Industrial Hemp Market Size, Growth & Forecast 2024-2032
The industrial hemp market has been witnessing substantial growth and is expected to continue its upward trajectory over the coming years.

The industrial hemp market has been witnessing substantial growth and is expected to continue its upward trajectory over the coming years. In 2023, the market value reached USD 5,998.67 million and is projected to grow at a CAGR of 19% from 2024 to 2032, reaching a value of USD 28,706.33 million by 2032. This growth is primarily driven by the increasing demand for hemp-based products across various industries, including textiles, construction, food and beverages, personal care, and pharmaceuticals.
In this blog post, we will explore the key factors driving the market, the size of the industry, key trends, growth prospects, and the competitive landscape. By the end of this post, you'll have a deeper understanding of how the industrial hemp market is evolving and what the future holds.
Industrial Hemp Market Overview
Industrial hemp is a versatile and sustainable crop that has been used for centuries in various applications, from textiles to construction materials. Unlike marijuana, which is primarily cultivated for recreational and medicinal purposes, industrial hemp is grown for its fibre, seeds, and oil. It contains negligible levels of THC (tetrahydrocannabinol), the psychoactive compound found in marijuana, making it legal in many countries for industrial use.
Industrial Hemp Market Size
The industrial hemp market was valued at approximately USD 5,998.67 million in 2023. The market is expected to grow significantly, with a projected CAGR of 19% between 2024 and 2032. By 2032, the market is estimated to reach a value of around USD 28,706.33 million.
This growth is attributed to several factors, including the increasing demand for hemp-based products, the rise in consumer preference for sustainable and eco-friendly products, and the relaxation of regulations surrounding hemp cultivation and use in many regions globally. With expanding applications and market acceptance, the industrial hemp sector is poised for a robust future.
Industrial Hemp Market Trends
Increased Demand for Hemp-Based Foods and Beverages: One of the primary growth drivers for the industrial hemp market is the increasing demand for hemp-based food and beverages. Hemp seeds, hemp protein, and hemp oil are widely used as ingredients in health-conscious products like plant-based milk, protein bars, and nutritional supplements.
Sustainability in the Textile Industry: The textile industry is shifting towards more sustainable materials, and hemp-based fabrics are gaining popularity. Hemp fibres are durable, biodegradable, and require fewer pesticides and water for cultivation, making them an attractive option for eco-conscious consumers and manufacturers.
Growth in Hemp-Based Personal Care Products: Hemp oil is rich in essential fatty acids and antioxidants, making it a popular ingredient in personal care products like skincare, haircare, and cosmetics. This trend towards plant-based, sustainable personal care solutions is contributing to the market's expansion.
Biodegradable Plastics and Construction Materials: The demand for hemp-based biodegradable plastics and hempcrete (a concrete alternative made from hemp) is growing as industries look for more sustainable building materials and packaging solutions. Hemp's environmental benefits, such as its ability to absorb carbon dioxide during cultivation, make it an attractive alternative.
Industrial Hemp Market Segmentation
Source
Conventional
Organic
Product Type
Hemp Seed
Hemp Fibre
Hemp Seed Oil
CBD Hemp Oil
Others
Application
Food and Beverages
Personal Care
Animal Care
Pharmaceuticals
Textiles
Construction Materials
Others
Region
North America
Europe
Asia-Pacific
Rest of the World.
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Industrial Hemp Market Growth
The industrial hemp market is poised for significant growth during the forecast period, driven by several key factors:
Rising Consumer Awareness: With increasing consumer demand for sustainable, eco-friendly products, the adoption of hemp-based alternatives is on the rise. Hemp's environmental benefits and versatility are positioning it as a viable alternative to traditional raw materials in multiple industries.
Technological Advancements: Continuous improvements in processing technology are making it easier and more cost-effective to extract hemp oil, refine hemp fibre, and develop hemp-based products. These advancements are increasing the commercial viability of industrial hemp.
Government Support: Several governments around the world are recognising the potential of industrial hemp and providing regulatory support to encourage its cultivation and use. In the United States, for example, the 2018 Farm Bill legalized the cultivation of hemp for commercial purposes, fostering market growth.
Diversified Applications: The industrial hemp market is expanding beyond traditional applications in textiles and food. Hemp-based plastics, biocomposites, and pharmaceutical products are emerging as new growth areas, offering additional revenue streams for companies in the market.
Industrial Hemp Market Forecast
The global industrial hemp market is forecasted to grow at a CAGR of 19% during the period from 2024 to 2032. By the end of 2032, the market is expected to reach USD 28,706.33 million. This robust growth will be driven by the increasing demand for sustainable products, technological innovations, and expanding applications of hemp in various industries, including textiles, construction, personal care, and pharmaceuticals.
The market’s growth potential is further supported by regulatory reforms, which are expected to reduce barriers to entry and foster innovation in the hemp space.
Competitor Analysis
Hemp Inc: A major player in the hemp industry, Hemp Inc is involved in producing a variety of hemp-based products, including hemp fibre, hemp seeds, and hemp oil.
Bombay Hemp Company Private Limited (BOHECO): BOHECO is a leading player in India’s hemp market, focusing on creating sustainable hemp-based products in the textiles, wellness, and construction sectors.
HPS Food & Ingredients Inc.: A key supplier of hemp-based food ingredients, HPS is expanding its product range to meet growing demand in the health-conscious food market.
Unrivaled Brands, Inc.: Known for its innovative approach to hemp-based products, Unrivaled Brands is a major player in the market, focusing on wellness and personal care products.
Others: Other notable companies in the market include Aurora Cannabis Inc., Canopy Growth Corporation, and Tilray, which are involved in both the recreational and industrial applications of hemp.
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