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12-03-2024 08:50 AM CET | Chemicals & Materials
Industrial Hemp Market Size 2025-2033:
• The global industrial hemp market size reached USD 6.2 Billion in 2024.
• The market is expected to reach USD 20.9 Billion by 2033, exhibiting a growth rate (CAGR) of 14.5% during 2025-2033.
• Asia Pacific holds the largest share of the industry, driven by a large agricultural workforce, growing hemp product acceptance, and rising demand for eco-friendly, sustainable materials.
• Hemp seeds lead the market, accounting for the majority of the market share owing to their high protein, fiber, and essential fatty acid content, appealing to health-conscious consumers.
• Conventional represents the largest segment due to established cultivation practices, lower production costs, and easier access to existing agricultural resources.
• Food and beverages (F&B) represent the leading application segment spurred by increasing consumer demand for plant-based, sustainable, and nutrient-rich alternatives in diets.
• The rise of hemp-based cosmetics in the beauty industry, due to its anti-inflammatory properties, is boosting the market demand.
• Additionally, significant technological advancements in processing methods improve extraction efficiency, enhancing the quality of hemp products and thereby aiding in market expansion.
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Industry Trends and Drivers:
Legislative changes and government support:
The legalization of hemp has opened new opportunities for farmers, researchers, and businesses. Now, various governments recognize hemp’s economic potential. They offer subsidies, grants, and tax breaks to encourage its use in textiles, construction, and bioplastics. Moreover, new regulations are clarifying the difference between hemp and marijuana. This distinction provides legal protection and encourages wider adoption. Supportive laws promote innovation, trade, and confidence in hemp products. With governments easing restrictions and investing in hemp initiatives, the market is growing significantly.
Sustainability and environmental benefits:
Hemp is a renewable crop that needs fewer chemicals than traditional ones, making it eco-friendly. Its deep roots prevent soil erosion, boost health, and trap carbon. This supports soil regeneration. Hemp thrives in various climates and soils, easing the strain on over-farmed land. From biodegradable plastics to sustainable fabrics, hemp’s versatility shines in eco-friendly products. This ancient crop now tackles modern environmental challenges, meeting the growing demand for green solutions. As industries embrace hemp’s potential, it fuels market expansion and offers a path to a more sustainable future.
Diversification in application and innovation:
Hemp’s versatility propels its market growth across industries. Automakers now use hemp fibers in high-performance composites. Durable, eco-friendly hemp textiles gain traction. Improved processing yields higher quality products for bioplastics, construction, and paper. This sustainable resource meets diverse sector demands through constant innovation and technological advances. Hemp’s expanding applications drive its market expansion, from vehicles to healthcare. Its adaptability and eco-credentials position hemp as a key player in multiple industries’ future.
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Industrial Hemp Market Report Segmentation:
Breakup By Type:
Hemp Seed
Hemp Oil
Hemp Fiber
Others
Hemp seeds account for the majority of shares as they are widely used in food products, supplements, and personal care items due to their rich nutritional profile, including essential fatty acids and proteins.
Breakup By Source:
Conventional
Organic
Conventional dominates the market as this farming method is more widespread and cost-effective compared to organic farming.
Breakup By Application:
Food and Beverages
Textiles
Personal Care Products
Pharmaceuticals
Others
Food and beverages (F&B) exhibit a clear dominance due to the increasing popularity of hemp-based food products, including oils, protein powders, and snacks.
Breakup By Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Asia Pacific holds the leading position owing to a large market for industrial hemp driven by its long-standing history of hemp cultivation, growing industrial applications, and favorable government policies.
Top Industrial Hemp Market Leaders:
The industrial hemp market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.
Some of the key players in the market are:
Boring Hemp Company
Ecofibre Limited
Hemp Inc
HempFlax Group B.V.
Hempro International GmbH
MH medical hemp GmbH
Parkland Industrial Hemp Growers Co-op. Ltd.
South Hemp Tecno srl
Valley Bio Limited
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This release was published on openPR.
“}]] Industrial Hemp Market Size 2025 2033 The global industrial hemp market size reached USD 6 2 Billion in 2024 The market is expected to reach USD 20 9 Billion by 2033 exhibiting a growth rate CAGR of 14 5 during … Read More
