Press release
Industrial Hemp Market Valued at USD 11.16 Billion in 2023, Set to Reach USD 88.42 Billion by 2030
Industrial Hemp Market
The global industrial hemp market is projected to expand from USD 11.16 billion in 2023 to an impressive USD 88.42 billion by 2030, registering a robust CAGR of 34.4% during the forecast period. This significant growth is primarily driven by increasing demand across various industries and progressive legalization initiatives worldwide.
Curious to peek inside? Grab your sample copy of this report now:https://www.maximizemarketresearch.com/request-sample/33440/
Market Growth Drivers and Opportunities
The burgeoning demand for industrial hemp is largely attributed to its versatile applications across sectors such as food and beverages, personal care, textiles, and pharmaceuticals. Hemp seeds and hemp seed oil are gaining popularity due to their rich nutritional profiles, leading to their incorporation in health foods and dietary supplements. Additionally, the non-psychoactive compound , derived from hemp, is witnessing heightened utilization in wellness and pharmaceutical products, further propelling market expansion.
Legalization of industrial hemp cultivation in key markets has opened new avenues for industry stakeholders. Notably, the 2018 Farm Bill in the United States reclassified hemp, facilitating its cultivation and commercialization. Similarly, European nations are revising regulations to support hemp farming, recognizing its economic and environmental benefits. These legislative advancements are anticipated to reduce legal barriers, encourage investment, and stimulate market growth.
Eager to discover what's within? Secure your sample copy of the report today:https://www.maximizemarketresearch.com/request-sample/33440/
Segmentation Analysis
The industrial hemp market is categorized based on type, application, and source.
By Type: The market encompasses hemp seed, hemp seed oil, hemp oil, and hemp fiber. Hemp seeds are esteemed for their nutritional value, while hemp fibers are integral to textile and construction industries.
By Application: Industrial hemp finds applications in food and beverages, personal care products, textiles, pharmaceuticals, and more. The food and beverage sector leverages hemp for its health benefits, whereas the personal care industry incorporates hemp-derived ingredients for their therapeutic properties.
By Source: The cultivation of industrial hemp is divided into organic and conventional farming practices. Conventional methods currently dominate due to established agricultural infrastructure and practices.
Intrigued to explore the contents? Secure your hands-on sample copy of the report:https://www.maximizemarketresearch.com/request-sample/33440/
Country-Level Analysis
United States: Post-2018 Farm Bill, the U.S. has witnessed a surge in hemp cultivation, with applications spanning from health foods to industrial products. The country's robust research and development initiatives are fostering innovation in hemp-derived products.
Germany: As a leading European producer, Germany's hemp market is bolstered by a strong regulatory framework and growing consumer demand for sustainable products. The nation's emphasis on eco-friendly materials has amplified the adoption of hemp in various industries.
China: Holding the position as the world's largest hemp producer, China primarily focuses on hemp fiber for textiles and industrial applications. Government support and extensive cultivation expertise solidify China's dominance in the global hemp market.
Canada: With early legalization and a favorable climate, Canada has established a thriving hemp industry. The country's focus on hemp seeds and oil caters to the health food market, both domestically and internationally.
Australia: Recent legislative changes have permitted hemp cultivation, leading to a burgeoning industry. Australian producers are exploring hemp's potential in health foods and sustainable industrial materials.
For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/global-industrial-hemp-market/33440/
Competitive Analysis
The industrial hemp market is characterized by the presence of key players driving innovation and expansion. Notable companies include:
Curaleaf Holdings, Inc. (US): A prominent player in the U.S. market, Curaleaf has expanded its product line to include hemp-derived offerings, capitalizing on the growing consumer interest in products.
Green Thumb Industries (US): With a focus on wellness and consumer products, Green Thumb has integrated hemp into its portfolio, emphasizing quality and accessibility.
Canopy Growth Corporation (Canada): As a leader in the Canadian market, Canopy Growth has invested heavily in hemp cultivation and product development, aiming to meet the rising global demand.
