The global Industrial Hemp Market size stood at USD 7.90 billion in 2023. The market value is slated to rise from USD 9.47 billion in 2024 to USD 47.82 billion by 2032 at a CAGR of 22.44% during 2024-2032. The expansion is on account of the legalization of the medical usage of cannabis in thirty countries. Some of these include Australia, Argentina, Colombia, Brazil, Canada, Ireland, Germany, Denmark, and others. An major aspect supporting market growth is the rising demand for products across a range of applications, including the food and beverage, textile, and dietary supplement industries.
Industrial hemp has many nutritional and environmental benefits. The growing demand for food and drink products, nutritional supplements, and increased consumer health consciousness all have a significant impact on the hemp seed business. Hemp oil is becoming more and more common in cosmetics and personal hygiene products because of its strong antioxidant content. Growing consumer health consciousness and demand for food and beverages, as well as dietary supplements, are driving growth in the industrial hemp industry.
COVID-19 Impact:
During the coronavirus pandemic, decreased product demand had an impact on industry growth.
Amidst the pandemic, a number of retail establishments and service providers had to close temporarily or permanently. Retailers, processors, and growers of hemp still kept up their business in the pharmaceutical industry. Trade restrictions from China had an effect on market expansion. But given the rise in mental health problems, the time period showed a growing reliance on pharmaceuticals.
Information Source: https://www.fortunebusinessinsights.com/industrial-hemp-market-102459
Segmentation:
Because of Expanding Product Deployment in Various Industries, Conventional Segment to Lead
The market is divided into organic and conventional segments based on the source. It is projected that the traditional market will see a significant uptick in the upcoming years. The increasing product use in a number of industries, including paper, textile, and automotive, is the reason for the increase.
The hemp fiber segment is expected to grow profitably as a result of increased adoption in the automotive and textile industries.
The market is divided into hemp seed oil, hemp seed, hemp fiber, and other categories based on kind. It is predicted that the hemp fiber market would grow profitably over the anticipated time frame. The increasing product use in the paper, automotive, and textile industries is driving the upsurge.
The growing adoption of sustainable practices is expected to propel the textile segment to prominence.
Pharmaceuticals, drinks, food (functional and dietary foods), personal care & cosmetics, and other products make up the segments of the market based on application. The textile industry had a significant portion of the market and is predicted to grow significantly throughout the projected time frame. Growing consumer awareness of climate change is driving the growth.
The industrial hemp market has been examined geographically in Asia Pacific, Europe, North America, South America, and the Middle East and Africa.
Report Coverage:
An study of the main forces, obstacles, and drivers influencing the industry's growth is given in the report. It also clarifies the crucial market trends and the COVID-19 pandemic's effect on product sales. A description of the significant endeavors large corporations have gone on to obtain a strong competitive edge is one of the additional features.
Drivers and Restraints:
Market Value of Hemp Products Will Increase Due to Increased International Trade
Growth in the industrial hemp market is being driven by the increasing demand for hemp-based goods in a variety of industries, including food, medicine, and textiles. The increase can also be linked to the rising need for hemp fiber processing across several nations.
However, stringent laws governing the production, distribution, and marketing of industrial hemp may impede market expansion.
Regional Insights:
Due to the region's increasing product consumption, Europe is the leading region.
Over the course of the study, the industrial hemp market share in Europe is expected to grow significantly. The region's growing need for hemp products is the driving force behind the expansion. The Asia Pacific market is anticipated to increase significantly over the course of the estimated timeframe. The product's widespread use in the production of paper and textiles is driving the expansion.
Competitive Landscape:
Big Businesses Form Partnerships to Boost Their Market Position
Important participants in the market are developing and implementing a variety of strategic efforts to strengthen their positions. These include alliance formation, partnership agreements, and collaborations. Acquisitions, merger agreements, and other things are additional factors.
Key Industry Development
February 2023 - Alcott Enterprises, a managed services and IT consulting firm, signed a partnership with Flourish Software. The primary goals of the agreement are to provide hemp firms with enhanced implementation services, support, technological know-how, and integration capabilities.
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)
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