Hemp Market, By Product (Seeds, Fiber, and Shivs), By Application (Animal Care, Textiles, Automotive, Furniture, Food and Beverages, Paper, Construction Materials, and Personal Care), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2034

Hemp Market was valued at USD 7.9 Billion in 2024 and is projected to grow at a CAGR of 15.9% to reach USD 30.2 Billion by 2034.

Human use of hemp has a long history and it is a plant that is both adaptable and sustainable. Its production may help make the future more environmentally friendly because its fibres, seeds, and oils have several uses in a variety of businesses. The cultivation of hemp has been legalized or regulated in many countries and regions around the world. This shift in legislation has opened up new opportunities for farmers, entrepreneurs, and researchers to explore the various applications of hemp.

The combination of changing regulations, increasing demand for CBD, sustainability concerns, innovation, economic opportunities, and improved public perception has fueled the rapid growth of Hemp Market. As more countries and regions embrace hemp cultivation, it is expected that the industry will continue to expand and diversify in the coming years.

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Increasing Consumer Demand

A significant driver has been the rise in consumer interest in goods made from hemp, such as CBD food products, oils, nutritional supplements, and skincare. Customers are looking for natural and plant-based substitutes, and hemp's alleged health and wellness advantages have fueled the growth in demand. Consumers are increasingly prioritizing their health and well-being, seeking natural and plant-based alternatives. Hemp-derived products, particularly CBD, have gained popularity for their potential therapeutic benefits, such as pain relief, stress reduction, and improved sleep. Consumers are actively seeking out CBD products and incorporating them into their wellness routines.

Diverse Applications and Innovation

The versatility of hemp and its potential applications across various industries, such as textiles, construction, biofuels, cosmetics, and medicine, have been driving market growth. Ongoing research and innovation in utilizing different parts of the hemp plant, such as fibers, seeds, and extracts, have expanded its potential applications and product offerings.  

Restrains:

Limited research can create uncertainty around the efficacy and safety of certain hemp-derived products, which can impact consumer trust and market growth. The hemp industry requires adequate infrastructure and processing facilities for cultivation, harvesting, and processing hemp into various products. The lack of infrastructure and processing capacity in certain regions can hinder the growth of the market and create logistical challenges for farmers and businesses.

Hemp Market is segmented based on Product, Application and Region.

Product Insight

• On the basis of Product, Hemp Market is segmented into Seeds, Fiber, and Shivs. Hemp seeds is expected to dominate the target market growth as they are highly nutritious and have gained popularity for their health benefits. They are rich in essential fatty acids, proteins, and minerals, making them a valuable ingredient in various food products. Hemp seeds can be eaten whole, hulled, or used to produce hemp seed oil.

Application Insights

• On the basis of Application, Hemp Market is segmented into Animal Care, Textiles, Automotive, Furniture, Food and Beverages, Paper, Construction Materials, and Personal Care.  Food and Beverages are expected to dominate the target market growth as hemp seeds and hemp seed oil are used in various food and beverage products. Hemp seeds are consumed as a nutritious snack and can be added to smoothies, baked goods, granola bars, and cereals. Hemp seed oil is used in cooking, as a salad dressing, and as an ingredient in food and beverage products due to its nutritional profile.

Regional Insights:

• On the basis of region the Hemp Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to witness a significantly high revenue share over the forecast period, as South Korea has been gradually opening up to hemp cultivation and production. The country legalized hemp cultivation for certain non-drug purposes in 2020. South Korea is exploring the use of hemp in textiles, bio plastics, and cosmetics, among other applications.
• Also, Hemp has a long history in India, where it has been traditionally used for textiles, ropes, and religious purposes. The country has a rich biodiversity of hemp varieties and is exploring its commercial potential. India has recently taken steps to legalize and regulate hemp cultivation for industrial purposes, and there is growing interest in utilizing hemp in textiles, construction materials, and paper.

Hemp Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Hemp Market report based on Product, Application and Region:

Hemp Market, By Product:

• Seeds
• Fiber
• Shivs

Hemp Market, By Application:

• Animal Care
• Textiles
• Automotive
• Furniture
• Food and Beverages
• Paper
• Construction Materials
• Personal Care

Hemp Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating the Hemp Market includes, Marijuana Company of America, Inc, Hemp Inc., Manitoba Harvest Hemp Foods' Facility, North American Hemp & Grain Co. Ltd., HempAmericana, Inc., The Hemp Corporation Pty Ltd., Hemp Inc., Agropro Ltd, Blue Sky Hemp Ventures Ltd, Green Source Organics Inc., Hempco Food and Fiber Inc., and Cavac Biomaterials.

• In January 2023, Plum Launched Hemp Range of Products which includes, Hemp Cleansing Oil with Squalane and Bisabolol, Hemp Face Oil and Hemp and Ceramides Moisturizer. The new launched range of hemp products includes features like, an easy-to-use, light-weight hemp cleansing oil with squalane and bisabolol dissolves and easily removes makeup and pollutants whereas this relaxing, incredibly light, fast-absorbing, non-greasy hemp face oil reduces inflammation, calms acne, and lowers sebum production and lastly hemp and Ceramides Moisturizer prevents breakouts, soothes sensitive skin, and helps to restore and strengthen the skin barrier.
• In February 2022, PepsiCo launches hemp seed-infused energy drinks aimed at helping people to relax. The drinks are offered in 3 flavors “Blueberry, Passion fruit, and Raspberry Cucumber” and have a lower caffeine content than other Rockstar beverages. The sugar-free beverages' main goal is to help people in relaxing without making them fall asleep completely, not to boost energy levels. Each 12-ounce can of Rockstar Unplugged has 80 mg of caffeine, roughly half as much as other Rockstar energy drinks, along with other nutrients including hemp seed oil and B vitamins.

• In June 2021, BOHECO  Launched multipurpose hemp seed oil that has a range of benefits to offer. The oil is cold-pressed, unrefined, and made from nutrient-rich hemp seeds for maximum goodness and health advantages. This hemp seed oil has several uses, from drizzling it on salads and pasta to enjoy the nutty flavor to regularly using it on your skin. It's a fantastic nourishing agent for both your skin and your hair! Anti-inflammatory characteristics, stable blood sugar levels, improved immunity, and other health advantages are also present.

• Marijuana Company of America, Inc *
• Hemp Inc.
• Manitoba Harvest Hemp Foods' Facility
• North American Hemp & Grain Co. Ltd.
• HempAmericana, Inc.
• The Hemp Corporation Pty Ltd.
• Hemp Inc.
• Agropro Ltd
• Blue Sky Hemp Ventures Ltd
• Green Source Organics Inc.
• Hempco Food and Fiber Inc.
• Cavac Biomaterials.