The global market for industrial hemp is estimated to be valued at USD 11.03 billion in 2024 and is projected to reach USD 30.24 billion by 2029, at a CAGR of 22.4% during the forecast period. Adopting AI in industrial hemp production is changing the industry: as all stages of cultivation, processing, and product development are experiencing increased productivity and efficiency.
AI-based precision agriculture tools allow farmers to optimize water use, soil quality, and pest control, raising yields and saving resources. Data analytics powered by AI also helps to identify the best varieties to produce fibers, oils, and CBD based on demand in the market and climatic conditions. Processing becomes more automated and better controlled with AI technologies that provide consistent quality products with little waste. Such progress drives cost efficiency and innovation that places AI as an important facilitator of the industrial hemp industry's growth.
Other players include South Hemp Tecno (Italy), HemPoland (Poland), Colorado Hemp Works, INC (US), BOMBAY HEMP COMPANY PVT. LTD. (India), Parkland Industrial Hemp Growers Coop Ltd. (Canada), American Hemp LLC (US), Hemp Foundation (India), Blue Sky Hemp Ventures Ltd. (Canada), Valley Bio Limited (Canada), and East Mesa Inc. (US).
A detailed analysis of the key industry players has been done to provide insights into their business overview, services, key strategies, contracts, partnerships, agreements, new service launches, mergers and acquisitions, and recent developments associated with the industrial hemp market. Competitive analysis of upcoming startups in the industrial hemp market ecosystem is covered in this report. Furthermore, industry-specific trends such as technology analysis, ecosystem and market mapping, patent, regulatory landscape, among others, are also covered in the study.
AI-based precision agriculture tools allow farmers to optimize water use, soil quality, and pest control, raising yields and saving resources. Data analytics powered by AI also helps to identify the best varieties to produce fibers, oils, and CBD based on demand in the market and climatic conditions. Processing becomes more automated and better controlled with AI technologies that provide consistent quality products with little waste. Such progress drives cost efficiency and innovation that places AI as an important facilitator of the industrial hemp industry's growth.
- Disruption in the industrial hemp market: The industrial hemp market is experiencing disruptions that are driving growth, fueled by advancements in technology, sustainability initiatives, and increasing demand for versatile hemp-based products. These disruptions are enabling improved efficiency, innovation, and market expansion. Some of the key disruptions in the industrial hemp market include:- Technological Advancements: Adoption of AI, precision agriculture, and automation is enhancing hemp cultivation, improving yields, and reducing production costs.
- Sustainability Focus: Rising demand for eco-friendly alternatives, such as hemp-based textiles, bioplastics, and construction materials, is positioning hemp as a key solution for sustainable industries.
- Expanding Product Applications: Innovations in hemp-based products, including CBD, plant-based proteins, and industrial materials, are driving diversification and increasing consumer demand across multiple sectors.
The food & beverages segment holds the significant market share in the application segment of industrial hemp market.
The food and beverages segment holds a significant market share in the industrial hemp market, driven by increasing consumer demand for plant-based, nutrient-rich products. Hemp seeds and hemp-derived ingredients, such as protein powder and oil, are gaining popularity due to their high nutritional value, including essential fatty acids, protein, and vitamins. Increased interest in health, wellness, and sustainable diets is fast-tracking the adoption of hemp-based food and beverages such as snacks, dairy alternatives, and functional drinks. More product innovation and growing awareness of the benefits of hemp further place this segment in the category of drivers of market growth.The CBD hemp oil segment is projected grow at highest rate in the type segment during the forecast period.
CBD hemp oil is growing at highest rate industrial hemp market, because it is highly consumed in the wellness and healthcare sectors. In recent times, due to a rising demand for natural remedies, CBD oil has gained importance and is sought after for potential applications related to stress, anxiety, pain, and inflammation. The growing list of CBD-infused products-from oils and tinctures to edibles and cosmetics-is driving market expansion. Other benefits that are accelerating its use and solidifying it at the top of the products in the industrial hemp sector include the growing research bodies that support CBD as an industrial hemp therapeutic property along with regulatory advancements in main markets.North America is expected to hold second highest share in the industrial hemp market.
