What is the global market size of Hemp Market?

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).

Who are the key vendors in the Global Hemp Market?

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)'

What is the key driver of Global Hemp Market?

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.

What is the key market trend for Global Hemp Market?

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.

Which region accounted for the largest share in Global Hemp Market?

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.

Hemp Companies

Hemp Market Competitive Landscape

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)

FAQs

Global Hemp Market size was valued at USD 3.50 billion in 2022 and is poised to grow from USD 4.28 billion in 2023 to USD 21.58 billion by 2031, growing at a CAGR of 22.40% during the forecast period (2024-2031).

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.

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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 2024-2031

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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 2024-2031

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What is the global market size of Hemp Market?

Who are the key vendors in the Hemp Market?

What is the key driver of Hemp Market?

What is the key market trend for Hemp Market?

Which region accounted for the largest share in Hemp Market?

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