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02-27-2025 09:59 AM CET | Advertising, Media Consulting, Marketing Research
Industrial Hemp Market Poised to Reach USD 88.42 Billion by 2030 Amidst Surging Demand and Legalization Efforts
The global industrial hemp market is projected to expand from USD 11.16 billion in 2023 to an impressive USD 88.42 billion by 2030, registering a robust CAGR of 34.4% during the forecast period. This significant growth is primarily driven by increasing demand across various industries and progressive legalization initiatives worldwide.
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Market Growth Drivers and Opportunities
The burgeoning demand for industrial hemp is largely attributed to its versatile applications across sectors such as food and beverages, personal care, textiles, and pharmaceuticals. Hemp seeds and hemp seed oil are gaining popularity due to their rich nutritional profiles, leading to their incorporation in health foods and dietary supplements. Additionally, the non-psychoactive compound , derived from hemp, is witnessing heightened utilization in wellness and pharmaceutical products, further propelling market expansion.
Legalization of industrial hemp cultivation in key markets has opened new avenues for industry stakeholders. Notably, the 2018 Farm Bill in the United States reclassified hemp, facilitating its cultivation and commercialization. Similarly, European nations are revising regulations to support hemp farming, recognizing its economic and environmental benefits. These legislative advancements are anticipated to reduce legal barriers, encourage investment, and stimulate market growth.
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Segmentation Analysis
The industrial hemp market is categorized based on type, application, and source.
By Type: The market encompasses hemp seed, hemp seed oil, hemp oil, and hemp fiber. Hemp seeds are esteemed for their nutritional value, while hemp fibers are integral to textile and construction industries.
By Application: Industrial hemp finds applications in food and beverages, personal care products, textiles, pharmaceuticals, and more. The food and beverage sector leverages hemp for its health benefits, whereas the personal care industry incorporates hemp-derived ingredients for their therapeutic properties.
By Source: The cultivation of industrial hemp is divided into organic and conventional farming practices. Conventional methods currently dominate due to established agricultural infrastructure and practices.
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Country-Level Analysis
United States: Post-2018 Farm Bill, the U.S. has witnessed a surge in hemp cultivation, with applications spanning from health foods to industrial products. The country’s robust research and development initiatives are fostering innovation in hemp-derived products.
Germany: As a leading European producer, Germany’s hemp market is bolstered by a strong regulatory framework and growing consumer demand for sustainable products. The nation’s emphasis on eco-friendly materials has amplified the adoption of hemp in various industries.
China: Holding the position as the world’s largest hemp producer, China primarily focuses on hemp fiber for textiles and industrial applications. Government support and extensive cultivation expertise solidify China’s dominance in the global hemp market.
Canada: With early legalization and a favorable climate, Canada has established a thriving hemp industry. The country’s focus on hemp seeds and oil caters to the health food market, both domestically and internationally.
Australia: Recent legislative changes have permitted hemp cultivation, leading to a burgeoning industry. Australian producers are exploring hemp’s potential in health foods and sustainable industrial materials.
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Competitive Analysis
The industrial hemp market is characterized by the presence of key players driving innovation and expansion. Notable companies include:
Curaleaf Holdings, Inc. (US): A prominent player in the U.S. market, Curaleaf has expanded its product line to include hemp-derived offerings, capitalizing on the growing consumer interest in products.
Green Thumb Industries (US): With a focus on wellness and consumer products, Green Thumb has integrated hemp into its portfolio, emphasizing quality and accessibility.
Canopy Growth Corporation (Canada): As a leader in the Canadian market, Canopy Growth has invested heavily in hemp cultivation and product development, aiming to meet the rising global demand.
Aurora Inc. (Canada): Aurora has diversified its operations to include hemp-derived products, leveraging its extensive distribution network to reach a broad consumer base.
The Cronos Group (Canada): Cronos has strategically expanded into the hemp market through acquisitions and partnerships, enhancing its product offerings in the wellness sector.
Recent developments in the industry include mergers and acquisitions aimed at consolidating market positions and expanding product lines. For instance, in October 2024, Canopy Growth Corporation acquired Wana Brands, a move that underscores the company’s commitment to broadening its hemp-based product portfolio. Similarly, Aurora Inc. launched an expanded range of premium medical oils in Australia in partnership with MedReleaf Australia, indicating a strategic effort to tap into emerging markets.
Conclusion
The global industrial hemp market is on a trajectory of substantial growth, driven by increasing consumer demand for sustainable products, favorable legislative changes, and the versatile applications of hemp across various industries. As key players continue to innovate and expand their offerings, the market is poised to reach unprecedented heights by 2030, solidifying industrial hemp’s role as a cornerstone of sustainable industrial solutions.
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“}]] Industrial Hemp Market Poised to Reach USD 88 42 Billion by 2030 Amidst Surging Demand and Legalization Efforts The global industrial hemp market is projected to expand from USD 11 16 billion in 2023 to an impressive USD 88 42 … Read More
