Global Industrial Hemp Market

Global Industrial Hemp Market Size, Share, Growth Analysis, By Type(hemp seed, hemp oil), By Application(Textiles, Personal Care Products) - Industry Forecast 2024-2031

Report ID: SQMIG15P2005 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 66 | Figures: 75

Global Industrial Hemp Market Dynamics

Industrial Hemp Market Drivers

Market Players will Benefit from Nutritional Values of Hemp during Forecast Period

  • The high nutritional value of hemp, as well as its healthy fatty acid and protein composition, is driving up demand for hemp supplements. Because of its high absorbency, hemp fibre is useful for animal bedding, personal hygiene, and oil and gas clean-up. Furthermore, rising product demand from the paper, textile, and building materials markets due to good aesthetic and acoustic properties will propel the global industrial hemp market forward. Hemp-based products are environmentally friendly, renewable, and associated with less toxic manufacturing methods. Paper made from hemp fibre contains fewer chemicals than paper made from wood pulp.
  • Increased consumer awareness of product benefits is expected to fuel market growth. Businesses that sell hemp and hemp-derived products, on the other hand, are subject to a variety of regulatory requirements around the world. While different forms of hemp are legal in different countries around the world, the stringent regulatory requirements governing the cultivation and sale of industrial hemp across many states within the same country may be difficult for producers and consumers to meet.

Industrial Hemp Market Restraints

Lack of Knowledge about Hemp to Hinder Its Market Growth

  • Health concerns and dogma related to the usage of hemp will hinder its market during the forecast period. The market will be further restrained by the government regulations in different parts of the world.
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Global Industrial Hemp Market size was valued at USD 4.2 billion in 2021 and is poised to grow from USD 4.74 billion in 2022 to USD 16.75 billion by 2030, growing at a CAGR of 17.1% in the forecast period (2023-2030).

Market participants produce large quantities of high-quality products with a wide range of variants in terms of seed size and oil composition. Potential yields and processing methods, as well as processing technologies and costs, all play a significant role in driving market competition. Market participants are also focusing on expanding product cultivation and processing facilities in countries where the plant can be legally grown. Major industry players are heavily investing in R&D activities in order to achieve high yields from cultivation. These players provide a wide range of hemp-derived products and have the ability to enter large markets. 'Canopy Growth Corporation', 'Aurora Cannabis Inc.', 'Hemp, Inc.', 'Ecofibre Limited', 'HempFlax Group B.V.', 'Hemp Inc.', 'GenCanna Global Inc.', 'Hempco Food and Fiber Inc.', 'Colorado Hemp Works', 'BAFA NEU GmbH', 'Hemp Genetics International', 'American Hemp, LLC', 'Hemp Oil Canada Inc.', 'Konoplex Group', 'Northwest Hemp LLC', 'Blue Sky Hemp Ventures Ltd.', 'Botanical Genetics, LLC', 'HMI Group', 'Isodiol International Inc.', 'Folium Biosciences'

The high nutritional value of hemp, as well as its healthy fatty acid and protein composition, is driving up demand for hemp supplements. Because of its high absorbency, hemp fibre is useful for animal bedding, personal hygiene, and oil and gas clean-up. Furthermore, rising product demand from the paper, textile, and building materials markets due to good aesthetic and acoustic properties will propel the global industrial hemp market forward. Hemp-based products are environmentally friendly, renewable, and associated with less toxic manufacturing methods. Paper made from hemp fibre contains fewer chemicals than paper made from wood pulp.

The increasing demand from the food and beverage industry, owing to the dietary benefit offered by hemp products, is one of the major driving factors contributing to the rising demand in the global industrial hemp market.

Asia Pacific will lead the market, accounting for more than 32% of global revenue. China, India, Japan, Korea, Australia, New Zealand, and Thailand are all actively involved in the production and consumption of industrial hemp and its products, which include fibre, seed, herbs, and oil. Growing global product demand, as well as advancements in technology and innovation, are making harvesting easier for cultivators, transforming the face of hemp production in the region. Over the forecast period, the regional market is expected to be driven by rising consumption of hemp-based food products and supplements in developing economies with a growing geriatric population.

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Global Industrial Hemp Market

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