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Comprehensive Hemp Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Hemp Global Market Report 2025
The size of the hemp market has undergone significant expansion in recent years. Predictions indicate a growth from $7.12 billion in 2024 to $8.6 billion in 2025, experiencing a compound annual growth rate (CAGR) of 20.8%. The preceding growth can be credited to the escalating demand for textiles made from hemp, the surging popularity of products containing cb*d* derived from hemp, increasing awareness of the environmental advantages of hemp, the demand for sustainable and organic products, and an increase in industrial uses of hemp fiber.
In the forthcoming years, the hemp market is projected to experience significant growth. The market is anticipated to expand to $18.15 billion by 2029, with a compound annual growth rate (CAGR) of 20.5%. This growth during the predicted period can be linked to the increased funding in hemp research and development, its growing use in the automotive industry, the increasing demand for plant-based protein, consumer interest in eco-friendly materials, and the use of hemp in pharmaceutical applications. The forecast period will likely see key trends such as the use of hempcrete in sustainable construction, the integration of hemp in textile and fashion innovations, the development of hemp-based pharmaceutical products, improvements in hemp crop genetics for enhanced yield, and the creation of new food products derived from hemp.
What Is Stimulating Growth in the Hemp Market?
The escalating need for organic and natural products is forecasted to spur the expansion of the hemp market. An organic and natural product contains ingredients sourced from nature, devoid of synthetic chemicals, pesticides, or Genetically Modified Organisms (GMOs), in line with organic farming practices. It's the heightened awareness amongst consumers regarding health and environmental issues that fuel this rising preference for natural and organic products. Hemp affords an organic and natural product as its cultivation does not involve synthetic chemicals. It supports environmental sustainability and provides eco-friendly, versatile materials and nutrients. For example, in May 2023, a report from the Organic Trade Association, an American business association, stated that organic food sales in the US had exceeded $60 billion in 2022, marking the first-ever instance. The total organic sales, which included both food and non-food items, hit a record-breaking value of $67.6 billion. Organic produce alone contributed $22 billion, accounting for 15% of the total sales of fruits and vegetables in the nation. Hence, the heightened demand for organic and natural products is bolstering the hemp market's growth.
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Which Key Market Leaders Are Driving Hemp Industry Growth?
Major companies operating in the hemp market are Tilray Brands Inc., Konoplex LLC, Liaoning Qiaopai Biotech Co. Ltd., Aurora cannabis* Inc., 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
What Are the Emerging Trends in the Hemp Industry?
Leading players in the hemp industry are concentrating on launching hemp-derived products such as menstrual pads, aiming to deliver a sanitary, absorbent, and comfortable method of managing menstrual cycles while guaranteeing ease and safety. The utilization of hemp in menstrual pads is due to its environmental-friendly, absorbent, and antimicrobial characteristics, acting as a sustainable and cozy replacement for conventional materials. For example, Mewalii, a Denmark-based creator of eco-friendly disposable pads, in February 2024, unveiled menstrual pads derived from Sero renewable hemp fibers. These Mewalii Menstrual Pads come with a 100% hemp fiber core and a topsheet that combines hemp with viscose for added plushness and absorbency. Mechanical methods are used to soften the hemp fibers to ensure complete biodegradability. The pads use hemp instead of cotton reducing water, pesticide, and land utilization and capitalizing on hemp's low ecological footprint and effective carbon capture.
What Are the Main Segments in the Hemp Market?
The hempmarket covered in this report is segmented -
1) By Product Type: Hemp Seed, Hemp Oil, Hemp Fiber
2) By Source: Conventional, Organic
3) By Farm: Outdoor, Indoor
4) By Application: Food And Beverages, Textiles, Personal Care And Cosmetics, Pharmaceuticals, Automotive, Construction, Other Applications
Subsegments:
1) By Hemp Seed: Whole Hemp Seeds, Shelled Hemp Seeds, Hemp Seed Protein Powder, Hemp Seed Oil
2) By Hemp Oil: Refined Hemp Oil, Unrefined Hemp Oil, Hemp Seed Oil, cb*d* Hemp Oil
3) By Hemp Fiber: Long Hemp Fiber, Short Hemp Fiber, Hemp Fiber Products, Hemp Fiber For Paper Production
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Which Geographic Area Leads the Hemp Market?
North America was the largest region in the hemp market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hemp market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Hemp Global Market Report?
- Market Size Analysis: Analyze the Hemp Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Hemp Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Hemp Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Hemp Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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