According to a research report published by Spherical Insights & Consulting, the Global Industrial Hemp Market Size Expected to Grow from USD 5.38 Billion in 2023 to USD 24.30 Billion by 2033, at a CAGR of 16.27% during the forecast period 2023-2033.

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The plant known as hemp, or industrial hemp, belongs to the botanical class of Cannabis sativa cultivars that are cultivated especially for industrial and edible purposes. It can be utilized to create a variety of goods. Hemp is one of the plants that grows the quickest on Earth, along with bamboo. These consist of food, dietary supplements, paper, fabrics, soap, building materials, textiles, and cosmetics. This is because industrial hemp is quicker to manufacture, more environmentally friendly, and has many other benefits, its market is growing. In the current era, hemp stalks are used to make ethanol for cars. Furthermore, the global market is growing due to demand from sectors such as construction materials, paper, food & beverage, textiles, furniture, personal care, recycling, agriculture, and automobiles. Industrial hemp is experiencing significant economic expansion as it gains popularity as an eco-friendly crop with numerous environmental benefits. However, numerous rules and regulations regulate the production and distribution of hemp, and in certain countries, it is illegal to utilize hemp as a consumer product. Thus, the market’s potential to grow is limited by the government’s stringent regulations governing the production, distribution, and cultivation of hemp.

Browse key industry insights spread across 255 pages with 110 Market data tables and figures & charts from the report on the Global Industrial Hemp Market Size, Share, and COVID-19 Impact Analysis, By Product (Seeds, Fiber, and Shivs), By Application (Textiles, Automotive, Animal Care, Furniture, Food & Beverages, Pharmaceuticals, and Others), By Source (Conventional and Organic), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

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The seeds segment dominates the market with the highest market share through the forecast period.

Based on the product, the global industrial hemp market is divided into seeds, fiber, and shivs. Among these, the seeds segment dominates the market with the highest market share through the forecast period. These seeds are regarded as a complete protein source since they contain all nine essential amino acids. Hemp seeds have a good ratio of omega-3 to omega-6 fatty acids and high amounts of omega-3 fatty acids. Food and drink, personal hygiene, animal feed, nutritional supplements, medications, and other products are just a few of the many uses for hemp seed oil.

The textiles segment is expected to grow at the fastest CAGR growth through the forecast period.

Based on the application, the global industrial hemp market is divided into textiles, automotive, animal care, furniture, food & beverages, pharmaceuticals, and others. Among these, the textiles segment is expected to grow at the fastest CAGR growth through the forecast period. Hemp fiber is the strongest fiber used in textile manufacture. Compared to other fabrics made of natural fibers, it provides superior ultraviolet (UV) protection and is noticeably stronger and more dependable than cotton. Moreover, hemp satisfies almost every requirement needed to be categorized as sustainable.

The conventional segment is expected for the largest revenue share through the forecast period.

Based on the source, the global industrial hemp market is divided into conventional and organic. Among these, the conventional segment is expected for the largest revenue share through the forecast period. This is because hemp is so tough, it doesn’t need any special or organic treatments to produce a sizable crop that can withstand severe weather. The production and quality of hemp obtained through conventional or organic methods hardly differ from one another.

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Asia Pacific is expected to hold the largest share of the global industrial hemp market over the predicted timeframe.

Asia Pacific is accounted to hold the largest share of the global industrial hemp market over the predicted timeframe. The world’s largest producer and consumer of industrial hemp and its derivatives, such as oil, seeds, fiber, and herbs, is Asia Pacific. Thailand, Australia, New Zealand, Japan, Korea, China, and India are all major producers of industrial hemp.

North America is anticipated to grow at the fastest CAGR growth of the global industrial hemp market during the forecast period. The market for hemp oil is expected to increase in North America due to the personal care industry, the aging population, rising disposable income, and growing concerns about UV protection and skin disorders.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global industrial hemp market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Industrial Hemp Market are Parkland Industrial Hemp Growers Cooperative Ltd., CBD Biotechnology Co., Botanical Genetics, Marijuana Company, HempMeds, Terra Tech Corp., American Cannabis Company, HempFlax B.V., Industrial Hemp Manufacturing, American Hemp, Boring Hemp Company, Plains Industrial Hemp Processing Ltd., Ecofiber Industries Operations, Valley Bio Limite, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development 

• In March 2024, coast Smokes partnered with Willie’s Remedy, the well-known hemp brand owned by Willie Nelson, to launch the new hemp smokeables. The introduction was crucial to Willie’s historic transition from cigarettes to cannabis. Organic hemp smoke was produced by combining the three CBD vapes—Elevate, Chill, and Slumber—with biodegradable filters.

• In January 2023, HempMeds Brazil launched two new broad-spectrum products. Brazilian doctors’ changing demands led to the development of these new products, which they intend to suggest to their patients.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global industrial hemp market based on the below-mentioned segments:

Global Industrial Hemp Market, By Product

• Seeds
• Fiber
• Shivs

Global Industrial Hemp Market, By Application

• Textiles
• Automotive
• Animal Care
• Furniture
• Food & Beverages
• Pharmaceuticals
• Others

Global Industrial Hemp Market, By Source

• Conventional
• Organic

Global Industrial Hemp Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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