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

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.