USD 5.7 billion
Global Hemp Market Size, Share, Growth Analysis, By Product Type(Hemp Seed, Hemp Oil), By Application Type(Food and Beverages, Textiles), By Distribution Channel(Online Retail, Brick-and-Mortar Retail) - Industry Forecast 2024-2031
Report ID:
SQMIG35I2314 |
Region:
Global |
Published Date: February, 2024
Pages:
219
|
Tables:
93 |
Figures:
76
Global Hemp Market Insights
Global Hemp Market size was valued at USD 5.7 billion in 2021 and is poised to grow from USD 6.54 billion in 2022 to USD 18.71 billion by 2030, at a CAGR of 14.04% during the forecast period (2023-2030).
Globally, increased demand for industrial hemp from businesses such as food and beverage, personal care, and animal care is driving expansion. The aforementioned application industries' growing need for hemp products such as fiber, seed, stalks, herbs, and oils is predicted to fuel development. Growing consumer awareness of the nutritional benefits of hemp seed and hemp seed oil, as well as increased demand from the cosmetics and personal care sectors. Growing development of hemp-based soaps, shampoo, bath gels, hand and body lotions, UV skin defenders, massage oils, and a variety of other goods is likely to have a significant influence on market growth. Hemp's high nutritional value, as well as its favorable fatty acid and protein profiles, are boosting demand for hemp products. Hemp fiber's high absorbency makes it useful for animal bedding, oil and gas cleaning, and the personal care sector. Furthermore, due to its favorable acoustic and aesthetic features, there is an increase in product demand in the textile, paper, and building materials sectors.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hemp Seed
Fastest Growth
Hemp Seed
Growth Rate
14.04% CAGR
Global Hemp Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Hemp Market Size By Type 2022-2030 ($ Bn)
Global Hemp Market Size By Type 2022-2030 (%)
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Global Hemp Market Segmental Analysis
The Global Hemp Market is segmented based on product type, application, distribution channel. Based on the product type, the market is segmented into hemp seed, hemp oil, hemp fiber. Based on application, the market is segmented into food and beverages, textiles, personal care and cosmetics, pharmaceuticals, automotive, construction. Based on distribution channel, the market is segmented into online retail, brick-and-mortar retail, business-to-business (B2B). These segments will dominate the future hemp market. Based on region, the market is segmented into North America, Latin America, Europe, and MEA.
Analysis by Product Type
In terms of Product type, the market is divided into hemp seed, hemp oil, hemp fiber, and others. Hemp seed holds a dominant position due to its high nutritional value and versatile applications in the food and beverage industry. Hemp oil is gaining traction in the personal care and pharmaceutical sectors, driven by its potential therapeutic benefits. Hemp fiber is extensively used in the textile and construction industries for its durability and eco-friendly properties.
Analysis by Application Type
Based on application, the market can be categorized into food and beverages, textiles, personal care and cosmetics, pharmaceuticals, automotive, construction, and others. The food and beverages segment is the largest market segment, driven by the increasing demand for hemp-infused products. The textile industry is adopting hemp fibers as a sustainable alternative to conventional materials. Hemp oil is gaining popularity in the personal care and cosmetic sector.
Global Hemp Market By Type, 2022 (%), 2023 (%)
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Global Hemp Market Regional Insights
North America holds the largest market share in the global hemp market, driven by the US and Canada. The region has witnessed significant growth due to the legalization of hemp cultivation and the increasing acceptance of hemp-derived products. The US, in particular, experienced a boost in the hemp industry after the passage of the 2018 U.S. Farm Bill, which legalized hemp production and opened up opportunities for farmers and businesses. Canada has also embraced hemp cultivation for various applications, including food, fiber, and CBD extraction.
Asia Pacific region is the fastest-growing market for hemp. The region has witnessed a surge in demand for hemp-based products, driven by increasing consumer awareness about the health benefits of hemp, changing lifestyles, and the rise of the middle class. Additionally, several countries in the Asia Pacific region, such as China, Japan, South Korea, and Australia, have started exploring the cultivation and commercialization of hemp. The region offers vast agricultural land and potential for large-scale hemp production. Furthermore, the growing popularity of hemp-based textiles, personal care products, and dietary supplements in the region has fueled the market growth.
Global Hemp Market By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Hemp Market Dynamics
Drivers
Legalization and Regulatory Support to Aid in Increased Sales
- The increasing legalization and regulatory support for hemp cultivation and hemp-derived products in many countries are significant drivers of the market. The relaxation of regulations has created a favorable environment for the growth of the hemp industry, allowing farmers and businesses to explore the cultivation, processing, and commercialization of hemp. This has led to an expansion in the availability of hemp-based products and increased consumer acceptance.
