Dublin, Jan. 20, 2025 (GLOBE NEWSWIRE) — The “Industrial Hemp Market by Type (Hemp Seed, Hemp Seed Oil, CBD Hemp Oil, Hemp Bast, Hemp Hurd), Source (Conventional, Organic), Application (Food & Beverages, Textiles, Pharmaceuticals, Personal Care Products), and Region – Global Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
The global market for industrial hemp is estimated to be valued at USD 11.03 billion in 2024 and is projected to reach USD 30.24 billion by 2029, at a CAGR of 22.4% during the forecast period. Adopting AI in industrial hemp production is changing the industry: as all stages of cultivation, processing, and product development are experiencing increased productivity and efficiency.
AI-based precision agriculture tools allow farmers to optimize water use, soil quality, and pest control, raising yields and saving resources. Data analytics powered by AI also helps to identify the best varieties to produce fibers, oils, and CBD based on demand in the market and climatic conditions. Processing becomes more automated and better controlled with AI technologies that provide consistent quality products with little waste. Such progress drives cost efficiency and innovation that places AI as an important facilitator of the industrial hemp industry’s growth.
- Disruption in the industrial hemp market: The industrial hemp market is experiencing disruptions that are driving growth, fueled by advancements in technology, sustainability initiatives, and increasing demand for versatile hemp-based products. These disruptions are enabling improved efficiency, innovation, and market expansion. Some of the key disruptions in the industrial hemp market include:- Technological Advancements: Adoption of AI, precision agriculture, and automation is enhancing hemp cultivation, improving yields, and reducing production costs.
- Sustainability Focus: Rising demand for eco-friendly alternatives, such as hemp-based textiles, bioplastics, and construction materials, is positioning hemp as a key solution for sustainable industries.
- Expanding Product Applications: Innovations in hemp-based products, including CBD, plant-based proteins, and industrial materials, are driving diversification and increasing consumer demand across multiple sectors.
The food & beverages segment holds the significant market share in the application segment of industrial hemp market.
The food and beverages segment holds a significant market share in the industrial hemp market, driven by increasing consumer demand for plant-based, nutrient-rich products. Hemp seeds and hemp-derived ingredients, such as protein powder and oil, are gaining popularity due to their high nutritional value, including essential fatty acids, protein, and vitamins. Increased interest in health, wellness, and sustainable diets is fast-tracking the adoption of hemp-based food and beverages such as snacks, dairy alternatives, and functional drinks. More product innovation and growing awareness of the benefits of hemp further place this segment in the category of drivers of market growth.
The CBD hemp oil segment is projected grow at highest rate in the type segment during the forecast period.
CBD hemp oil is growing at highest rate industrial hemp market, because it is highly consumed in the wellness and healthcare sectors. In recent times, due to a rising demand for natural remedies, CBD oil has gained importance and is sought after for potential applications related to stress, anxiety, pain, and inflammation. The growing list of CBD-infused products-from oils and tinctures to edibles and cosmetics-is driving market expansion. Other benefits that are accelerating its use and solidifying it at the top of the products in the industrial hemp sector include the growing research bodies that support CBD as an industrial hemp therapeutic property along with regulatory advancements in main markets.
North America is expected to hold second highest share in the industrial hemp market.
North America is expected to hold a significant share of the industrial hemp market, driven by favorable regulatory changes, growing consumer demand for hemp-based products, and advancements in cultivation and processing technologies. The legalization of hemp in the United States under the 2018 Farm Bill has opened up opportunities for increased production, while Canada has been a pioneer in hemp cultivation and product development. The expanding applications of hemp in various industries, including food and beverages, wellness, and textiles, combined with increasing investments in research and development, position North America as a key region driving market growth.
Prominent companies in the market include Curaleaf Holdings, Green Thumb Industries, Canopy Growth Corporation, Aurora Cannabis, The Cronos Group, Ecofibre, HempFlax, Dun Agro Hemp Group, Fresh Hemp Foods, GenCanna, Konoplex Group, Canah International, MH Medical Hemp, Liaoning Qiaopai Biotech Co. and IND Hemp.
Other players include South Hemp Tecno (Italy), HemPoland (Poland), Colorado Hemp Works (US), Bombay Hemp Company (India), Parkland Industrial Hemp Growers Coop Ltd. (Canada), American Hemp (US), Hemp Foundation (India), Blue Sky Hemp Ventures (Canada), Valley Bio (Canada) and East Mesa (US).
The report provides insights on the following:
- Analysis of key drivers (increasing legalization of industrial hemp), restraints (complex regulatory structure for use of industrial hemp), opportunities (development of new industrial hemp-based products) and challenges (lack of processing facilities and harvesting equipment) influencing the growth of the industrial hemp market.
