Global Industrial Hemp Market was valued at US$ 5.8 billion in 2020 and is anticipated to reach US$ 30.4 billion by 2027 displaying an elevated CAGR of 27% over the forecast period 2021-2027

The global industrial hemp market is witnessing significant growth due to increasing awareness about the plant’s versatility and expanding applications across diverse sectors. Hemp, a variety of the Cannabis sativa plant species, has gained prominence in recent years thanks to changing regulatory environments, especially in North America, Europe, and Asia-Pacific. With its growing use in industries like food and beverage, textiles, personal care, pharmaceuticals, and more, industrial hemp is positioning itself as a sustainable raw material for the future.

Market Drivers

The surge in consumer interest in natural, sustainable, and organic products has been a major driver behind the rising demand for industrial hemp. The plant is valued for its strong fibers, nutritious seeds, and cannabidiol (CBD) oil, which is widely used in wellness and skincare products. Growing investments in hemp-based food and CBD items are driving market expansion. For instance, hemp-derived CBD product sales reached USD 390 million in 2018 and were projected to grow exponentially in subsequent years.

Additionally, supportive legislation across various regions is opening up new opportunities. Countries like Thailand, Canada, and several U.S. states have relaxed laws around hemp cultivation, which is fueling both production and consumption.

Market Challenges

Despite its benefits, the market faces challenges such as regulatory complexity, lack of standardization, and limitations in large-scale production. The COVID-19 pandemic further impacted the sector by disrupting supply chains and halting manufacturing and distribution operations, resulting in temporary setbacks.

Segment Insights

By Type:

The industrial hemp market is categorized into hemp seeds, hemp oil, hemp fibers, and others. Hemp seeds are expected to hold a significant share due to their nutritional profile, followed closely by hemp fibers, which are gaining popularity in textiles and paper industries.

By Application:

Food and beverages lead the market, driven by rising health consciousness and the integration of hemp in snacks, protein powders, and non-dairy milk. The personal care segment is also growing rapidly, fueled by the inclusion of hemp oil in skincare and cosmetic products.

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By Source:

Conventional hemp dominates the market due to easier cultivation practices and wider acceptance. However, organic hemp is gaining traction among consumers seeking clean-label and chemical-free products.

Regional Outlook

Asia-Pacific currently holds a substantial share of the global industrial hemp market, supported by favorable government initiatives and widespread hemp cultivation. Countries such as China and India are prominent producers, while Thailand is emerging as a key player due to policy shifts promoting medical and industrial cannabis. North America and Europe are also witnessing steady growth, thanks to innovation, investments, and a consumer base inclined toward plant-based alternatives.

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Key Players and Competitive Landscape

Major companies in the market include:

• Hempco
• Hemp Inc.
• Bombay Hemp Company
• HempFlax Group B.V.
• Manitoba Harvest
• Ecofibre
• Aurora Cannabis Inc.
• GenCanna
• Plains Industrial Hemp Processing Ltd.
• Marijuana Company of America, Inc.

These companies are focusing on product innovation, mergers, strategic partnerships, and global expansion to strengthen their market presence.

Conclusion

The industrial hemp market is poised for robust growth due to increasing legalization, sustainability trends, and the expanding application scope of hemp-based products. While challenges remain in regulation and production scalability, ongoing investments and favorable government policies are expected to propel the market forward in the coming years.

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