The global industrial hemp market was valued at USD 9.47 billion in 2024 and is projected to rise from USD 11.42 billion in 2025 to USD 47.82 billion by 2032, reflecting a robust CAGR of 22.70% during the forecast period. In 2024, Europe held the largest share at 31.04%. The U.S. market is also set for substantial expansion, expected to reach USD 8.38 billion by 2032, fueled by increasing adoption across industries such as pharmaceuticals, food & beverages, textiles, cosmetics, and more.
Information Source: https://www.fortunebusinessinsights.com/industrial-hemp-market-102459
Market Segmentation
The market is segmented by source, type, and application. By Source, conventional hemp continues to dominate due to its extensive use in industries such as automotive, textiles, and paper. By Type, the market includes hemp seeds, hemp seed oil, hemp fiber, and others, with hemp fiber projected to witness strong growth, especially in sustainable textiles and automotive components. By Application, key sectors include cosmetics, pharmaceuticals, food & beverages, and textiles, with the textile segment leading the market on the back of rising demand for eco-friendly and innovative green materials.
Regional Insights
Europe Leads While Asia Pacific Shows Strong Growth
Europe is expected to maintain its leadership position, supported by increasing acceptance and awareness of hemp-based products. The Asia Pacific region is projected to grow rapidly, with higher usage of hemp in textile and paper manufacturing contributing to its expansion.
Competitive Landscape
Strategic Collaborations Enhance Market Reach
Major players are engaging in partnerships, joint ventures, and acquisitions to expand their international presence and reinforce their competitive edge.
Key Companies in the Industrial Hemp Market:
- Fresh Hemp Foods Ltd. (Canada)
- IND HEMP, LLC (U.S.)
- Blue Sky Hemp Ventures (Canada)
- Panda Biotech, LLC (U.S.)
- Hemp Republic (India)
