Press release
Hemp Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Hemp
The surge in interest for natural and organic goods is anticipated to augment the hemp market's expansion in the future. A natural and organic product is defined as one created from ingredients sourced from nature without the use of synthetic chemicals, pesticides, or genetically modified organisms (GMOs). Such products are typically cultivated in adherence with organic farming criteria. The escalating consumer consciousness about health and environmental ramifications is fuelling the rising predilection for natural and organic alternatives. Hemp is employed as a natural and organic product since it is raised without any manufactured chemicals, is ecologically sustainable, and offers multipurpose, environmentally-friendly materials and nutrients. For instance, in May 2023, a report from the Organic Trade Association, a US-based commerce association, stated that organic food sales in the United States exceeded $60 billion in 2022 for the first time. In the same report, it was highlighted that total organic sales, which include both food and non-food products, attained a record-breaking high of $67.6 billion. The organic produce alone contributed $22 billion, accounting for 15% of the total fruit and vegetable sales in the nation. Hence, the surging demand for natural and organic goods is propelling the expansion of the hemp market.
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What is the future CAGR of the hemp market, and how will it impact industry expansion?
In recent years, the dimension of the hemp market has seen a significant boost. It's projected to surge from $7.12 billion in 2024 to $8.6 billion in 2025, marking a compound annual growth rate (CAGR) of 20.8%. This growth during the historical period is linked to the rising demand for hemp-based fabrics, the burgeoning popularity of hemp-derived products, a growing consciousness about hemp's ecological advantages, an uptick in the demand for organic and sustainable products, and an increase in the industrial uses of hemp fiber.
In the forthcoming years, the hemp market is predicted to experience considerable growth, reaching $18.15 billion in 2029 with a compound annual growth rate (CAGR) of 20.5%. This growth during the forecasted period can be traced back to factors such as increased financial support for hemp-related research, a growing demand for hemp in the automotive sector, the popularity of plant-based proteins, a surge in consumer interest for eco-friendly materials and pharmaceutical uses of hemp. Major trends projected for the forecasted period include sustainable construction utilization of hempcrete, implemention of hemp in groundbreaking textile and fashion concepts, creation of medicines based on hemp, improvements relating to hemp crop genetic engineering for enhanced yield, and introduction of new food items derived from hemp.
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What are the most significant trends transforming the hemp market today?
The leading entities in the hemp market are strategically focusing on creating hemp-based goods, including period pads, as a sanitary, absorbent, and pleasant solution for managing menstrual flows. This enhances convenience and protection. The use of hemp in period pads offers advantages such as being eco-friendly, absorbent, and having antimicrobial qualities. This provides a sustainable and comfortable substitute to conventional materials. For instance, Mewalii, a Denmark-originated company that specializes in sustainable disposable pads, launched their own version of period pads made of Sero regenerative hemp fibers in February 2024. The Mewalii Period Pads contain a 100% hemp fiber core and a topsheet combining hemp with viscose to ensure added softness and absorbency. The hemp fibers are softened using mechanical processes to promote complete biodegradability. Utilizing hemp instead of cotton in these pads lessens water, pesticide, and land use, taking advantage of hemp's minimal environmental impact and efficient carbon capture.
Which key market segments comprise the hemp market and drive its revenue growth?
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, Hemp Oil
3) By Hemp Fiber: Long Hemp Fiber, Short Hemp Fiber, Hemp Fiber Products, Hemp Fiber For Paper Production
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What regions are at the forefront of hemp market expansion?
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.
Who are the leading players fueling growth in the hemp market?
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
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What Is Covered In The Hemp Global Market Report?
•Market Size Forecast: Examine the hemp market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the hemp market for a structured understanding.
•Key Players Overview: Analyze major players in the hemp market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the hemp market.
•Segment Contributions: Evaluate how different segments drive overall growth in the hemp market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the hemp market.
•Industry Challenges: Identify potential risks and obstacles affecting the hemp market.
•Competitive Landscape: Review strategic developments in the hemp market, including expansions, agreements, and new product launches.
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