USD 6.5 billion
Industrial Hemp Market Name Size, Share, Growth Analysis, By Type (Hemp seed, Hemp seed oil), By Source (Conventional, Organic), By Application (Food & Beverages, Pharmaceuticals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15P2005 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
66
|Figures:
75
Industrial Hemp Market Insights
Global Industrial Hemp Market size was valued at USD 6.5 billion in 2022 and is poised to grow from USD 7.8 billion in 2023 to USD 36.9 billion by 2031, growing at a CAGR of 21.3% during the forecast period (2024-2031).
The global demand for industrial hemp from application industries such as food and beverage, personal care, and animal care is driving the market. As a result, the market has suffered a devastating setback. However, given the rapid recovery of global economies, the market is expected to expand at a faster pace. Over the forecast period, the market in the United States is expected to be driven by the steady growth of small-scale market players of hemp-based industrial and consumer products. Growing consumer awareness of the nutritional benefits of hemp seed and hemp seed oil, as well as rising demand from the cosmetics and personal care industries, will drive market growth.
Increased production of hemp-based soaps, shampoos, bath gels, hand and body lotions, UV skin protectors, massage oils, and a variety of other hemp-based products is expected to boost market growth. Hemp's high nutritional value, as well as its beneficial fatty acid and protein profile, are driving demand for hemp products. Hemp fiber's high absorbency makes it useful for livestock bedding, oil and gas cleanup, and personal hygiene applications. Furthermore, increasing product demand from the textile, paper, and building materials markets will support market growth due to favourable acoustic and aesthetic properties.
US Industrial Hemp Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Textiles
Fastest Growth
Hemp seeds
Growth Rate
21.3%
Global Industrial hemp Market ($ Bn)
Country Share for Asia Pacific Region (%)
To get more reports on the above market click here to Buy The Report
Industrial Hemp Market Segmental Analysis
Global Industrial Hemp Market is segmented by Type, Polymer, Application and region. Based on Type, the market is segmented into Hemp seed, Hemp seed oil, CBD hemp oil, Hemp bast, and Hemp hurd. Based on Source, the market is segmented into Conventional, and Organic. Based on Application, the market is segmented into Food & Beverages, Textiles, Pharmaceuticals, Personal Care Products, Animal Nutrition, Paper, Construction Materials, and Other applications. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Industrial Hemp Market Analysis by Application
Textiles, Personal Care Products, Food, Pharmaceuticals, Beverages, and Others are the application segments of the Global Industrial Hemp Market. Textiles held the largest market share. Personal care products hold the largest market share and are expected to grow at a rapid CAGR during the forecast period. Textiles are one of the most common and long-standing applications of industrial hemp around the world. Hemp fibres are widely used in the production of a wide range of textile products, from threads for clothing to high strength ropes for industrial applications.
Industrial Hemp Market Analysis by Type
The hemp seeds product segment is expected to grow at the fastest rate of more than 20%. Hemp seeds are becoming increasingly popular in the food and nutraceutical markets. The increasing product usage in lotions, shampoos, soaps, bath gels, and cosmetics benefits segment growth even more. Hemp seeds are also used to make oil, which is used in the personal care, food, and beverage, and animal feed industries. Furthermore, hemp oil is used in dietary supplements as well as medicinal and therapeutic products such as pharmaceuticals. The hemp fibres segment led the global market and is expected to expand further during the forecast period, maintaining its dominant position. Hemp fibres are used in a variety of products including paper, carpeting, home furnishings, construction materials, insulation materials, and automobile parts.
Global Industrial hemp Market By Type
To get detailed analysis on other segments, Request For Free Sample Report
Industrial Hemp Market Regional Insights
Asia Pacific will lead the market, accounting for more than 32% of global revenue. China, India, Japan, Korea, Australia, New Zealand, and Thailand are all actively involved in the production and consumption of industrial hemp and its products, which include fibre, seed, herbs, and oil. Growing global product demand, as well as advancements in technology and innovation, are making harvesting easier for cultivators, transforming the face of hemp production in the region. Over the forecast period, the regional market is expected to be driven by rising consumption of hemp-based food products and supplements in developing economies with a growing geriatric population.
Because of the presence of several application industries, North America is among the major consumers in the global market. Furthermore, rising consumer disposable income levels, a growing geriatric population, and rising concerns about skin diseases and UV protection are expected to drive demand for hemp oil in the region's personal care industry. The product is primarily used in automotive parts, construction materials, textiles, and fabrics in the form of fibres in Europe. The growing demand for hemp oil in the food and supplement, cosmetics, and personal care markets, on the other hand, is expected to drive the hemp seed market over the forecast period.
