The global industrial hemp market, valued at USD 7.90 billion in 2023, is set for remarkable growth, projected to reach USD 9.47 billion in 2024 and skyrocket to USD 47.82 billion by 2032. This robust expansion, driven by a compound annual growth rate (CAGR) of 22.44%, is largely attributed to the legalization of medical cannabis in over 30 countries, including Australia, Argentina, Brazil, Canada, Colombia, Germany, Ireland, and Denmark.
Industrial hemp, a variety of cannabis known for its non-psychoactive properties, is cultivated in more than 30 countries for its seeds and stalks, which serve a wide range of industrial applications. Hemp seeds are widely utilized in the food and personal care industries, as well as in the production of paints and chemicals. In contrast, hemp stalks are processed into bast fiber and hurd fiber. Bast fiber is predominantly used in consumer and technical textiles, while hurd fiber is utilized in construction, paper manufacturing, and the automotive industry.
The growing demand across industries such as food and beverages, textiles, and dietary supplements is a major driver of the industrial hemp market. Renowned for its nutritional value and eco-friendly properties, industrial hemp has become increasingly popular among health-conscious consumers. Health and wellness trends are fueling the demand for hemp-based foods, dietary supplements, and hemp oil, with the latter gaining traction in cosmetics and personal care products due to its antioxidant properties. This shift toward health-focused and sustainable products is a key factor underpinning the rapid growth of the industrial hemp market.
Information Source: https://www.fortunebusinessinsights.com/industrial-hemp-market-102459
List of Key Players Mentioned in the Report:
Segmentation:
Conventional Segment to Drive Market Growth Due to Expanding Applications
The industrial hemp market is segmented by source into organic and conventional categories. The conventional segment is expected to dominate due to its broad applications in industries such as paper, textiles, and automotive manufacturing.