Aurora Inc. (Canada): Aurora has diversified its operations to include hemp-derived products, leveraging its extensive distribution network to reach a broad consumer base.
The Cronos Group (Canada): Cronos has strategically expanded into the hemp market through acquisitions and partnerships, enhancing its product offerings in the wellness sector.
Recent developments in the industry include mergers and acquisitions aimed at consolidating market positions and expanding product lines. For instance, in October 2024, Canopy Growth Corporation acquired Wana Brands, a move that underscores the company's commitment to broadening its hemp-based product portfolio. Similarly, Aurora Inc. launched an expanded range of premium medical oils in Australia in partnership with MedReleaf Australia, indicating a strategic effort to tap into emerging markets.
Conclusion
The global industrial hemp market is on a trajectory of substantial growth, driven by increasing consumer demand for sustainable products, favorable legislative changes, and the versatile applications of hemp across various industries. As key players continue to innovate and expand their offerings, the market is poised to reach unprecedented heights by 2030, solidifying industrial hemp's role as a cornerstone of sustainable industrial solutions.
Latest cutting-edge research from Maximize Market Research is now trending:
♦ Global Cork Material Market https://www.maximizemarketresearch.com/market-report/global-cork-material-market/102822/
♦ Tea Polyphenols Market https://www.maximizemarketresearch.com/market-report/tea-polyphenols-market/147448/
♦ Caffeine Market https://www.maximizemarketresearch.com/market-report/caffeine-market/185261/
♦ Global Pulse Ingredients Market https://www.maximizemarketresearch.com/market-report/global-pulse-ingredients-market/28569/
♦ Baking Powder Market https://www.maximizemarketresearch.com/market-report/baking-powder-market/195112/
♦ Aquafeed Market https://www.maximizemarketresearch.com/market-report/global-aquafeed-market/31756/
♦ Global Plant-based Milk Market https://www.maximizemarketresearch.com/market-report/global-plant-based-milk-market/120224/
♦ Global Mezcal Market https://www.maximizemarketresearch.com/market-report/global-mezcal-market/36374/
♦ Hops Market https://www.maximizemarketresearch.com/market-report/hops-market/200296/
♦ Precision Fermentation Market https://www.maximizemarketresearch.com/market-report/precision-fermentation-market/195708/
Contact Maximize Market Research:
3rd Floor, Navale IT Park, Phase 2
Pune Banglore Highway, Narhe,
Pune, Maharashtra 411041, India
sales@maximizemarketresearch.com
+91 96071 95908, +91 9607365656
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Industrial Hemp Market Valued at USD 11.16 Billion in 2023, Set to Reach USD 88.42 Billion by 2030 here
News-ID: 3889984 • Views: …
More Releases from MAXIMIZE MARKET RESEARCH PVT. LTD.
Bangladesh Ceramics Tiles Market to Surpass USD 2.1 Billion by 2030, Fueled by a …
Bangladesh Ceramics Tiles Market size was valued at USD 882.56 Million in 2023 and the total Bangladesh Ceramics Tiles Market revenue is expected to grow at a CAGR of 13.71 % from 2024 to 2030, reaching nearly USD 2169.38 Million.
Bangladesh Ceramics Tiles Market Overview:
The Bangladesh ceramics tiles market is a vital component of the country's construction and building materials industry, driven by rapid urbanization, infrastructure development, and rising disposable incomes.…
Furfural Market to Reach Nearly USD 1 Trillion by 2030, Propelled by a 6.8% CAGR
Furfural Market size was valued at USD 630.2Mn in 2023. The Furfural Market revenue is growing at a CAGR of 6.8 % from 2023 to 2029, reaching nearly USD 998.30 Bn by 2030.
Furfural Market Overview:
The furfural market is centered around an organic compound derived primarily from agricultural byproducts such as corn cobs, sugarcane bagasse, and rice husks through a process of acid hydrolysis. As one of the oldest renewable chemicals,…
Chemical Protective Clothing Market Valued at USD 1.57 Bn in 2024, Projected to …
Chemical Protective Clothing Market size was valued at USD 1.57 Billion in 2024 and the total Chemical Protective Clothing revenue is expected to grow at a CAGR of 5.59% from 2025 to 2032, reaching nearly USD 2.42 Billion.
