USD 5.7 billion
Hemp Market Size, Share, Growth Analysis, By Source Type(Conventional, Organic), By Type(Seed, Oil, Fibres, CBD), By Sales Channel(Online Channel, Offline Channel), By Application(Textile, Personal Care, Construction, Food & Beverage), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG35I2314 |
Region:
Global |
Published Date: September, 2024
Pages:
219
|Tables:
93
|Figures:
76
Hemp Market Insights
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).
The growing awareness about the health benefits of hemp and growing emphasis on sustainability around the world are projected to drive hemp market growth over the coming years. The increasing legalization of hemp use in multiple parts of the world has increased its application scope thereby further bolstering its demand. The versatility of hemp makes it suitable for use in multiple applications such as textiles, food and beverages, biofuel, paper, and building materials. High consumer awareness and demand for hemp-based products will also favor market development in the future. Growing investments in the research and development of novel hemp-based products around the world are also expected to create new business opportunities for hemp providers in the long run. Increasing consumer awareness regarding the nutritional benefits of hemp seed and hemp seed oil around the world is also expected to bolster hemp demand. Moreover, the rising demand for natural ingredients in cosmetics and personal care will also create new opportunities for hemp providers going forward. However, uncertainty in regulations regarding hemp use, consumer misconceptions, and limited processing infrastructure availability are some key restraints that slow down market development.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hemp Seed
Fastest Growth
Hemp Seed
Growth Rate
14.04% CAGR
Global Hemp Market ($ Bn)
Country Share for North America Region (%)
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Hemp Market Segmental Analysis
Global Hemp Market is segmented by Source Type, Type, Sales Channel, Application, and region. Based on Source Type, the market is segmented into Conventional, and Organic. Based on Type, the market is segmented into Seed, Oil, Fibres, CBD, and Other. Based on Sales Channel, the market is segmented into Online Channel, and Offline Channel. Based on Application, the market is segmented into Textile, Personal Care, Construction, Food & Beverage, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Product
Hemp seeds are projected to account for a substantial share of the global hemp market. Hemp seeds are being extensively used in the food and beverages industry as well as in nutraceutical formulation, which allows them to account for a dominant market share. Growing awareness regarding the health benefits of hemp seeds and high demand for plant-based ingredients in multiple food products are also expected to bolster the sales of hemp seeds across the forecast period and beyond. The use of hemp seeds to produce hemp oil is also expected to help the dominance of this segment.
On the other hand, the demand for hemp fibers is projected to increase at a notable pace over the coming years. Growing demand for bio-based materials and bio-based textiles to promote sustainability is estimated to help boost the sales of hemp fibers in the future. Lightweight, superior strength, biodegradability, and thermodynamic properties of hemp fibers are making them a popular choice for multiple commercial and industrial applications. Use of hemp fibers for making sustainable insulation materials is also expected to create new opportunities for hemp providers in the long run. Countries with strong manufacturing industry will lead the demand for hemp fibers in the future.
Analysis by Sales Channel
Offline sales channels are projected to spearhead the global hemp demand outlook. Most hemp is used for commercial and industrial applications and businesses often opt for offline sales channels for their transactions. Growing use business to business demand for hemp and hemp products is projected to help the offline segment maintain its dominant stance across the study period. Moreover, stringent regulatory mandates regarding sales of hemp products are also estimated to help promote the offline sales channels. Growing use of hemp as a raw material in multiple industry verticals will create new opportunities for offline suppliers of hemp in the future.
Meanwhile, the sales of hemp through online channels are projected to increase at a robust pace over the coming years. Rising acceptance of hemp-based products and legalization of hemp in multiple parts of the world will provide lucrative opportunities for hemp companies in the online segment. High demand for cannabinoid (CBD) products and vast availability of alternatives on online stores are also expected to help this segment emerge as the fastest growing one in the global hemp market. Rise of e-commerce and collaboration of hemp providers with online retailers will also create lucrative opportunities for hemp companies across the study period and beyond.
Global Hemp Market By Sales Channel
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Hemp Market Regional Insights
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.
Asia Pacific is slated to witness a robust hike in demand for hemp across the study period and beyond. The rising popularity and sales of hemp-based products, changing consumer preferences, and increasing willingness to spend on hemp-based products will also create new opportunities for hemp providers in this region. India and China are slated to be the top markets for hemp companies operating in the Asia Pacific. China is also a key exporter of hemp and hemp-based products, which further cements the highly opportune stance of Asia Pacific region.
Global Hemp Market By Region
- Largest
- Fastest
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Hemp Market Dynamics
Drivers
Emphasis on Sustainability
- 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.
Increasing Awareness Regarding Health Benefits of Hemp
- Consumers are growing more and more conscious of their health in the wake of the rising incidence of chronic diseases. This health consciousness has resulted in high awareness regarding the nutritional and health benefits of hemp consumption. Growing use of hemp and hemp-derived products to make functional foods and beverages and nutraceuticals will also create new opportunities for hemp companies in the future.
Restraints
Regulatory Uncertainty
- Even though hemp is grown and used extensively around the world, the regulatory landscape associated with it is highly inconsistent and volatile to say the least. Continuous changes and variations in regulations regarding hemp sales and purchase are expected to slow down hemp market growth in the future.
Consumer Misconception
- Hemp is often associated with marijuana and is considered an intoxicant or a bad substance. This social stigma surrounding hemp and hemp-based products is estimated to hurt sales of hemp in the long run. Lack of education in terms of the subject of hemp is further fueling these misconceptions and hurting market development potential.
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Hemp Market Competitive Landscape
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.
Top Player’s Company Profiles
- 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)
Recent Developments
- In October 2024, new CBD gummies were launched in Canada by Tilray Brands Inc. These gummies leverage Charlotte's Web's proprietary hemp genetics and integrate it with other functional herbs and botanical supplements to provide a complete wellness package for consumers. These gummies were made available in Fruit and Berry flavors.
- In June 2024, a new line of hemp-derived products was launched by Curaleaf Holdings Inc. The new hemp-derived THC edible products were launched under the Select and Zero Proof brands by Curaleaf and made available on its online storefront as well as other distribution channels for consumers.
- Back in January 2024, Mewalii, a Danish feminine hygiene and care start-up announced the launch of new period pads made from Sero regenerative hemp fibers. Through this launch the company showcased its commitment to feminine hygiene and sustainability which sets it apart from the competition.
Hemp Key Market Trends
- 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.
- Expanding Therapeutics Application Scope: Hemp companies can invest in the research and development of new hemp products that can be used in the healthcare industry. The use of CBD (Cannabidiol) in the formulation of novel pharmaceuticals and therapeutics can also create new business scope for hemp providers in the future. High demand for alternative medicine will also help this trend create more opportunities going forward.
Hemp Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing awareness regarding the health benefits of hemp consumption and growing emphasis on sustainability are forecasted to bolster hemp market development over the coming years. On the contrary, regulatory inconsistencies and consumer misconceptions are slated to remain the top constraints for market players going forward. North America is slated to lead the demand for hemp owing to the presence of multiple hemp-based product manufacturers and a high demand for nutraceuticals. Use of hemp to develop and manufacture sustainable construction materials will create new opportunities for market players in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.50 billion |
| Market size value in 2031 | USD 21.58 billion |
| Growth Rate | 22.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 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 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 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 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 Hemp Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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.
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