Hemp Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Hemp Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The hemp market size has grown exponentially in recent years. It will grow from $5.91 billion in 2023 to $7.12 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to increasing demand for hemp-based textiles, growing popularity of hemp-derived products, rising awareness of hemp's environmental benefits, demand for sustainable and organic products, and rise in industrial applications of hemp fiber.

The hemp market size is expected to see exponential growth in the next few years. It will grow to $15.08 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to increased investment in hemp research and development, growing adoption of hemp in the automotive industry, rising demand for plant-based protein sources, rising consumer interest in eco-friendly materials, and growth of hemp in pharmaceutical applications. Major trends in the forecast period include the adoption of hempcrete in sustainable construction, integration of hemp in textile and fashion innovation, development of hemp-based pharmaceuticals, advancements in hemp crop genetics for higher yield, and development of new hemp-derived food products.

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Market Drivers and Trends:

The increasing demand for natural and organic products is expected to propel the growth of the hemp market going forward. A natural and organic product is one made from ingredients that are derived from natural sources without synthetic chemicals, pesticides, or genetically modified organisms (GMOs) and is often produced following organic farming standards. Rising consumer awareness about health and environmental impacts drives the growing preference for natural and organic options. Hemp is used as a natural and organic product because it is grown without synthetic chemicals, is environmentally sustainable, and provides versatile, eco-friendly materials and nutrients. For instance, in May 2023, according to a report published by the Organic Trade Association, a US-based business association, organic food sales in the United States surpassed $60 billion for the first time in 2022, with overall organic sales, encompassing both food and non-food items, reaching a record high of $67.6 billion. Organic produce alone generated $22 billion, making up 15% of the country's total fruit and vegetable sales. Therefore, the increasing demand for natural and organic products is driving the growth of the hemp market.

Major companies operating in the hemp market are focusing on the development of hemp-based products, such as period pads, to provide a hygienic, absorbent, and comfortable solution for managing menstrual flow while ensuring convenience and protection. Hemp is used in period pads for its eco-friendly, absorbent, and antimicrobial properties, offering a sustainable and comfortable alternative to traditional materials. For instance, in February 2024, Mewalii, a Denmark-based developer of sustainable disposable pads, launched period pads made from Sero regenerative hemp fibers. The Mewalii Period Pads feature a core of 100% hemp fibers and a topsheet that blends hemp with viscose for added softness and absorbency. The hemp fibers are softened through mechanical methods to ensure full biodegradability. By using hemp instead of cotton, these pads minimize water, pesticide, and land use while also leveraging hemp's low environmental impact and effective carbon sequestration.

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Major Key Players of the Market:

Tilray Brands Inc., Konoplex LLC, Liaoning Qiaopai Biotech Co. Ltd., Aurora Ecofibre Limited, ENDOCA BV, CV Sciences Inc., Navitas Organics, Elixinol LLC, US Hemp Wholesale, HempFlax Group BV, Colorado Hemp Works, Bast Fibre Technologies Inc., Dun Agro Hemp Group, GFR Ingredients Inc., Hemp Inc., HempMeds PX LLC, MH Medical Co. Ltd., The Hemp Mine, Valley Bio Ltd., Green Source Organics, Kazmira LLC

Hemp Market 2024 Key Insights:

• The hemp market size is expected to see exponential growth in the next few years. It will grow to $15.08 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%.
• Rising Demand For Natural And Organic Products Fuels Growth In The Hemp Market
• Innovations In Hemp-Based Period Pads
• North America was the largest region in the hemp market in 2023

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