The global industrial hemp market revenue, valued at USD 7.90 billion in 2023, is poised for substantial growth, projected to reach USD 9.47 billion in 2024 and surge to USD 47.82 billion by 2032. This impressive growth, at a compound annual growth rate (CAGR) of 22.44%, is primarily driven by the legalization of medical cannabis across more than 30 countries, including Australia, Argentina, Colombia, Brazil, Canada, Ireland, Germany, and Denmark.

Industrial hemp, a cannabis variety known for its non-psychoactive properties, is cultivated in over 30 countries for its seeds and stalks, which serve diverse industrial applications. Hemp seeds are extensively used in the food and personal care industries and in the production of paints and chemicals. Meanwhile, hemp stalks are processed into bast fiber and hurd fiber; bast fiber is primarily used in consumer and technical textiles, while hurd fiber finds applications in construction, paper manufacturing, and the automotive sector.

A key driver of the industrial hemp market’s expansion is the growing demand across sectors like food and beverages, textiles, and dietary supplements. Known for its nutritional benefits and eco-friendly characteristics, industrial hemp is increasingly popular among health-conscious consumers. Rising health and wellness trends are boosting demand for hemp-based foods, supplements, and hemp oil, with the latter gaining prominence in cosmetics and personal care for its antioxidant properties. This shift towards health-focused products is a critical factor propelling the ongoing growth of the industrial hemp market.

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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)

Segmentation:

Conventional Segment Projected to Lead Market Expansion with Increasing Product Applications

The industrial hemp market is categorized into organic and conventional segments based on source, with the conventional segment expected to experience robust growth. This expansion is fueled by the segment's broadening applications across industries such as paper, textiles, and automotive.

Within product types, the hemp fiber segment is projected to grow significantly due to its rising use in the automotive and textile sectors. The market further divides into hemp fiber, hemp seed oil, hemp seeds, and other products, with hemp fiber anticipated to see notable growth throughout the forecast period, largely due to its applications in paper, automotive, and textile manufacturing.

Sustainability's growing importance is also poised to elevate the role of the textile segment within the hemp market, as demand for environmentally conscious materials increases.

Regarding applications, the market is segmented into pharmaceuticals, beverages, food (including functional and dietary options), personal care and cosmetics, and others. The textile industry holds a substantial share and is expected to expand significantly, driven by rising consumer awareness of sustainability and climate change.

Regionally, the industrial hemp market is analyzed across Asia Pacific, Europe, North America, South America, and the Middle East and Africa, highlighting key growth opportunities worldwide.

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Report Coverage:

The report provides an in-depth analysis of the primary drivers, challenges, and factors shaping the growth of the industrial hemp market. It highlights major market trends and examines the effects of the COVID-19 pandemic on product sales. Furthermore, the report details the strategic initiatives and actions taken by leading companies to secure a competitive advantage in the market.

Drivers and Restraints:

Market Value of Hemp Products Will Increase Due to Increased International Trade

The industrial hemp market’s growth is largely driven by rising demand for hemp-based products across sectors such as food, medicine, and textiles. Additionally, the growing demand for hemp fiber processing in multiple countries supports this positive trend.

However, stringent regulations surrounding the production, distribution, and marketing of industrial hemp could pose challenges to market expansion. These regulatory hurdles may hinder growth, despite the strong underlying demand.

Regional Insights:

Due to the region's increasing product consumption, Europe is the leading region.

Throughout the study period, Europe’s industrial hemp market is anticipated to see substantial growth, driven by increasing demand for hemp products across the region. Likewise, the Asia-Pacific market is expected to expand significantly, primarily due to the widespread use of hemp in paper and textile manufacturing industries.

Competitive Landscape:

Big Businesses Form Partnerships to Boost Their Market Position

Leading players in the industrial hemp market are actively pursuing strategic initiatives to strengthen their positions. These efforts include forming alliances, establishing partnerships, and engaging in collaborations. Additionally, acquisitions, mergers, and similar strategies play a crucial role in expanding market reach and boosting competitiveness.

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Key Industry Development

February 2023 - Alcott Enterprises, a managed services and IT consulting firm, has formed a partnership with Flourish Software to enhance implementation services, technical support, expertise, and integration capabilities tailored to the needs of hemp companies.