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

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.