Industrial Hemp Market is predicted to reach USD 8.8 billion at a CAGR of 22.5% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Industrial Hemp Market”.

Market Research Future (MRFR) has published a cooked research report on the “Global Industrial Hemp Market” that contains information from 2018 to 2032. The industrial hemp market is estimated to register a CAGR of 22.5% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global industrial hemp market— Marijuana Company of America Inc. (US), Cronos Group Inc. (Canada), Ecofibre Limited (Australia), Green Thumb Industries (US), Curaleaf Holdings Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA (Germany), Dun Agro Hemp Group (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), and MH Medical Hemp GmbH (Germany).

Market Highlights

The global Industrial Hemp market is accounted to register a CAGR of 22.5% during the forecast period and is estimated to reach USD 8.8 billion by 2032.

The market dynamics of industrial hemp are characterized by a convergence of regulatory shifts, increasing consumer demand for sustainable products, and the versatile applications of the hemp plant. Legalization and regulatory changes play a pivotal role, with countries embracing the cultivation of industrial hemp, recognizing its economic potential and sustainability benefits. As a result, the industry experiences a broader scope for research, development, and commercialization. Rising consumer interest in natural and eco-friendly alternatives further propels market growth, with industrial hemp positioned as a sustainable resource for diverse sectors. The demand is not only driven by the production of popular CBD-based products but also by the plant's applications in textiles, construction materials, biofuels, and more. The dynamic interplay of regulatory support, environmental consciousness, and product diversification contributes to a rapidly evolving industrial hemp market, presenting opportunities for stakeholders across the agricultural, manufacturing, and retail sectors.

Access full report @ https://www.marketresearchfuture.com/reports/industrial-hemp-market-11625

Segment Analysis

The global industrial hemp market has been segmented based type, source, and application.

On the basis of type, the market is segmented into Hemp seed, Hemp seed oil, CBD hemp oil, Hemp bast, and Hemp hurd. The Hemp seed oil segment dominated the market 2022. Due to the hemp is considered a more sustainable option compared to some traditional crops.

Based on source, the global Industrial market is segmented into conventional and organic. The organic category generated the most revenue in 2022. Ongoing research into the various applications of hemp and its compounds contributes to the industry's growth. Scientific advancements and a better understanding of the plant's properties can lead to new products and innovations.

Based on application, the global Industrial Hemp market has been segmented into Food & Beverages, Textiles, Pharmaceuticals, Personal Care Products, Animal Nutrition, Paper, Construction Materials, and Others. The Textiles category generated the most revenue in 2022 due to the legalization and regulatory changes and diversification of products.

Regional Analysis

The global industrial hemp market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe industrial hemp market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The industrial hemp market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World industrial hemp market comprises of Middle East, Africa, and Latin America.

The largest market share for industrial hemp was maintained by the North American regional sector. In North America, the industrial hemp market has witnessed significant growth, fueled by progressive regulatory changes and a burgeoning interest in hemp-derived products. The passage of the U.S. Farm Bill in 2018 marked a pivotal moment, legalizing hemp cultivation at the federal level and catalyzing the expansion of the industry. The United States and Canada have emerged as key players in the cultivation, processing, and commercialization of industrial hemp, with a focus on CBD production.

Moreover, the Europe market has been persistently growing over the forecast period. Europe has established itself as a hub for industrial hemp, with a long history of hemp cultivation and utilization. The European Industrial Hemp Association (EIHA) actively promotes the interests of the industry, advocating for favorable regulations and sustainable practices. European countries, including France, Germany, and the Netherlands, have witnessed a resurgence in hemp farming, driven by the demand for CBD, as well as hemp-based construction materials and textiles.

Additionally, due to the industrial hemp is experiencing varying degrees of acceptance and development. Countries such as China and Australia have shown increased interest in hemp cultivation, leveraging the plant's diverse applications. China, in particular, has a rich history of hemp use, and recent regulatory changes have opened up opportunities for industrial hemp cultivation on a larger scale. The region is witnessing a growing awareness of hemp's potential in textiles, cosmetics, and food products.

Furthermore, in the rest of the world, the industrial hemp market is characterized by a mix of regulatory frameworks and cultural attitudes. Some regions are exploring the economic and environmental benefits of hemp cultivation, while others face stricter regulations or historical stigmas. South American countries, including Uruguay and Colombia, have made strides in hemp cultivation, driven by favorable climates and regulatory changes. African nations are also exploring the potential of industrial hemp, recognizing its value in agriculture and sustainable development.

Key Findings of the Study

• The global Industrial Hemp market is expected to reach USD 8.8 billion by 2032, at a CAGR of 22.5% during the forecast period.


• The North America region accounted for the fastest-growing global market due to the increasing demand for sustainable and eco-friendly products


• Based on application, the textile category generated the most revenue in 2022. The important in driving demand for hemp-based products in countries with large populations and growing economies.


• Marijuana Company of America Inc. (US), Cronos Group Inc. (Canada), Ecofibre Limited (Australia), Green Thumb Industries (US), Curaleaf Holdings Inc. (US), GenCanna (US), HempFlax BV (Netherlands), Konoplex Group (Russia), Hemp Oil Canada (Canada), BAFA (Germany), Dun Agro Hemp Group (Netherlands), Colorado Hemp Works (US), Canah International (Romania), South Hemp Tecno (Italy), and MH Medical Hemp GmbH (Germany).