Industrial Hemp Strategic Industry Research Report 2024: Global Market to Reach $23.3 Billion by 2030 as Hemp Fibers Revolutionize Automotive, Textile, and Construction Sectors - ResearchAndMarkets.com

The "Industrial Hemp - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Industrial Hemp was estimated at US$7.5 Billion in 2023 and is projected to reach US$23.3 Billion by 2030, growing at a CAGR of 17.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Industrial hemp is rapidly emerging as a versatile and sustainable crop with applications across a wide range of industries. Derived from the Cannabis sativa plant, industrial hemp is cultivated specifically for its low tetrahydrocannabinol (THC) content, making it non-psychoactive and legal for industrial use in many regions. Hemp fibers are extensively used in textiles, automotive parts, bioplastics, and construction materials due to their strength and eco-friendly properties. The seeds, rich in proteins and essential fatty acids, are gaining popularity in the food and beverage industry.

Furthermore, hemp-derived oils and cannabinoids like cannabidiol (CBD) are being integrated into personal care and wellness products. As industries focus on reducing their environmental footprint, the demand for industrial hemp is steadily increasing, especially in sectors looking for sustainable alternatives to traditional materials.

The growth in the industrial hemp market is driven by several factors, including the increasing demand for sustainable and biodegradable materials, favorable regulatory changes, and the rising popularity of CBD-based products. As industries such as automotive and construction seek eco-friendly alternatives to traditional materials, hemp's versatility and low environmental impact make it an attractive choice. Regulatory shifts, especially the legalization of hemp cultivation in many regions, have opened new market opportunities for hemp-derived products.

Furthermore, the growing health and wellness trend is propelling demand for hemp-based personal care products, supplements, and CBD, further expanding the market. The increasing focus on sustainable agricultural practices and the rising awareness of hemp's benefits are key factors fueling the global expansion of this market.

How Are Technological Advancements Shaping the Industrial Hemp Market?

The industrial hemp market is being propelled by significant technological advancements in farming, processing, and product development. Improved agricultural techniques, including selective breeding and precision farming, are enhancing crop yields and the quality of hemp fibers and seeds. Innovations in decortication technology, which separates the fiber from the woody core of the hemp stalk, have made processing more efficient and cost-effective.

Additionally, advancements in material science are expanding the use of hemp in bioplastics and composites, where its lightweight and biodegradable properties are particularly valued. In the health and wellness sector, more sophisticated extraction techniques, such as supercritical CO2 extraction, are enabling the production of high-purity CBD and other cannabinoids, further fueling the growth of the market.

How Do Market Segments Define the Growth of the Industrial Hemp Market?

Product types include hemp fibers, seeds, oils, and CBD extracts, with hemp fibers holding the largest market share due to their wide application in textiles, construction, and automotive sectors. Applications of hemp span across personal care, food and beverages, textiles, and industrial applications, with personal care and food products experiencing significant growth due to rising consumer demand for natural and organic products.

End-use industries include agriculture, pharmaceuticals, automotive, and construction, with the construction sector rapidly adopting hemp-based materials like hempcrete for its sustainability benefits. Geographically, North America and Europe are the leading regions due to favorable regulations, while Asia-Pacific is witnessing rapid market growth due to its agricultural base.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Industrial Hemp Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Industrial Hemp Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Hemp Fiber segment, which is expected to reach US$8.9 Billion by 2030 with a CAGR of a 15.5%. The Hemp Shivs segment is also set to grow at 20.5% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $1.9 Billion in 2023, and China, forecasted to grow at an impressive 22.1% CAGR to reach $5.9 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Industrial Hemp market such as Agropro, All American Hemp Company, Blue Sky Hemp Ventures Ltd., Cavac Biomateriaux, Green Source Organics and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Key Attributes:

Key Topics Covered:

MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• Global Economic Update
• Industrial Hemp - Global Key Competitors Percentage Market Share in 2024 (E)
• Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)

MARKET TRENDS & DRIVERS

• Rising Legalization of Hemp Cultivation Propels Market Growth
• Increasing Demand for Sustainable and Eco-Friendly Materials Drives Adoption of Hemp
• Growth in Health and Wellness Products Expands Addressable Market for Hemp-Derived Goods
• Technological Advancements in Hemp Processing Strengthen Business Case for Adoption
• Expansion of the Textile Industry Spurs Demand for Hemp Fibers
• Rising Focus on Reducing Carbon Footprint Fuels Demand for Industrial Hemp
• Growing Use of Hemp in Bioplastics and Bio-Composites Expands Market Opportunities
• Increasing Use of Hemp in Building Materials and Construction Drives Demand
• Focus on Organic and Natural Products in Food and Beverage Industry Spurs Hemp Usage
• Rising Interest in Hemp-Based Nutraceuticals Expands Market Potential
• Growth in Paper and Pulp Industry Drives Adoption of Hemp as an Alternative Material
• Focus on Diversifying Agricultural Output Strengthens Hemp Farming
• Consumer Preference for Chemical-Free and Organic Products Accelerates Demand for Hemp

FOCUS ON SELECT PLAYERS: Some of the 36 companies featured in this Industrial Hemp market report include

• Agropro
• All American Hemp Company
• Blue Sky Hemp Ventures Ltd.
• Cavac Biomateriaux
• Green Source Organics
• Hemp Foods Australia
• Hemp Inc.
• Hemp Production Services Inc.
• Hemp Sense Inc.
• Hempco Food and Fiber Inc
• Hempro International
• Manitoba Harvest Hemp Foods
• Marijuana Company of America Inc.
• North American Hemp & Grain Co. Ltd.
• Trigone Foods Inc.

For more information about this report visit https://www.researchandmarkets.com/r/93s1i2

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112686175/en/