Global Industrial Hemp Market Insights
Global Industrial Hemp Market size was valued at USD 4.2 billion in 2021 and is poised to grow from USD 4.74 billion in 2022 to USD 16.75 billion by 2030, growing at a CAGR of 17.1% in the forecast period (2023-2030).
The global demand for industrial hemp from application industries such as food and beverage, personal care, and animal care is driving the market. As a result, the market has suffered a devastating setback. However, given the rapid recovery of global economies, the market is expected to expand at a faster pace. Over the forecast period, the market in the United States is expected to be driven by the steady growth of small-scale market players of hemp-based industrial and consumer products. Growing consumer awareness of the nutritional benefits of hemp seed and hemp seed oil, as well as rising demand from the cosmetics and personal care industries, will drive market growth.
Increased production of hemp-based soaps, shampoos, bath gels, hand and body lotions, UV skin protectors, massage oils, and a variety of other hemp-based products is expected to boost market growth. Hemp's high nutritional value, as well as its beneficial fatty acid and protein profile, are driving demand for hemp products. Hemp fiber's high absorbency makes it useful for livestock bedding, oil and gas cleanup, and personal hygiene applications. Furthermore, increasing product demand from the textile, paper, and building materials markets will support market growth due to favourable acoustic and aesthetic properties.
Global Industrial Hemp Market Segmental Analysis
The industrial hemp market is divided into several applications, including Textiles, Personal Care Products, Food, Pharmaceuticals, Beverages, and Others. The industrial hemp market is divided into four types: hemp seed, hemp oil, and hemp fibre. Based on region, the industrial hemp market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Industrial Hemp Market Analysis by Application
Textiles, Personal Care Products, Food, Pharmaceuticals, Beverages, and Others are the application segments of the Global Industrial Hemp Market. Textiles held the largest market share. Personal care products hold the largest market share and are expected to grow at a rapid CAGR during the forecast period. Textiles are one of the most common and long-standing applications of industrial hemp around the world. Hemp fibres are widely used in the production of a wide range of textile products, from threads for clothing to high strength ropes for industrial applications.
Industrial Hemp Market Analysis by Type
The hemp seeds product segment is expected to grow at the fastest rate of more than 20%. Hemp seeds are becoming increasingly popular in the food and nutraceutical markets. The increasing product usage in lotions, shampoos, soaps, bath gels, and cosmetics benefits segment growth even more. Hemp seeds are also used to make oil, which is used in the personal care, food, and beverage, and animal feed industries. Furthermore, hemp oil is used in dietary supplements as well as medicinal and therapeutic products such as pharmaceuticals. The hemp fibres segment led the global market and is expected to expand further during the forecast period, maintaining its dominant position. Hemp fibres are used in a variety of products including paper, carpeting, home furnishings, construction materials, insulation materials, and automobile parts.
