Industrial Hemp Market Report and Forecast 2023-2028

According to the report, the global industrial hemp market attained a value of USD 6317 million in 2022. Aided by the increasing legalisation of hemp cultivation and the growing awareness of its numerous industrial applications, the market is projected to further grow at a CAGR of 23.4% between 2023 and 2028 to reach a value of USD 21859.20 million by 2028.

Industrial hemp is a form of the cannabis sativa plant that is made up of the stalk, oil, seeds, and leaves. The product is used to produce a variety of industrial goods, including textiles, personal care products, health supplements, and a wide range of building materials and paper products. The primary sources of industrial hemp can be conventional or organic, with preferences varying depending upon application and end user.

The increasing legalisation of hemp cultivation worldwide is one of the primary factors driving the global industrial hemp market growth. The market is anticipated to experience significant growth as more countries adopt progressive regulations surrounding hemp farming, encouraging the development of new goods and uses across multiple industries.

The growing awareness of the environmental benefits of industrial hemp is another key factor propelling market growth. Industrial hemp is a sustainable and eco-friendly crop, requiring fewer resources and less land compared to other crops like cotton. Additionally, it helps in soil conservation, carbon sequestration, and is naturally resistant to pests, reducing the need for harmful pesticides.

Furthermore, the versatile applications of industrial hemp contribute to the industrial hemp market growth. Hemp fibres are widely used in the textile industry to manufacture clothing, ropes, and other fabric-based products. The construction industry is increasingly utilising hempcrete, a mixture of hemp hurds and lime, as a sustainable and insulating building material.

Another important factor driving the market is the constantly expanding demand for cannabidiol (CBD) products. CBD, a non-psychoactive compound found in hemp, has garnered attention for its potential therapeutic properties and applications in pharmaceuticals, nutraceuticals, and personal care products. The rising consumer interest in CBD has led to the development of various hemp-derived CBD products, further expanding the industrial hemp market.

Market Segmentation

The market can be divided based on source, product type, application, and region.

Market Breakup by Source

• Conventional
• Organic

Market Breakup by Product Type

• Hemp Seed
• Hemp Fibre
• Hemp Seed Oil
• CBD Hemp Oil

Market Breakup by Application

• Food and Beverages
• Personal Care
• Animal Care
• Pharmaceuticals
• Textiles
• Construction Materials
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global industrial hemp companies. Some of the major key players explored in the report are as follows:

• Manitoba Harvest Hemp Foods
• Hemp Inc
• Hemp Oil Canada Inc
• HempFlax Group B.V
• Hemp Production Services
• Unrivaled Brands, Inc
• Others

*The publisher always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.