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Industrial Hemp Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Industrial Hemp Market
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According to The Business Research Company's, The industrial hemp market size has grown rapidly in recent years. It will grow from $6.12 billion in 2023 to $7.34 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%. The growth in the historic period can be attributed to increasing demand for hemp-based textiles, rising awareness of hemp's sustainability, growing use of hemp in construction materials, legalization of hemp cultivation in multiple countries, rising demand for hemp-derived CB*D products, increasing use of hemp in animal feed.
The industrial hemp market size is expected to see exponential growth in the next few years. It will grow to $15.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to expanding applications in the automotive sector, increased use of hemp in bioplastics, rising demand for hemp in the food and beverage industry, rising interest in sustainable agriculture, growing demand for hemp-based dietary supplements. Major trends in the forecast period include advancements in hemp cultivation techniques, expanding application of hemp in pharmaceutical industries, development of hemp-based packaging materials, integration of hemp in sustainable construction projects, advancements in genetic modification of hemp for higher yields.
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Market Drivers and Trends:
The increasing demand for sustainable and eco-friendly products is expected to propel the growth of the industrial hemp market going forward. Sustainable and eco-friendly products are goods designed to minimize environmental impact by using renewable resources, reducing waste, and promoting ecological balance. The increasing demand for sustainable and eco-friendly products is due to growing environmental awareness, regulatory pressures, consumer preference for green alternatives, and corporate commitments to reducing carbon footprints. Industrial hemp is known for its ability to grow rapidly with minimal resources. It requires fewer pesticides and herbicides than conventional crops, reducing chemical runoff and soil degradation. For instance, in March 2023, according to the NYU Stern Center for Sustainable Business (CSB), a US-based academic research center, sustainability-marketed products gained market share despite high inflation in 2022, making up 17.3% of purchases compared to conventionally marketed products, an increase of 0.3% from 2021. Therefore, the increasing demand for sustainable and eco-friendly products drives the industrial hemp market.
Major companies operating in the industrial hemp market are focused on developing innovative products, such as biochar derived from industrial hemp, to sequester carbon, improve soil health, and generate revenue through carbon credits while supporting sustainable agriculture. Biochar derived from industrial hemp enhances soil fertility and carbon sequestration, providing a sustainable solution that benefits both agriculture and the environment within the industrial hemp market. For instance, in June 2024, Hempalta Corp., a Canada-based agricultural technology company, launched a biochar. This product is a carbon-rich material produced from organic matter, such as industrial hemp, through pyrolysis, which involves heating biomass at high temperatures in an oxygen-limited environment to trap carbon. This results in a product that enhances soil fertility and health by increasing organic carbon, improving water retention, and promoting beneficial microbial activity. It also converts agricultural waste into a valuable resource that allows farmers to monetize their efforts through carbon credits, as biochar qualifies for carbon removal initiatives. This finds versatile applications in landscaping, construction as part of hempcrete, and environmental remediation, making it an eco-friendly solution that supports agricultural productivity and climate change mitigation.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Curaleaf Holdings Inc., Konoplex Group, Plains Industrial Hemp Processing Ltd., Manitoba Harvest Hemp Foods Information, Ecofibre Limited, Elixinol, HempFlax Group BV, PureHemp Technology, Zelios, Parkland Industrial Hemp Growers Cooperative Ltd., Marijuana Company of America Inc., IND HEMP LLC, Blue Sky Hemp Ventures Ltd., Bombay Hemp Company, Panda Biotech LLC, HempMeds Brasil, Hempro International GmbH, Dun Agro Hemp Group, Greenfield Paper Company, Hempco Food and Fiber Inc., Bast Fibre Technologies Inc., Treehouse Biotech, The Hemp Mine, Bastcore Inc., Bluebird Botanicals, South Hemp Tecno Srl
Industrial Hemp Market 2024 Key Insights:
• The industrial hemp market size is expected to see exponential growth in the next few years. It will grow to $15.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%.
• Rising Demand For Sustainable Products Fuels Industrial Hemp Market Growth
• Innovative Biochar Solutions Leveraging Industrial Hemp For Carbon Sequestration And Sustainable Agriculture
• North America was the largest region in the industrial hemp market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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