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

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).

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.