Industrial Hemp Market To Reach $16.82 Billion By 2030

January 2024 | Report Format: Electronic (PDF)

Industrial Hemp Market Growth & Trends 

The global industrial hemp market size was valued at USD 16.82 billion in 2030 and is expected to grow at a compound annual growth rate (CAGR) of 17.5% from 2024 to 2030. The rising product demand from industries, such as agriculture, textiles, personal care, recycling, furniture, food & beverage, paper, and construction materials, is projected to propel market growth. Hemp is increasingly being used in medicinal products and nutritional supplements. The high nutritional values and beneficial fatty acid and protein profile of hemp are driving the demand for hemp products in the market. In addition, hemp oil is used in shampoos, soaps, lotions, bath gels, and other cosmetics, further benefiting the industry growth.

The strength to weight ratio, high tensile strength, and flexural strength of industrial hemp offer desired benefits in bio-composites for automotive parts, fiberboard, aerospace, and packaging. Furthermore, the product demand from the textile, paper, and building materials markets is growing on account of its favorable acoustic and aesthetic properties. The rising demand for eco-friendly products in construction materials, fiberglass alternatives, thermal insulation, and automotive products is expected to promote market growth. The growing demand for technical products, such as varnishes, oil paints, fuel, solvents, chain-saw lubricants, printing inks, putty, and coatings, is expected to have a positive impact on the market growth.

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Industrial Hemp Market Report Highlights

  • The seeds product segment accounted for the maximum revenue share in 2023 owing to the increased product usage in nutritional supplements &medicinal and therapeutic products, such as pharmaceuticals

  • The product demand in the personal care industry is anticipated to grow at the fastest CAGR from 2024 to 2030 as it increases the skin’s natural ability to retain moisture

  • The market for industrial hemp in North America is expected to grow at the fastest CAGR from 2024 to 2030 owing to the legalization of hemp production coupled with the technological advancements in harvesting and use of hemp fiber and hurds

  • Asian countries, such as China, have a significant tradition of hemp production and exports, which has allowed these countries to dominate the global market

Industrial Hemp Market Segmentation

Grand View Research has segmented the global Industrial Hemp Market report based on product, application, and region

Industrial Hemp Product Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

  • Seeds

  • Fiber

  • Shivs

Source Outlook (Volume, Tons; Revenue, USD Million; 2018 - 2030)

  • Conventional

  • Organic

Industrial Hemp Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

  • Animal Care

  • Textiles

  • Automotive

  • Furniture

  • Food & Beverages

  • Paper

  • Construction Materials

  • Personal Care

  • Other

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

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Spain

    • Italy

    • The Netherlands

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • New Zealand

  • Central & South America

    • Brazil

  • Middle East & Africa

List of Key Players in Industrial Hemp Market

  • Parkland Industrial Hemp Growers Cooperative Ltd.

  • CBD Biotechnology Co.

  • Botanical Genetics, LLC

  • Marijuana Company of America Inc.

  • HempMeds Brasil

  • Terra Tech Corp.

  • American Cannabis Company, Inc.

  • HempFlax B.V.

  • Industrial Hemp Manufacturing, LLC

  • American Hemp

  • Hemp, Inc.

  • Boring Hemp Company

  • Plains Industrial Hemp Processing Ltd.

  • Ecofiber Industries Operations

  • Valley Bio Limited

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