North America is expected to hold a significant share of the industrial hemp market, driven by favorable regulatory changes, growing consumer demand for hemp-based products, and advancements in cultivation and processing technologies. The legalization of hemp in the United States under the 2018 Farm Bill has opened up opportunities for increased production, while Canada has been a pioneer in hemp cultivation and product development. The expanding applications of hemp in various industries, including food and beverages, wellness, and textiles, combined with increasing investments in research and development, position North America as a key region driving market growth.In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the industrial hemp market:
- By Company Type: Tier 1 - 25%, Tier 2 - 45%, and Tier 3 - 30%
- By Designation: Directors - 20%, Managers - 50%, Others - 30%
- By Region: North America - 25%, Europe - 30%, Asia Pacific - 20%, South America - 15% and Rest of the World - 10%
Other players include South Hemp Tecno (Italy), HemPoland (Poland), Colorado Hemp Works, INC (US), BOMBAY HEMP COMPANY PVT. LTD. (India), Parkland Industrial Hemp Growers Coop Ltd. (Canada), American Hemp LLC (US), Hemp Foundation (India), Blue Sky Hemp Ventures Ltd. (Canada), Valley Bio Limited (Canada), and East Mesa Inc. (US).
Research Coverage:
This research report categorizes the industrial hemp market by type (hemp seed, hemp seed oil, cbd hemp oil, hemp bast, and hemp hurd), source (conventional, organic), application (food & beverages, animal nutrition, textiles, paper, pharmaceuticals, personal care products, construction materials, biofuel, and other applications), seed type/sources for biofuel, and region (North America, Europe, Asia Pacific, South America, and Rest of the World). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of industrial hemp market.A detailed analysis of the key industry players has been done to provide insights into their business overview, services, key strategies, contracts, partnerships, agreements, new service launches, mergers and acquisitions, and recent developments associated with the industrial hemp market. Competitive analysis of upcoming startups in the industrial hemp market ecosystem is covered in this report. Furthermore, industry-specific trends such as technology analysis, ecosystem and market mapping, patent, regulatory landscape, among others, are also covered in the study.
Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall industrial hemp and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.The report provides insights on the following pointers:
- Analysis of key drivers (increasing legalization of industrial hemp), restraints (complex regulatory structure for use of industrial hemp), opportunities (development of new industrial hemp-based products) and challenges (lack of processing facilities and harvesting equipment) influencing the growth of the industrial hemp market.
- New product launch/Innovation: Detailed insights on research & development activities and new product launches in the industrial hemp market.
- Market Development: Comprehensive information about lucrative markets - the report analyzes the industrial hemp market across varied regions.
- Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the industrial hemp market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, brand/product comparison, and product foot prints of leading players such as Curaleaf Holdings, Inc. (US), Green Thumb Industries (US), Canopy Gowth Corporation (Canada), AURORA CANNABIS INC. (Canada), The Cronos Group (Canada), Ecofibre Ltd (Australia), HempFlax Group B.V. (Netherlands, Dun Agro Hemp Group (Netherlands), and other players in the industrial hemp market.
Table of Contents
1 Introduction
2 Research Methodology
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Industrial Hemp Market, by Type
8 Industrial Hemp Market, by Source
9 Industrial Hemp Market, by Application
10 Industrial Hemp Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent and Related Markets
14 Appendix
List of Tables
List of Figures
Companies Mentioned
- Curaleaf Holdings, Inc.
- Green Thumb Industries
- Canopy Growth Corporation
- Aurora Cannabis Inc.
- The Cronos Group
- Ecofibre Ltd
- Hempflax Group B.V.
- Dun Agro Hemp Group
- Fresh Hemp Foods Ltd
- Gencanna
- Konoplex Group
- Canah International
- Mh Medical Hemp GmbH
- Liaoning Qiaopai Biotech Co. Ltd.
- Ind Hemp
- South Hemp Tecno
- Hempoland
- Colorado Hemp Works, Inc.
- Bombay Hemp Company Pvt. Ltd.
- Parkland Industrial Hemp Growers Co-Op. Ltd.
- American Hemp LLC
- Hemp Foundation
- Blue Sky Hemp Ventures Limited
- Valley Bio Limited
- East Mesa Inc.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 300 |
Published | January 2025 |
Forecast Period | 2024 - 2029 |
Estimated Market Value ( USD | $ 11.03 Billion |
Forecasted Market Value ( USD | $ 30.24 Billion |
Compound Annual Growth Rate | 22.4% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |