industrial_hemp_market

Industrial Hemp Market Analysis And Growth Forecast 2024-2032

November 14, 2024

aman renub

Industrial Hemp Market

The Industrial Hemp Market is experiencing rapid expansion and is expected to grow from US$ 6.03 billion in 2023 to US$ 25.33 billion by 2032, with a compound annual growth rate (CAGR) of 17.29% between 2024 and 2032. This growth is primarily driven by the increasing demand for hemp-based products in various industries, including food and beverage, personal care, animal care, and construction. The versatility, sustainability, and eco-friendly nature of hemp are key factors contributing to its growing popularity across global markets.

 

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Overview of Industrial Hemp

Industrial hemp is a variety of the Cannabis sativa plant species, distinct from marijuana, due to its low levels of THC (tetrahydrocannabinol). Hemp has been used for thousands of years in a variety of applications, including textiles, building materials, and biofuels. Its quick growth cycle, ability to absorb CO2, and soil-improving properties make it a preferred crop for sustainable industries. Today, hemp is being used in several sectors for manufacturing eco-friendly products, such as durable fabrics, nutritious food items, biodegradable plastics, and construction materials like hempcrete.

Key Drivers of the Industrial Hemp Market

  1. Rising Demand for Sustainable Products

As industries shift towards more sustainable and environmentally-friendly solutions, hemp has emerged as a highly sought-after resource. Hemp-based products, including biodegradable textiles, biofuels, and eco-friendly packaging, are seen as a viable alternative to harmful products with high carbon footprints. The growing consumer preference for sustainable products, especially in industries like fashion, construction, and packaging, is significantly driving the demand for industrial hemp.

  1. Expansion of Hemp-Related Legislation

The legal landscape for hemp farming has undergone significant changes in recent years, particularly in regions like the United States and Canada. For instance, the 2018 Farm Bill in the U.S. legalized hemp cultivation, enabling farmers to grow hemp for various industrial applications. As more regions adopt hemp-friendly laws, the market for hemp-based products, such as CBD oil, textiles, and bioplastics, continues to expand. These legal reforms have created favorable conditions for investment and innovation in the hemp industry.

  1. Versatile Applications Across Industries

Hemp’s broad range of applications across various industries further contributes to its growing market. Key sectors benefiting from hemp include:

  • Textiles: Hemp fibers are strong and durable, making them ideal for the production of clothing and fabrics.
  • Construction: Hempcrete, an eco-friendly concrete alternative, is being increasingly used in green building projects.
  • Food & Beverages: Hemp seeds are rich in omega-3 and omega-6 fatty acids, making them a popular ingredient in health food products.
  • Personal Care: Hemp oil is commonly used in cosmetics and beauty products due to its nourishing properties.

The diverse applications of industrial hemp across these industries make it a highly versatile and valuable resource.

Regional Insights

  1. North America

The North American industrial hemp market is expanding rapidly due to changes in legal frameworks and rising consumer demand for sustainable products.

  • United States: Following the legalization of hemp under the 2018 Farm Bill, hemp farming has surged, with key states like Colorado and Kentucky leading production. The U.S. market for hemp products, particularly in food and beverages, cosmetics, and health supplements, is thriving. Advanced agricultural technologies and consumer demand for eco-friendly products further boost the market.
  • Canada: Canada has been a pioneer in the industrial hemp industry, having legalized hemp cultivation in the late 1990s. The country is one of the largest producers and processors of hemp seeds and is investing in the research and development of new applications such as biodegradable plastics and hempcrete.

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  1. Asia Pacific

The Asia Pacific region is also experiencing rapid growth in the industrial hemp market, with China and Australia at the forefront.

  • China: As the largest producer of hemp globally, China has a well-established hemp cultivation industry. The country grows hemp for a variety of applications, including textiles, paper, and food products. The government has been supportive of hemp cultivation, positioning China as a global leader in hemp production.
  • Australia: Although a relatively new player in the industrial hemp market, Australia has seen significant growth since the legalization of hemp in 2017. The demand for hemp products, including CBD extraction, food products, and biocomposites, is rising, spurred by consumer interest in natural, sustainable alternatives.
  1. Europe

Europe is witnessing increasing adoption of industrial hemp, particularly in countries like France, Germany, and the United Kingdom. These regions are focusing on the development of hemp-based biofuels, construction materials, and textiles. The growing emphasis on sustainability in the European Union is likely to drive further growth in the hemp market.

Market Segmentation

The industrial hemp market can be categorized based on product types, sources, applications, and regions.

  1. Product Types:
  • Seeds
  • Stalks
  • Fibers
  • Others
  1. Sources:
  • Conventional
  • Organic
  1. Applications:
  • Textiles
  • Personal Care
  • Food & Beverages
  • Animal Care
  • Paper
  • Automotive
  • Construction Materials
  • Furniture
  • Others
  1. Key Countries:
  • North America: United States, Canada
  • Europe: France, Germany, Italy, United Kingdom, Netherlands, Spain, Turkey
  • Asia Pacific: China, Japan, India, Australia, South Korea, Thailand
  • Latin America: Brazil, Mexico, Argentina
  • Middle East & Africa: South Africa, Saudi Arabia, UAE

Leading Companies in the Industrial Hemp Market

The top companies in the industrial hemp market include:

  • Marijuana Company of America Inc.
  • American Cannabis Company, Inc.
  • Ecofibre Limited
  • Aurora Cannabis
  • Agropur
  • Darling Ingredients Inc.

These companies are driving innovation in hemp farming, product development, and market expansion, focusing on sectors like textiles, bioplastics, cosmetics, and health supplements.

Recent Developments in the Industrial Hemp Market

  • In June 2024, Hempalta Corp launched a new biochar product derived from industrial hemp and announced plans to expand its operations and increase stock options.
  • In August 2024, Hempalta also introduced a carbon credit platform that complements its hemp-based biochar product.
  • In June 2024, Curaleaf Holdings, Inc. announced a new line of hemp-derived THC products under its Select and Zero Proof brands, indicating the growing consumer interest in hemp-based wellness products.

Conclusion

The Industrial Hemp Market is on a robust growth trajectory, fueled by increased consumer demand for sustainable products, expanding hemp-related legislation, and the versatile applications of hemp across various industries. With a projected market value of US$ 25.33 billion by 2032, industrial hemp is poised to become a key player in the global push for eco-friendly materials and products. As more regions adopt favorable legal frameworks and innovation in hemp products continues, the market is expected to see further expansion in the coming years.

 

 About the Company:

Renub Research is a Market Research and Consulting Company. We have more than 14 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide a wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises major players in Healthcare, Travel and Tourism, Food Beverages, Power Energy, Information Technology, Telecom Internet, Chemical, Logistics Automotive, Consumer Goods Retail, Building, and Construction, Agriculture. Our core team is comprised of experienced people holding graduate, postgraduate, and Ph.D. degrees in Finance, Marketing, Human Resource, Bio-Technology, Medicine, Information Technology, Environmental Science, and many more.

 Media Contact:

 

Company Name: Renub Research

Contact Person: Rajat Gupta, Marketing Manager

Phone No: +91-120-421-9822 (IND) | +1-478-202-3244 (USA)

Email: mailto:info@renub.com

 

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