Global Industrial hemp Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Industrial Hemp Market Dynamics
Industrial Hemp Market Drivers
Market Players will Benefit from Nutritional Values of Hemp during Forecast Period
- The high nutritional value of hemp, as well as its healthy fatty acid and protein composition, is driving up demand for hemp supplements. Because of its high absorbency, hemp fibre is useful for animal bedding, personal hygiene, and oil and gas clean-up. Furthermore, rising product demand from the paper, textile, and building materials markets due to good aesthetic and acoustic properties will propel the global industrial hemp market forward. Hemp-based products are environmentally friendly, renewable, and associated with less toxic manufacturing methods. Paper made from hemp fibre contains fewer chemicals than paper made from wood pulp.
- Increased consumer awareness of product benefits is expected to fuel market growth. Businesses that sell hemp and hemp-derived products, on the other hand, are subject to a variety of regulatory requirements around the world. While different forms of hemp are legal in different countries around the world, the stringent regulatory requirements governing the cultivation and sale of industrial hemp across many states within the same country may be difficult for producers and consumers to meet.
Industrial Hemp Market Restraints
Lack of Knowledge about Hemp to Hinder Its Market Growth
- Health concerns and dogma related to the usage of hemp will hinder its market during the forecast period. The market will be further restrained by the government regulations in different parts of the world.
Request Free Customization of this report to help us to meet your business objectives.
Industrial Hemp Market Competitive Landscape
Market participants produce large quantities of high-quality products with a wide range of variants in terms of seed size and oil composition. Potential yields and processing methods, as well as processing technologies and costs, all play a significant role in driving market competition. Market participants are also focusing on expanding product cultivation and processing facilities in countries where the plant can be legally grown. Major industry players are heavily investing in R&D activities in order to achieve high yields from cultivation. These players provide a wide range of hemp-derived products and have the ability to enter large markets.
Industrial Hemp Market Top Player's Company Profiles
- Cronos Group Inc.
- Ecofibre Limited
- Green Thumb Industries
- Curaleaf Holdings Inc.
- HempFlax BV
- Konoplex Group
- BAFA
- Dun Agro Hemp Group
- Colorado Hemp Works
- Canah International
- South Hemp Tecno
- MH Medical Hemp GmbH
- Hempoland
- Bombay Hemp Company Private Limited
- Parkland Industrial Hemp Growers Co-op. Ltd.
- HempMeds Brasil
- IND Hemp
- Blue Sky Hemp Ventures Limited
- Minnesota Hemp Farms
- American Hemp
- Valley Bio Ltd.
Industrial Hemp Market Recent Developments
- In January 2022, In response to the COVID study findings, Hemp Inc. introduced cannabidiolic acid (CBDA) and cannabigerolic acid (CBGA) products. These items will be offered in a range of strengths, tastes, and formulations.
- In February 2021, HemPoland launched CannabiGold Sport, a range of CBD pre- and post-workout supplements made from hemp for professional and recreational athletes.
Industrial Hemp Key Market Trends
- The increasing demand from the food and beverage industry, owing to the dietary benefit offered by hemp products, is one of the major driving factors contributing to the rising demand in the global industrial hemp market.
- The growing preference for hemp as an eco-friendly alternative for inorganic compounds used in thermal insulation, fibreglass alternatives, automotive products, and construction materials is also fueling the global industrial hemp market's growth in the coming years.
Industrial Hemp Market SkyQuest Analysis
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global industrial hemp market analysis, Products made from hemp in the global industrial hemp market are considered eco-friendly, less harmful in terms of preparation methods, and renewable. Because of their environmentally friendly nature, this has greatly motivated players in a variety of end use industry verticals to opt for products in the global industrial hemp market.
The growing legalisation of hemp cultivation encourages manufacturers to create new industrial hemp products, which are expected to fuel market growth. Furthermore, increased consumption of hemp-based products due to their various health benefits dampens market growth during the forecasted period. Increased incidences of diseases such as epilepsy and other sleep disorders are also expected to dampen market growth. Furthermore, technological advancements are expected to create lucrative opportunities for the market, which will accelerate the growth rate of the industrial hemp market in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.5 billion |
| Market size value in 2031 | USD 36.9 billion |
| Growth Rate | 21.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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 Industrial 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 Industrial 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 Industrial 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 Industrial 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 Industrial Hemp Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial 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.
USA (+1) 351-333-4748