- There is a rising awareness among consumers about the potential health benefits of hemp-derived products. The demand for natural and organic products has driven consumers to seek out hemp-based alternatives in various industries, including food and beverages, personal care, textiles, and pharmaceuticals. Consumers are increasingly recognizing the nutritional value, eco-friendly nature, and potential therapeutic properties of hemp, thereby driving the market growth.
Restraints
Limited Availability and High Production Costs
- Despite the growing acceptance and legalization of hemp, there are still regulatory complexities and compliance challenges in some regions. Diverse regulations and varying legal frameworks make it difficult for businesses to navigate the market and expand their operations seamlessly. Additionally, the lack of standardized testing and quality control measures for hemp products raises concerns about product safety and consumer confidence.
- The availability of certified hemp seeds, particularly high-quality varieties, can be limited, posing challenges for farmers and businesses. The demand often surpasses the available supply, leading to price fluctuations and potential difficulties in scaling up production. Moreover, the high costs associated with hemp farming, including licensing fees, farming equipment, and compliance with regulations, can act as a restraint for market players, especially small-scale producers.
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Global Hemp Market Competitive Landscape
The Global Hemp Market is highly competitive, with several players vying for a significant market share. The leading companies in the Media, Communication and service market are investing heavily in research and development to stay ahead of the competition and offer innovative solutions to their customers. Some of the major players in the market have a global presence. They are also focused on expanding their product portfolio and enhancing their distribution networks to better serve their customers.
Top Player’s Company Profiles
- Hemp, Inc. (US)
- Canopy Growth Corporation (Canada)
- Ecofibre Limited (Australia)
- CV Sciences, Inc. (US)
- Tilray Inc. (Canada)
- Hempco Food and Fiber Inc. (Canada)
- Folium Biosciences (US)
- HempMeds (US)
- Manitoba Harvest Hemp Foods (Canada)
- Hemp Oil Canada Inc. (Canada)
- Hemp Fusion (US)
- Elixinol Global Limited (Australia)
- Kazmira LLC (US)
- ENDOCA (Netherlands)
- HMI Group (China)
- Hempitecture (US)
- Hempel As(Denmark)
Recent Developments
- In April 2023, Manitoba Harvest, the world’s leading hemp foods brand and a wholly-owned subsidiary of Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), debuts the brand’s first Regenerative Organic Certified™ (ROC™) Hemp Hearts exclusively at select Whole Foods Market stores across the United States
- In February 2023, Hemp, Inc. (OTC PINK: HEMP) announces its largest industrial product sale to date. Four semi-trucks hauled 120,000 pounds of Hemp, Inc. 's DrillWall™, the only all-natural kenaf/hemp Loss Circulation Material (LCM) blend of its kind on the market, for the oil and gas well drilling industries.
Global Hemp Key Market Trends
- Increasing Consumer Demand for CBD Products: Cannabidiol (CBD), a non-psychoactive compound derived from hemp, has gained significant popularity in recent years. CBD is believed to have properties that can alleviate pain, reduce anxiety and stress, promote better sleep, and enhance overall well-being. This trend is driven by growing consumer awareness of CBD's potential health benefits and the shift towards natural and holistic wellness solutions.
- Diversification of Hemp Applications: The versatility of hemp has led to the exploration of various applications across industries. Hemp is being utilized beyond traditional sectors, like textiles and food. The market has witnessed an expansion into areas such as construction, automotive, paper and pulp, biofuels, and animal bedding. Hemp fibers are also being incorporated into automotive parts for their lightweight and durable properties.
Global Hemp Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Hemp Market is experiencing significant growth and is projected to continue its upward trajectory in the coming years. The global hemp market is experiencing significant growth and transformation, driven by various factors such as the legalization of hemp cultivation, increasing consumer awareness and demand for hemp-derived products, and the exploration of new applications across industries. North America emerges as the largest market region, with the United States and Canada leading the way. The legalization of hemp in these countries has created a favorable environment for market growth, resulting in a well-established infrastructure for cultivation, processing, and distribution. North America has witnessed a surge in consumer demand for hemp-based products, fueled by the growing preference for natural and organic options. The region's market growth is further fueled by the popularity of hemp-based textiles, personal care products, and dietary supplements. Overall, the global hemp market is characterized by the dominance of North America as the largest market region and the rapid growth of the Asia Pacific region, showcasing the immense potential and opportunities in the industry.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.7 billion |
| Market size value in 2031 | USD 18.71 billion |
| Growth Rate | 14.04% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Hemp Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Hemp Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Hemp Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Hemp Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Hemp Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Hemp Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Hemp Market Report Snapshots
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