Middle East & Africa Industrial Hemp Market Size & Outlook
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MEA industrial hemp market highlights
- The MEA industrial hemp market generated a revenue of USD 186.8 million in 2023.
- The market is expected to grow at a CAGR of 9.4% from 2024 to 2030.
- In terms of segment, seeds was the largest revenue generating product in 2023.
- Seeds is the most lucrative product segment registering the fastest growth during the forecast period.
MEA data book summary
| Market revenue in 2023 | USD 186.8 million |
| Market revenue in 2030 | USD 348.2 million |
| Growth rate | 9.4% (CAGR from 2024 to 2030) |
| Largest segment | Seeds |
| Fastest growing segment | Seeds |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Seeds, Fiber, Shives |
| Key market players worldwide | Marijuana Company of America Inc, Medical Marijuana Inc, Tetra Tech Inc, American Medical Technologies Inc, Hemp Inc, Ecofibre Ltd Ordinary Shares |
Other key industry trends
- In terms of revenue, MEA region accounted for 3.4% of the global industrial hemp market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- North America is the fastest growing regional market and is projected to reach USD 6,967.4 million by 2030.
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Industrial Hemp Market Scope
Industrial Hemp Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Ecofibre Ltd Ordinary Shares | View profile | - | 680 George Street, Level 12, Sydney, NSW, Australia, 2000 | https://www.ecofibre.com |
| Hemp Inc | View profile | - | 7380 S. EASTERN AVE., No. 124-342, Las Vegas, NV, United States, 89123 | https://www.hempinc.com |
| Medical Marijuana Inc | View profile | 85 | 2384 La Mirada Drive, Vista, CA, United States, 92081 | https://www.medicalmarijuanainc.com |
| Marijuana Company of America Inc | View profile | 7 | 633 West 5th Street, Suite 2826, Los Angeles, CA, United States, 90071 | http://www.marijuanacompanyofamerica.com |
| American Medical Technologies Inc | View profile | 14 | 5556 Bear Lane, Corpus Christi, TX, United States, 78405 | - |
| Tetra Tech Inc | View profile | 27000 | 3475 East Foothill Boulevard, Pasadena, CA, United States, 91107 | https://www.tetratech.com |
Middle East & Africa industrial hemp market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to industrial hemp market will help companies and investors design strategic landscapes.
Seeds was the largest segment with a revenue share of 44.65% in 2023. Horizon Databook has segmented the Middle East & Africa industrial hemp market based on seeds, fiber, shives covering the revenue growth of each sub-segment from 2018 to 2030.
Middle East & Africa consume significant amount of industrial hemp in the form of fiber and seed. The tropical climatic conditions in the region is expected to drive the demand for hemp fiber as an insulation material on account of its thermodynamic and biodegradable characteristics.
However, the market is majorly affected by stringent government regulations in several countries including Tunisia, Syria, Turkey, UAE, among many other to cultivate and posses industrial hemp.
On account of several benefits associated with industrial hemp, in 2015 some Middle Eastern countries such as Jordon, Morocco have legalized hemp cultivation is expected to satisfy rising demand from pharmaceutical industry over the forecast period.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa industrial hemp market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa industrial hemp market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Middle East & Africa Industrial Hemp Market Outlook Share, 2023 & 2030 (US$M)
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