Hemp Market Size

Hemp Market size was valued at USD 4.28 Billion in 2023 and is poised to grow from USD 5.24 Billion in 2024 to USD 26.41 Billion by 2032, growing at a CAGR of 22.40% during the forecast period (2025-2032).

Hemp providers should focus on increasing awareness regarding benefits of hemp use and educating people to clear the misconceptions. Launching new hemp-based products will always be a preferred strategy for new as well as established hemp companies. Navigating the changing regulatory landscape will be essential in determining the success of any hemp provider. Targeting countries with lenient hemp use and sale regulations will pay off big time for all market players in the long run. 'Hemp Inc. (US) ', 'Hempflax Group B.V. (Netherlands) ', 'Konoplex Group (Ukraine) ', 'Hemp Oil Canada (Canada) ', 'HemPoland (Poland) ', 'Dun Agro Hemp Group (Netherlands) ', 'Colorado Hemp Works (US) ', 'MH Medical Hemp (US) ', 'Aurora Cannabis Inc. (Canada) ', 'Charlotte's Web Holdings, Inc. (US) ', 'Medterra CBD (US) ', 'Elixinol Global Limited (Australia) ', 'HempFusion Wellness Inc. (US) ', 'CV Sciences, Inc. (US) ', 'Greenlane Holdings, Inc. (US) ', 'JustCBD (US) ', 'CBDistillery (US) ', 'HempAmericana, Inc. (US) ', 'U.S. Hemp Brokerage (US) ', 'Victory Hemp Foods (US) ', 'GMP Certified Hemp (US) ', 'Hemp Depot (US) ', 'Hemp Oil Australia (Australia) ', 'CBD Living (US)'

Hemp is highly sustainable as it requires less water for growth and can be used in a multitude of applications to replace toxic chemicals and environment-harming materials. As consumer awareness about sustainability grows, the demand for hemp-based products, including textiles, construction materials, and bioplastics is also estimated to increase and drive market growth.  

Sustainable Construction: Hemp companies can focus on developing new hemp-based construction materials to supplement the demand for sustainable construction practices around the world. Use of hemp fibers and hemp shivs to create novel insulation and support materials for construction applications could offer lucrative revenue generation opportunities in the long run.

The rise in awareness regarding the health benefits of hemp and increasing legalization of hemp-based products have helped North America emerge as the top market in the world. The presence of multiple hemp-based product manufacturers and the rising incorporation of hemp in multiple industry verticals are also helping this region maintain its high market share. The United States will be the prime revenue generating country for hemp providers in the North American region. Growing emphasis on sustainability and high consumption of nutraceuticals are also forecasted to promote the sales of hemp going forward. Hemp companies can also target Canada to improve their market share in this region.