Industrial Hemp Market Analysis: Growth, Size, Share & Future Trends (2024-2029) 

The market report offers a detailed analysis segmented by Type (Hemp Seed, Hemp Seed Oil, CBD Hemp Oil, Hemp Bast, Hemp Hurd); by Source (Conventional, Organic); by Application (Food & Beverages, Pharmaceuticals, Textiles, Personal Care Products, Others); by Geography (North America, South America, Asia Pacific, Europe, Rest of The World).

Outlook 

• The industrial hemp market is estimated to be at USD 8,667.81 Mn in 2024 and is anticipated to reach USD 17,680.74 Mn in 2029. 

• The industrial hemp market is registering a CAGR of 15.32% during the forecast period of 2024-2029. 

• The global industrial hemp market’s growth is fueled by increasing demand for hemp-based products across various industries, including textiles, food, and construction. 

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Ecosystem 

• The participants in the global industrial hemp industry are prominent in the cultivation, processing, and distribution of hemp-based products across various industries. 

• These companies primarily focus on diversifying their product offerings to cater to different market segments, along with collaborations and partnerships, and sustainable practices to enhance their market appeal. 

• Several important entities in the industrial hemp market include Cronos Group Inc.; Ecofibre Ltd.; Green Thumb Industries Inc.; HempFlax Group B.V.; Dun Agro Hemp Group; and others. 

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Findings 

Attributes	Values
Historical Period	2018-2022
Base Year	2023
Forecast Period	2024-2029
Market Size (2024)	USD 8,667.81 Mn
Market Size (2029)	USD 17,680.74 Mn
Growth Rate	15.32% CAGR from 2024 to 2029
Key Segments	Type (Hemp Seed, Hemp Seed Oil, CBD Hemp Oil, Hemp Bast, Hemp Hurd); Source (Conventional, Organic); Application (Food & Beverages, Pharmaceuticals, Textiles, Personal Care Products, Others); Geography (North America, South America, Asia Pacific, Europe, Rest of The World)
Key Vendors	Cronos Group Inc.; Ecofibre Ltd.; Green Thumb Industries Inc.; HempFlax Group B.V.; Dun Agro Hemp Group
Key Countries	The US; Canada; Mexico; Brazil; Argentina; Colombia; China; India; Japan; Australia; South Korea; The UK; Germany; Italy; France; South Africa; Zimbabwe; New Zealand; Israel
Largest Market	Asia Pacific

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Trends  

• Focus on Sustainable Agriculture: There is an increasing focus on the trend towards sustainable agriculture practices in hemp farming. In 2023, several European countries, including France and Germany, promoted organic hemp cultivation methods to reduce pesticide use and improve soil health, contributing to environmental conservation. 

• Innovation in Hemp-Based Bioplastics: The development of hemp-based bioplastics is gaining traction as industries seek sustainable alternatives to traditional plastics. In 2023, researchers at University College London developed a new hemp-based bioplastic with enhanced durability, sparking interest in its potential applications in packaging and automotive industries. 

• Innovation in Hemp-Based Textiles: Hemp fibers are being increasingly utilized in innovative textile applications. In 2023, Levi’s introduced a new denim line made from a blend of hemp and cotton, which requires less water and pesticides than traditional cotton, showcasing the material’s potential in sustainable fashion. 

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Catalysts 

• Rising Demand for Sustainable Products: The increasing consumer demand for sustainable and eco-friendly products is a significant driver for the industrial hemp market. In 2023, the global shift towards sustainable materials in industries such as fashion, construction, and automotive boosted the demand for hemp-based alternatives, driving market growth. 

• Supportive Government Policies: Government policies favoring the cultivation and use of industrial hemp have positively impacted the market. In 2023, Canada expanded its hemp cultivation programs under the Cannabis Act, providing subsidies and research funding to encourage the production of hemp for industrial use. 

• Expansion of the CMD Market: The growing popularity of cannabidiol (CBD) products, derived from industrial hemp, has driven market demand. In 2023, the U.S. FDA approved a new CBD-based drug for epilepsy treatment, further validating the therapeutic potential of hemp-derived CBD and boosting its market appeal. 

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Restraints 

• Regulatory Inconsistencies: Regulatory inconsistencies across different regions pose a challenge to the global hemp market. In 2023, the European Union faced delays in harmonizing hemp regulations, creating uncertainties for producers and limiting market expansion in certain countries. 

