Global Hemp Market

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 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)

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FAQs

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).

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. 'Hemp, Inc. (US)', 'Aurora Cannabis Inc. (Canada)', 'Canopy Growth Corporation (Canada)', 'Charlotte's Web Holdings, Inc. (US)', 'Ecofibre Limited (Australia)', 'CV Sciences, Inc. (US)', 'Tilray Inc. (Canada)', 'Hempco Food and Fiber Inc. (Canada)', 'Hempflax BV (Netherlands)', '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)'

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.

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.

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.

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