The global industrial hemp market size is expected to reach USD 12.01 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.2% from 2021 to 2028. The upscaling utilization of hemp oil in food and beverage products for its dietary benefits is expected to increase the demand for hemp over the forecast period.
Population growth, coupled with the rising per capita disposable income, is expected to result in the increased demand for high-quality cosmetics, personal care products, protein supplements, and other health food products. These factors are expected to drive the market over the projected period.
Industrial hemp cultivation, harvesting, and processing are associated with increasing research and development activities to develop new genetic improvements, perfect agronomy, improved technologies to obtain a high yield, and premium quality products. Moreover, investments in research & development for enhanced performance in cancer treatments have offered growth prospects to the hemp industry.
Industrial hemp is an agricultural commodity and is highly dependent on climatic conditions, regulatory tolerance, and the availability of labor. Countries such as China, the world’s leading producer of hemp, have never restricted hemp production and have an advantage of inexpensive labor. However, oversupply is likely to be a major concern for the manufacturers over the forecast period.
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Based on product, seeds accounted for the largest volume share of over 40.0% in 2020 owing to the ascending demand for hemp grain to obtain seed, oil, and food matter for the food and nutraceutical markets on account of the high fatty acid content and nutritional value
By application, the textiles segment held the largest revenue share in 2020 on account of the strong, hypo-allergic, and UV light resistant characteristics of hemp fibers
The personal care application segment accounted for the second-largest revenue share in 2020 owing to the high consumption of hemp oil in the body and personal hygiene products, including soap, shampoo, body lotions, and hair care products
The market in North America is expected to register the fastest volume-based CAGR of 21.2% over the forecast period owing to the rising demand for hemp in the automotive industry for manufacturing panels and as an alternative to fiberglass
Major players in the industry focus on research & development activities to develop new varieties of the crop, full utilization of hemp crop, processing methods, and technologies used for processing to gain a greater market share
Grand View Research has segmented the global industrial hemp market on the basis of product, application, and region:
Industrial Hemp Product Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)
Industrial Hemp Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)
Food & Beverages
Industrial Hemp Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Industrial Hemp Market
Parkland Industrial Hemp Growers Cooperative Ltd.
CBD Biotechnology Co.
Botanical Genetics, LLC
Marijuana Company of America Inc.
Terra Tech Corp.
American Cannabis Company, Inc.
Industrial Hemp Manufacturing, LLC
Boring Hemp Company
Plains Industrial Hemp Processing Ltd.
Ecofiber Industries Operations
Valley Bio Limited
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