Industrial Hemp Market Size Worth $32,932.6 Million By 2030 | CAGR: 21.6%

The global industrial hemp market size is expected to reach USD 32,932.6 million by 2030, according to a new study by Polaris Market Research. The report “Industrial Hemp Market Share, Size, Trends, Industry Analysis Report, By Type (Hemp Seeds, Hemp Fiber, Shives, Hemp Seed Oil, Cannabidiol (CBD) Oil); By Source; By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The industrial hemp market refers to the global industry involved in the cultivation, processing, and commercialization of hemp plants, specifically the low THC (tetrahydrocannabinol) varieties. Hemp is a versatile crop utilized for centuries, including fiber production, food and nutritional products, and even medicinal applications.

Historically, hemp has been grown for its strong fibers, which produce textiles, paper, rope, and other durable materials. However, with technological advancements and changing regulations worldwide, the industrial hemp market has experienced significant growth and diversification in recent years.

The market growth of hemp is driven by several factors, including its advantages in bio-based fabrics, biofuel applications, expanding usage in the food sector, and manufacturing programs. Hemp fabric offers numerous benefits, such as high absorbency, mold resistance, insulation, and resistance to harmful UV radiation. When blended with silk, linen, and cotton fabrics, hemp fabric provides durable solutions with consistently high quality and softness. The demand for hemp materials is expected to increase as the range of bio-based materials for manufacturing applications, such as geotextiles and pools, continues to expand.

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Moreover, prominent industry players are actively involved in launching hemp programs to support farmers and drive market growth. In June 2020, Mississippi lawmakers passed legislation to legalize hemp cultivation. In line with this, in May 2021, Hemp, Inc. announced the establishment of the Mississippi Industrial Hemp Association, which would initiate a pilot program to aid farmers in legally growing hemp. The program offers valuable resources such as access to seeds and equipment and support with processing and distribution. These initiatives significantly contribute to the market's growth by facilitating the expansion of hemp cultivation and enabling farmers to navigate the industry effectively.

As a renewable source, hemp fiber also finds applications in diverse industries such as construction, animal bedding, agriculture, furniture, and automotive sectors. Moreover, the increasing use of hemp fiber in the production of biofuels and bioplastics is anticipated to further drive its demand in the future. Delta Agriculture, a prominent manufacturer, and supplier of raw hemp products in the country, announced the launch of its hemp fiber line in July 2021, marking its shift from being producer of hemp flower to a full-service manufacturing hemp supplier.

Industrial Hemp Market Report Highlights

• The Food and Beverages segment held the significant growth in the Industrial Hemp Market 2021. It is due to hemp-derived ingredients such as hemp seeds, hemp oil, and hemp protein in various food and beverage products. Additionally, the growing consumer awareness about the health benefits of hemp-based products has fueled the demand for hemp-infused food and beverages, contributing to the segment's significant revenue share.
• The hemp seeds segment anticipated to hold a significant market share in over the forecast period. Hemp seeds are rich in essential nutrients such as protein, fiber, omega fatty acids, vitamins, and minerals, and the rising demand for hemp oil extracted from seeds in personal care products, such as lotions, shampoos, and soaps, further contributes to the growth of the Seeds.
• In 2021, North America dominated the global Industrial Hemp market due to the rising demand for hemp oil in the personal care industry in North America. As the region's consumers continue to prioritize natural and sustainable ingredients, hemp-derived products will likely grow in various application industries.
• Some of the global key players include American Hemp, HempFlax Group BV, Bombay Hemp Company, HempMeds Brasil, American Cannabis Company, Inc., Botanical Genetics, LLC, Dun Agro Hemp Group, Ecofiber Industries Operations, Hemp, Inc., Global Hemp Group Inc., Valley Bio Limited, Boring Hemp Company, North American Hemp & Grain Co. Ltd., Industrial Hemp Manufacturing, LLC, Parkland Industrial Hemp Growers Cooperative Ltd., CBD Biotechnology Co., Marijuana Company of America Inc., Terra Tech Corp., and Plains Industrial Hemp Processing Ltd.

Polaris Market Research has segmented the industrial hemp market report based on type, source, application, and region:

Industrial Hemp, Type Outlook (Revenue - USD Million, 2018 - 2030)

• Hemp Seeds
• Hemp Fiber
• Shives
• Hemp Seed Oil
• Cannabidiol (CBD) Oil

Industrial Hemp, Source Outlook (Revenue - USD Million, 2018 - 2030)

• Organic
• Conventional

Industrial Hemp, Application (Revenue - USD Million, 2018 - 2030)

• Food and Beverages
• Pharmaceuticals
• Cosmetics
• Textiles
• Paper
• Automotive
• Construction Materials
• Animal Care
• Furniture
• Others

Industrial Hemp, Regional Outlook (Revenue - USD Million, 2018 - 2030)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Industrial Hemp Market Report Scope