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

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.