Industrial Hemp Market Overview

Industrial Hemp Market is projected to register a CAGR of 22.50% to reach USD 44.7 Billion by the end of 2032

Industrial hemp is a versatile crop that can be grown in different climates and soil types, making it a sustainable option for farmers. The plant grows quickly and requires minimal pesticides, herbicides, and fertilizers, making it an environmentally friendly crop. Hemp-based products are gaining popularity due to their nutritional value, sustainability, and diverse applications.

The industrial hemp market is expanding significantly due to rising demand for sustainable alternatives across a range of industries and increased awareness of the health advantages of goods derived from hemp. The Cannabis sativa strain known as industrial hemp is grown for its fiber and seeds, which find usage in a variety of industries such as food and drink, paper, building materials, pharmaceuticals, textiles, and personal care items.

The North America Industrial Hemp Market is witnessing significant growth driven by the increasing demand for hemp-derived products such as CBD oil, textiles, and personal care products. The market is also benefiting from the legalization of hemp cultivation in the United States under the 2018 Farm Bill, which has opened up new opportunities for farmers and businesses.

Key Players

Marijuana Company of America Inc. (US)

Cronos Group Inc. (Canada)

Ecofibre Limited (Australia)

Green Thumb Industries (US)

Curaleaf Holdings Inc. (US)

GenCanna (US)

HempFlax BV (Netherlands)

Konoplex Group (Russia)

Hemp Oil Canada (Canada)

BAFA (Germany)

Dun Agro Hemp Group (Netherlands)

Colorado Hemp Works (US)

Canah International (Romania)

South Hemp Tecno (Italy)

MH Medical Hemp GmbH (Germany)

Market Segmentation

Following are Industrial Hemp Market Segmentation

By Type:

1. Hemp Seed: Hemp seeds are rich in protein, fiber, and essential fatty acids, making them a popular ingredient in food and beverages.
2. Hemp Seed Oil: Hemp seed oil is extracted from the seeds and is used in cooking, skincare products, and as a nutritional supplement.
3. CBD Hemp Oil: CBD hemp oil is derived from the flowers and leaves of the hemp plant and is used for its therapeutic properties.
4. Hemp Bast: Hemp bast fibers are used in textiles, rope, and paper production due to their strength and durability.
5. Hemp Hurd: Hemp hurd, also known as shives, is the inner woody core of the hemp plant and is used in construction materials, animal bedding, and paper production.

By Source:

1. Conventional: Conventional hemp is grown using traditional agricultural practices and may involve the use of synthetic fertilizers and pesticides.
2. Organic: Organic hemp is grown without the use of synthetic fertilizers, pesticides, or herbicides, making it a more sustainable and environmentally friendly option.

By Application:

1. Food Beverages: Hemp seeds and hemp seed oil are used in a variety of food and beverage products, including snacks, cooking oils, and hemp milk.
2. Textiles: Hemp fibers are used to make durable and sustainable textiles, including clothing, rope, and canvas.
3. Pharmaceuticals: CBD hemp oil is used in pharmaceutical products for its therapeutic properties, including pain relief, anti-inflammatory effects, and anxiety reduction.
4. Personal Care Products: Hemp-based ingredients are used in skincare products, shampoos, and cosmetics for their moisturizing and nourishing properties.
5. Animal Nutrition: Hemp seeds and hemp meal are used as feed for livestock and pets due to their high protein and nutrient content.
6. Paper: Hemp fibers are used to make paper products, including paper towels, toilet paper, and packaging materials, due to their strength and durability.
7. Construction Materials: Hemp hurd is used to make sustainable building materials, including hempcrete (a mixture of hemp hurd, lime, and water), insulation, and fiberboard.
8. Others: Industrial hemp is also used in biofuels, plastics, and composite materials, as well as in the production of CBD-infused products for the wellness industry.

Related Reports

Vegetable Puree Market Research Report -Forecast till 2030

Food Antifoaming Agents Market Research Report– Forecast till 2030

About Market Research Future:

Market Research Future (MRFR) is a world-renowned market research company that offers a wide range of services, complete with accurate and precise analysis about diverse markets, sub-markets and target consumers. Our approach is a combination of extensive information and multiple data sources that help provide an exhaustive comprehension about the latest major developments to the client, in addition to future events and what measures and decisions to take on the basis of the same.

Our fast-emerging market research firm is armed with an adept research analysts’ team that focuses on gathering useful data and analytics in terms of economic and technological advances. Our proficient analysts conduct industrial visits in a bid to achieve reliable and accurate information from established market participants. One of our foremost objectives is to keep the client well-versed with all the lucrative opportunities as well as challenges surrounding various global markets. We offer step-by-step guidance to our clients, through consulting and strategic services, enabling them to arrive at a practical and effective decision.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street,5Th Floor, New York, New York 10013, United States of America