The global industrial hemp market size was valued at USD 6.63 billion in 2023. The market is projected to expand from USD 7.90 billion in 2023 to USD 31.98 billion by 2030 at a CAGR of 22.11% over the estimated period. The surge is driven by the increasing product demand across various applications. These include textiles, dietary supplements, foods, and food and beverage sectors.

Information Source - https://www.fortunebusinessinsights.com/industrial-hemp-market-102459

Segmentation:

Conventional Segment to Register Notable Expansion Impelled by Soaring Affordability

Based on source, the market is subdivided into conventional and organic. The conventional segment is poised to grow at a considerable pace over the forecast period. The growth is propelled by the increasing product deployment in furniture, biofuels, bioplastics, and construction and materials sectors.

Hemp Fiber to Gain Traction Owing to Surging Application

Based on type, the market for industrial hemp is fragmented into hemp seed oil, hemp seed, hemp fiber, and others. The hemp fiber segment accounted for a dominating share in the global market and is set to register substantial growth throughout the study period. The rise is impelled by surging product adoption across an array of industries such as paper, automotive, and textile.

Textile Segment to Lead Due to Rising Adoption of Sustainable Practices

On the basis of application, the market is segmented into personal care & cosmetics, food (dietary and functional foods), pharmaceuticals, beverages, and others. The textile segment held a dominating share of the market and is poised to register an appreciable surge over the anticipated period. The expansion is on account of escalating consumer awareness regarding climate and environmental change.

Based on geography, the market for industrial hemp has been studied across Europe, North America, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:

The report offers an in-depth analysis of the key trends impelling industry expansion throughout the forecast period. It also offers insight into the vital factors boosting the global business scenario across various regions. Additional aspects of the report include the key steps undertaken by major companies to strengthen their market positions.

Drivers and Restraints:

Surge in Market Value Driven by Growing Government Support and Escalating Legalization

Industrial hemp market growth is being driven by the increasing government support regarding the cultivation of the product. Hemp cultivation is further favored by soaring legalization in various countries.

However, the industry expansion could be hampered by strict regulations regarding the sale, marketing, and cultivation of the product in some countries.

Regional Insights:

Europe is dominating the Consumption of Industrial Hemp owing to the Growing Legalization

Europe's industrial hemp market share is touted to grow at a considerable pace over the study period. The surge is propelled by the surging product usage across an array of end-user sectors such as pharmaceuticals, cosmetics, construction materials, textiles, and others.

In North America, the U.S. and Canada dominate the market for industrial hemp. Meanwhile, demand across the Asia Pacific is slated to surge as awareness about the industrial uses of hemp rises.

Competitive Landscape:

Key Companies Ink Collaborations for Footprint Expansion

Leading industry participants are formulating and implementing a series of strategic initiatives to strengthen their business positions. These include acquisitions, merger agreements, partnerships, and others. Additional steps include the formation of alliances, R&D activities, and the launch of new products.

Key Industry Development:

March 2020 – The Uzbekistan government legalized cannabis cultivation. The license was assigned to cultivators with a THC (tetrahydrocannabinol) level of less than 0.2%.

List of Key Players Mentioned in the Report:

• Fresh Hemp Foods Ltd. (Canada)
• IND HEMP, LLC. (U.S.)
• Blue Sky Hemp Ventures (Canada)
• Panda Biotech, LLC (U.S.)
• Hemp Republic (India)
• South Hemp Tecno Srl (Italy)
• HEMP FACTORY (Germany)
• East Mesa (U.S.)
• DON Processing, Inc. (U.S.)
• HempFlax Group B.V. (Netherlands)