Hemp Market Report 2024

This Hemp market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The hemp market size has grown exponentially in recent years. It will grow from $5.91 billion in 2023 to $7.12 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth during the historic period can be attributed to several factors, including the increasing demand for hemp-based textiles, the growing popularity of hemp-derived CBD products, heightened awareness of hemp's environmental benefits, rising demand for sustainable and organic products, and the expansion of industrial applications for hemp fiber.

The hemp market size is expected to see exponential growth in the next few years. It will grow to $15.08 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth during the forecast period is expected to be driven by increased investment in hemp research and development, growing adoption of hemp in the automotive industry, rising demand for plant-based protein sources, heightened consumer interest in eco-friendly materials, and the expansion of hemp in pharmaceutical applications. Key trends anticipated in this period include the adoption of hempcrete in sustainable construction, the integration of hemp in textile and fashion innovation, the development of hemp-based pharmaceuticals, advancements in hemp crop genetics for higher yields, and the creation of new hemp-derived food products.

The growing demand for natural and organic products is projected to drive the expansion of the hemp market. Natural and organic products are defined as those made from ingredients derived from natural sources, free from synthetic chemicals, pesticides, or genetically modified organisms (GMOs), and often produced in accordance with organic farming standards. Increased consumer awareness regarding health and environmental impacts is fueling the preference for natural and organic options. Hemp fits this category as it is cultivated without synthetic chemicals, is environmentally sustainable, and provides versatile, eco-friendly materials and nutrients. For instance, a report published by the Organic Trade Association in May 2023 indicated that organic food sales in the United States exceeded $60 billion for the first time in 2022, with overall organic sales, including food and non-food items, reaching a record high of $67.6 billion. Organic produce alone generated $22 billion, accounting for 15% of the nation’s total fruit and vegetable sales. Thus, the increasing demand for natural and organic products is a significant driver of the hemp market's growth.

Key companies in the hemp market are concentrating on the development of hemp-based products, such as period pads, to offer a hygienic, absorbent, and comfortable solution for menstrual flow management while ensuring convenience and protection. Hemp is favored for use in period pads due to its eco-friendly, absorbent, and antimicrobial properties, providing a sustainable and comfortable alternative to traditional materials. For example, in February 2024, Mewalii, a Denmark-based developer of sustainable disposable pads, introduced period pads made from Sero regenerative hemp fibers. The Mewalii Period Pads feature a core composed of 100% hemp fibers, with a topsheet that combines hemp with viscose for enhanced softness and absorbency. The hemp fibers are softened using mechanical methods to ensure full biodegradability. By opting for hemp instead of cotton, these pads significantly reduce water, pesticide, and land usage while taking advantage of hemp's low environmental impact and effective carbon sequestration capabilities.

In September 2022, Flora Growth Corp., a U.S.-based manufacturer and distributor of cannabis products, acquired No Cap Hemp Co. for an undisclosed sum. This strategic acquisition aims to enhance Flora’s product offerings, particularly in the smokable cannabis segment, by incorporating flower and pre-roll products. No Cap Hemp Co. specializes in providing products derived from indoor-grown hemp flowers.

Major companies operating in the hemp market are Tilray Brands Inc., Konoplex LLC, Liaoning Qiaopai Biotech Co. Ltd., Aurora Cannabis Inc., Ecofibre Limited, ENDOCA BV, CV Sciences Inc., Navitas Organics, Elixinol LLC, US Hemp Wholesale, HempFlax Group BV, Colorado Hemp Works, Bast Fibre Technologies Inc., Dun Agro Hemp Group, GFR Ingredients Inc., Hemp Inc., HempMeds PX LLC, MH Medical Co. Ltd., The Hemp Mine, Valley Bio Ltd., Green Source Organics, Kazmira LLC.

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.

The countries covered in the hemp market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Hemp is a variety of the cannabis sativa plant primarily cultivated for industrial applications and medicinal purposes. It is distinct from marijuana due to its low content of tetrahydrocannabinol (THC), the psychoactive compound in cannabis. It is extensively utilized in the textile industry to create durable fabrics and eco-friendly clothing.

The main types of hemp products include hemp seed, hemp oil, and hemp fiber. Hemp seeds are small, nutrient-rich seeds harvested from the hemp plant and can be sourced from both conventional and organic methods, cultivated in outdoor and indoor farms. These seeds find applications across various sectors, including food and beverages, textiles, personal care and cosmetics, pharmaceuticals, automotive, construction, and more.

The hemp market research report is one of a series of new reports that provides hemp market statistics, including hemp industry global market size, regional shares, competitors with a hemp market share, detailed hemp market segments, market trends and opportunities, and any further data you may need to thrive in the hemp industry. This hemp market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hemp market consists of sales of hemp textiles, hemp protein powder, hemp paper, and hemp ropes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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