Chemical Protective Clothing Market Overview:
The Chemical Protective Clothing (CPC) market comprises garments and accessories specifically designed to shield workers from exposure to hazardous chemicals, liquids, and particulate matter across a wide range of…
Prefabricated Homes Market Valued at USD 18.58 Bn in 2024, Poised for 6.19% CAGR …
Prefabricated Homes Market size was valued at USD 18.58 Billion in 2024 and the total Prefabricated Homes revenue is expected to grow at a CAGR of 6.19% from 2025 to 2032, reaching nearly USD 30.04 Billion.
Prefabricated Homes Market Overview:
The prefabricated homes market, also known as modular or off-site construction, involves the manufacturing of building components in a controlled factory environment before their assembly at the final location. This method revolutionizes…
More Releases for Hemp
Hemp Juice Market Complete Survey 2021-2028: Hemp CBD Ltd., Sana Hemp Juice, Kam …
Hemp juice is basically obtained from the upper part as well as the leaves of a hemp plant. To extract this juice, most of the juice manufacturers utilized low-speed juicers. The hemp juice usually contains high Calcium, Phosphorus, Magnesium, Selenium, Vitamin E, Zinc, Iron, and Vitamin A. In addition to that, this juice further reduces the risk of many diseases and promotes health. Many individuals mostly preferred hemp juice owing…
Global Industrial Hemp Market Growing Popularity and Emerging - Industrial Hemp …
The “Industrial Hemp Market by Product (Seeds, Fiber, and Shivs) and by Application (Animal Care, Textiles, Automotive, Furniture, Food & Beverages, Paper, Construction Materials, Personal Care, and Others): Global Industry Perspective, Comprehensive Analysis,” A fundamental outline of the Industrial Hemp niche is presented by the Industrial Hemp report that entails definitions, classifications, applications together with industry chain framework. The Industrial Hemp report provides a far-reaching evaluation of necessary market dynamics…
Global Hemp Juice Market 2020 Future Trends - Blue Moon Hemp, Cloud 9 Hemp, HANO …
The “Hemp Juice Market by Nature (Organic and Conventional), by Form (Powder and Liquid), by End-Use (Household and Commercial), and by Distribution Channel (Direct Sales and Indirect Sales): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2” A fundamental outline of the Hemp Juice niche is presented by the Hemp Juice report that entails definitions, classifications, applications together with industry chain framework. The Hemp Juice report provides a far-reaching evaluation of…
Hemp Juice Market 2020 Top Companies- Sana Hemp Juice, Cloud 9 Hemp, Blue Moon H …
Hemp Juice Market
Hemp juice is extracted from the leaves and upper part of the hemp plant. Majority of the hemp juice manufacturers are using specialized low-speed juicers to extract the juice. Due to increasing stress and speed of modern life, our body strives for energy and revitalization. Intake of hemp juice leads to revitalization & rejuvenation of the body parts and restores as well as regenerates the healthy lifestyle among…
Hemp-based Foods Market Future Outlook : Manitoba Harvest Hemp Oil Canada, Braha …
For in depth understanding of market and competitive landscape, this Hemp-based Foods Market research report serves a lot of parameters and detailed data about industry. The Hemp-based Foods Market report offers you steadfast knowledge and information of revolutionizing market landscape, what already exists in the Hemp-based Foods Market, future trends or what the market expects, the competitive environment, and strategies to plan to outshine the competitors. This information and…
Hemp Market: Hemp Production Services, Manitoba Harvest Hemp Foods, All American …
A new market research report on the Global Hemp market has introduced by KD Market Insights. The report is dedicated to in-depth industry analysis of the global Hemp market. The Global Hemp analysis is broken down on different segmentation levels including Market By Product Type, By End Use, By Nature.
The Global Hemp Market accounted for USD XX.X Million in 2018. Further, the market is expected to reach to a…