• Limited Infrastructure for Processing: The lack of adequate infrastructure for hemp processing is a significant challenge, particularly in emerging markets. In 2023, farmers in India faced difficulties due to the scarcity of hemp processing facilities, leading to higher costs and limited product availability in the market. 

• Competition from Synthetic Alternatives: Industrial hemp faces competition from synthetic materials that are cheaper to produce. In 2023, the automotive industry continued to favor synthetic fibers over hemp-based alternatives due to lower production costs, impacting the adoption of hemp in some applications. 

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Table of Contents 

1.       Introduction         1.1.    Research Methodology         1.2.    Scope of the Study  2.       Market Overview / Executive Summary         2.1.    Global Industrial Hemp Market (2018 – 2022)         2.2.    Global Industrial Hemp Market (2023 – 2029)  3.       Market Segmentation         3.1.    Global Industrial Hemp Market by Type                3.1.1.    Hemp Seed                3.1.2.    Hemp Seed Oil                3.1.3.    CBD Hemp Oil                3.1.4.    Hemp Bast                3.1.5.    Hemp Hurd         3.2.    Global Industrial Hemp Market by Source                3.2.1.    Conventional                3.2.2.    Organic         3.3.    Global Industrial Hemp Market by Application                3.3.1.    Food & Beverages                3.3.2.    Pharmaceuticals                3.3.3.    Textiles                3.3.4.    Personal Care Products                3.3.5.    Others  4.       Regional Segmentation         4.1.    North America                4.1.1.    The US                4.1.2.    Canada                4.1.3.    Mexico         4.2.    South America                4.2.1.    Brazil                4.2.2.    Argentina                4.2.3.    Colombia                4.2.4.    Rest of South America         4.3.    Asia Pacific                4.3.1.    China                4.3.2.    India                4.3.3.    Japan                4.3.4.    Australia                4.3.5.    South Korea                4.3.6.    Rest of Asia Pacific         4.4.    Europe                4.4.1.    The UK                 4.4.2.    Germany                4.4.3.    Italy                4.4.4.    France                4.4.5.    Rest of Europe         4.5.    Rest of The World                4.5.1.    South Africa                4.5.2.    Zimbabwe                4.5.3.    New Zealand                4.5.4.    Israel                4.5.3.    Rest of The World  5.       Value Chain Analysis of the Global Industrial Hemp Market  6.       Porter Five Forces Analysis         6.1.    Threats of New Entrants         6.2.    Threats of Substitutes         6.3.    Bargaining Power of Buyers         6.4.    Bargaining Power of Suppliers         6.5.    Competition in the Industry  7.       Trends, Drivers and Challenges Analysis         7.1.    Market Trends         7.1.1.    Market Trend 1         7.1.2.    Market Trend 2         7.1.3.    Market Trend 3         7.2.    Market Drivers         7.2.1.    Market Driver 1         7.2.2.    Market Driver 2         7.2.3.    Market Driver 3         7.3.    Market Challenges         7.3.1.    Market Challenge 1         7.3.2.    Market Challenge 2         7.3.3.    Market Challenge 3  8.       Opportunities Analysis         8.1.    Market Opportunity 1         8.2.    Market Opportunity 2         8.3.    Market Opportunity 3  9.       Competitive Landscape         9.1.    Cronos Group Inc.         9.2.    Ecofibre Ltd.         9.3.    Green Thumb Industries Inc.         9.4.    HempFlax Group B.V.         9.5.    Dun Agro Hemp Group         9.6.    Company 6         9.7.    Company 7         9.8.    Company 8         9.9.    Company 9         9.10.  Company 10

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Industrial Hemp Market – FAQs 

1.  What is the current size of the industrial hemp market? 

Ans. In 2024, the industrial hemp market size is USD 8,667.81 Mn. 

2.  Who are the major vendors in the industrial hemp market?  

Ans. The major vendors in the industrial hemp market are Cronos Group Inc.; Ecofibre Ltd.; Green Thumb Industries Inc.; HempFlax Group B.V.; Dun Agro Hemp Group. 

3.  Which segments are covered under the industrial hemp market segments analysis?  

Ans. The industrial hemp market report offers in-depth insights into Type, Source, Application, and Geography.