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Industrial Hemp Market on Track for Strong Growth, Estimated to Grow at 19.9% CAGR Through 2029
Industrial Hemp Market
What Is the Expected CAGR for the Industrial Hemp Market Through 2025?
The market size for industrial hemp has seen a significant upsurge in the past few years. It is anticipated to amplify from $7.34 billion in 2024 to $8.83 billion in 2025, with a compound annual growth rate (CAGR) of 20.4%. The surge during the historical period is due to escalating demand for textiles derived from hemp, enhanced understanding of hemp's sustainability, wider application of hemp in building materials, approval of hemp farming in several countries, increasing demand for products made from hemp-derived CB*D, and a rise in the usage of hemp in animal feed.
What's the Projected Size of the Global Industrial Hemp Market by 2029?
Expectations for the industrial hemp market indicate a swift expansion in the upcoming years, with predictions projecting a surge to $18.3 billion by 2029, a compound annual growth rate (CAGR) of 20.0%. This anticipated growth during the forecast timeframe can be tied to the broadening use of hemp in the automobile sector, a surge in hemp utilisation in bioplastics, increased demand for hemp within the food and drink industry, a growing appeal for sustainable agriculture, and an escalated demand for hemp-focused dietary supplements. Noteworthy trends for the forecast period involve progress in hemp farming methodologies, widening hemp application in the medicinal sector, creation of hemp-centred packaging materials, the inclusion of hemp into sustainable construction initiatives, and breakthroughs in genetic engineering to boost hemp yields.
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Top Growth Drivers in the Industrial Hemp Industry: What's Accelerating the Market?
The burgeoning need for products that are sustainable and environmentally friendly is anticipated to fuel the expansion of the industrial hemp market. Goods that are meant to limit environmental damage through the use of renewable resources, waste reduction, and the support of ecological equilibrium are classified as sustainable and eco-friendly products. The escalating demand for these products stems from rising environmental cognizance, regulatory impositions, consumer inclination towards green alternatives, and business endeavors to cut down on their carbon footprints. Industrial hemp is notable for its rapid growth while consuming minimal resources. It needs fewer pesticides and herbicides than standard crops, which minimizes chemical runoff and soil deterioration. As an illustration, the NYU Stern Center for Sustainable Business (CSB), a research center based in the U.S, highlighted in March 2023 that despite towering inflation in 2022, products marketed as sustainable increased their market share, accounting for 17.3% of purchases as opposed to traditionally marketed goods, marking an uplift of 0.3% from 2021. Consequently, the escalating demand for sustainable and environmentally friendly products is steering the industrial hemp market.
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What Trends Will Shape the Industrial Hemp Market Through 2029 and Beyond?
Companies that have a major presence in the industrial hemp market are concentrating their efforts on the creation of innovative products such as industrial hemp-derived biochar. The aim is to sequester carbon, enhance soil condition, and generate profit from carbon credits, all while promoting sustainable farming practices. This kind of biochar increases the fertility of the soil and sequesters carbon, introducing a sustainable solution that is advantageous to both farming and environmental health in the industrial hemp market. For example, in June 2024, Hempalta Corp., a Canadian agri-tech company, debuted its biochar product. It is a carbon-heavy material made from organic substances like industrial hemp using pyrolysis, a process of heating biomass at high temperatures in limited oxygen to capture carbon. The end product boosts soil fertility and health by multiplying organic carbon, enhancing the soil's capacity to retain water, and encouraging beneficial microbial activity. Furthermore, it turns farming waste into a substantial resource, giving farmers the chance to earn from their endeavors through carbon credits as biochar meets the requirements for carbon removal schemes. This product is versatile, finding uses in landscaping, as a component of hempcrete in construction, and in environmental cleanup, marking it as an environmentally-friendly solution that fosters agricultural productivity and aids in addressing climate change.
What Are the Main Segments in the Industrial Hemp Market?
The industrial hempmarket covered in this report is segmented -
1) By Type: Hemp Seed, Hemp Seed Oil, Cannabidio*l (CB*D) Hemp Oil, Hemp Bast, Hemp Hurd
2) By Source: Conventional, Organic
3) By Application: Food And Beverages, Textiles, Pharmaceuticals, Personal Care Products, Animal Nutrition, Paper, Construction Materials, Other Applications
Subsegments:
1) By Hemp Seed: Whole Hemp Seeds, Hulled Hemp Seeds, Hemp Seed Protein Powder
2) By Hemp Seed Oil: Cold-Pressed Hemp Seed Oil, Refined Hemp Seed Oil, Hemp Seed Oil Capsules
3) By Cannabidio*l (CB*D) Hemp Oil: Full-Spectrum CB*D Oil, Broad-Spectrum CB*D Oil, CB*D Isolate Oil
4) By Hemp Bast: Hemp Fiber, Hemp Textiles, Hemp Composites
5) By Hemp Hurd: Hemp Hurd For Bio-composites, Hemp Hurd For Animal Bedding, Hemp Hurd For Biofuels
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Which Top Companies are Driving Growth in the Industrial Hemp Market?
Major companies operating in the industrial hemp marker are Curaleaf Holdings Inc., Aurora cannabis* 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
Which Regions Will Dominate the Industrial Hemp Market Through 2029?
North America was the largest region in the industrial hemp market in 2024. The regions covered in the industrial hemp marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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