.9.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
7.9.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.9.3. Market Opportunity Analysis |
7.10. Others |
7.10.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
7.10.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.10.3. Market Opportunity Analysis |
8.Global Industrial Hemp Market By Region, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
8.1. North America |
8.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Europe |
8.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Asia Pacific (APAC) |
8.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Latin America |
8.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Middle East and Africa |
8.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
9.North America Industrial Hemp Market ,2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
9.1. Source Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.1.1.Organic |
9.1.2.Conventional |
9.2. Product Type Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.2.1.Hemp Seed |
9.2.2.Hemp Seed Oil |
9.2.3.CBD Hemp Oil |
9.2.4.Hemp Fibre |
9.2.5.Hemp Hurd |
9.2.6.Others |
9.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.3.1.Animal Care |
9.3.2.Textiles |
9.3.3.Automotive |
9.3.4.Furniture |
9.3.5.Food & Beverages |
9.3.6.Paper |
9.3.7.Construction Materials |
9.3.8.Pharmaceuticals |
9.3.9.Personal Care |
9.3.10.Others |
9.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.4.1.United States of America (USA) |
9.4.2.Canada |
10.Europe Industrial Hemp Market ,2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
10.1. Source Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Organic |
10.1.2.Conventional |
10.2. Product Type Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Hemp Seed |
10.2.2.Hemp Seed Oil |
10.2.3.CBD Hemp Oil |
10.2.4.Hemp Fibre |
10.2.5.Hemp Hurd |
10.2.6.Others |
9.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.Animal Care |
10.3.2.Textiles |
10.3.3.Automotive |
10.3.4.Furniture |
10.3.5.Food & Beverages |
10.3.6.Paper |
10.3.7.Construction Materials |
10.3.8.Pharmaceuticals |
10.3.9.Personal Care |
10.3.10.Others |
10.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.Germany |
10.4.2.France |
10.4.3.Italy |
10.4.4.United Kingdom (UK) |
10.4.5.Spain |
10.4.6.Rest of EU |
11.Asia Pacific (APAC) Industrial Hemp Market ,2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
11.1. Source Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Organic |
11.1.2.Conventional |
11.2. Product Type Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Hemp Seed |
11.2.2.Hemp Seed Oil |
11.2.3.CBD Hemp Oil |
11.2.4.Hemp Fibre |
11.2.5.Hemp Hurd |
11.2.6.Others |
10.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.Animal Care |
11.3.2.Textiles |
11.3.3.Automotive |
11.3.4.Furniture |
11.3.5.Food & Beverages |
11.3.6.Paper |
11.3.7.Construction Materials |
11.3.8.Pharmaceuticals |
11.3.9.Personal Care |
11.3.10.Others |
11.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.China |
11.4.2.India |
11.4.3.Australia and New Zealand (ANZ) |
11.4.4.Japan |
11.4.5.Rest of APAC |
12.Latin America Industrial Hemp Market ,2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
12.1. Source Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Organic |
12.1.2.Conventional |
12.2. Product Type Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Hemp Seed |
12.2.2.Hemp Seed Oil |
12.2.3.CBD Hemp Oil |
12.2.4.Hemp Fibre |
12.2.5.Hemp Hurd |
12.2.6.Others |
11.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Animal Care |
12.3.2.Textiles |
12.3.3.Automotive |
12.3.4.Furniture |
12.3.5.Food & Beverages |
12.3.6.Paper |
12.3.7.Construction Materials |
12.3.8.Pharmaceuticals |
12.3.9.Personal Care |
12.3.10.Others |
12.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.Brazil |
12.4.2.Mexico |
12.4.3.Rest of LA |
13.Middle East and Africa Industrial Hemp Market ,2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
13.1. Source Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Organic |
13.1.2.Conventional |
13.2. Product Type Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.Hemp Seed |
13.2.2.Hemp Seed Oil |
13.2.3.CBD Hemp Oil |
13.2.4.Hemp Fibre |
13.2.5.Hemp Hurd |
13.2.6.Others |
12.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.Animal Care |
13.3.2.Textiles |
13.3.3.Automotive |
13.3.4.Furniture |
13.3.5.Food & Beverages |
13.3.6.Paper |
13.3.7.Construction Materials |
13.3.8.Pharmaceuticals |
13.3.9.Personal Care |
13.3.10.Others |
13.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.GCC Countries |
13.4.2.South Africa |
13.4.3.Rest of MEA |
14. Competition Landscape |
14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
14.2.1.CBD Biotechnology Co. |
14.2.2.Marijuana Company of America Inc. |
14.2.3.HempMeds Brasil |
14.2.4.Terra Tech Corp. |
14.2.5.American Cannabis Company, Inc. |
14.2.6.HempFlax B.V. |
14.2.7.Industrial Hemp Manufacturing, LLC |
14.2.8.American Hemp |
14.2.9.Boring Hemp Company |
14.2.10.Plains Industrial Hemp Processing Ltd. |
14.2.11.Ecofiber Industries Operations |
14.2.12.Valley Bio Limited |
14.2.13.Wandarra Pty Ltd |
15. Research Methodology |
16. Appendix and Abbrevations |
Key Market Players