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

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.