- New product launch/Innovation: Detailed insights on research & development activities and new product launches in the industrial hemp market.
- Market Development: Comprehensive information about lucrative markets – the report analyzes the industrial hemp market across varied regions.
- Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the industrial hemp market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, brand/product comparison, and product foot prints of leading players such as Curaleaf Holdings, Inc. (US), Green Thumb Industries (US), Canopy Gowth Corporation (Canada), AURORA CANNABIS INC. (Canada), The Cronos Group (Canada), Ecofibre Ltd (Australia), HempFlax Group B.V. (Netherlands, Dun Agro Hemp Group (Netherlands), and other players in the industrial hemp market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2024 – 2029 |
| Estimated Market Value (USD) in 2024 | $11.03 Billion |
| Forecasted Market Value (USD) by 2029 | $30.24 Billion |
| Compound Annual Growth Rate | 22.4% |
| Regions Covered | Global |
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in Industrial Hemp Market
- Asia-Pacific: Industrial Hemp Market, by Source and Country
- Industrial Hemp Market: Share of Major Regional Submarkets
- Industrial Hemp Market, by Type and Region
- Industrial Hemp Market, by Application and Region
- Industrial Hemp Market, by Source and Region
Market Dynamics
Drivers
- Increasing Legalization of Industrial Hemp Cultivation
- Hemp’s Versatility and Sustainability Make IT Preferred Raw Material Across Industries
- Innovative Hemp Processing Techniques Drive Cost-Efficiency and Support Industry Growth
Restraints
- Complex Regulatory Structure for Use of Industrial Hemp
- Stigmatization of Hemp Market
Opportunities
- Development of New Industrial Hemp-based Products
- Increasing Preference for Edibles Across Generations
- Hemp-based Materials as Future of Industrial Production
Challenges
- Competition from Synthetic Alternatives
- Lack of Processing Facilities and Planting & Harvesting Equipment
Case Study Analysis
- Scaling Hemp Fiber Production with Agritech Solutions
- Artificial Intelligence Revolutionizing Cannabis Production
- Curaleaf’s Entry into Hemp-Derived THC Market
- Canopy Growth’s Expansion of Cannabis Product Portfolio
- Aurora Cannabis Expands Premium Medical Cannabis Oil Portfolio in Australia
Industrial Hemp Market, by Type
- Hemp Seed
- Rich Nutrient Profile and Global Movement Toward Plant-based Diet to Drive Demand in Food Industry
- Hemp Seed Oil
- Use in Pharmaceuticals and Medical Treatments with Reported Benefits
- CBD Hemp Oil
- Increase in Application in Personal Care and Food & Beverage Products
- Hemp Bast
- Ideal for Production of Bioplastics and Construction Materials due to High Strength-To-Weight Ratio
- Hemp Hurd
- Versatility Across Applications
Industrial Hemp Market, by Source
- Conventional
- Low Price and Broad Array of Conventional Hemp Seeds and Other Products
- Organic
- Increasing Demand for Organic Hemp Products in Food and Pharmaceutical Industries
Industrial Hemp Market, by Application
- Food & Beverages
- Wide-Ranging Applications of Hemp Seed and Hemp Seed Derivatives
- Textiles
- High Strength, Durability, and Several Other Advantages Of Hemp Fiber
- Pharmaceuticals
- Growth in Research on Efficacy of Hemp in Treating Various Conditions
- Personal Care Products
- Moisturizing and Anti-Aging Properties of Hemp to Drive Demand in Personal Care Products
- Animal Nutrition
- Regulatory Hurdles for Inclusion of Hemp in Animal Feed to Restrict Demand
- Paper
- Preference for Eco-Friendly Hemp in Paper Production to Drive Demand
- Construction Materials
- Strength and Thermal Insulation Properties of Hemp to Boost Demand
- Biofuel
- Hemp Considered Crucial in Global Transition to Sustainable Energy Practices
- Industrial Hemp Seed Type/Source for Biofuel Production
- Futura 143
- Kompolti
- X-59
- Finola
Company Profiles
Key Players
- Curaleaf Holdings
- Green Thumb Industries
- Canopy Growth Corporation
- Aurora Cannabis Inc.
- The Cronos Group
- Ecofibre
- Hempflax Group
- Dun Agro Hemp Group
- Fresh Hemp Foods Ltd
- Gencanna
- Konoplex Group
- Canah International
- Mh Medical Hemp
- Liaoning Qiaopai Biotech Co.
- Ind Hemp
Other Players
- South Hemp Tecno
- Hempoland
- Colorado Hemp Works
- Bombay Hemp Company
- Parkland Industrial Hemp Growers Co-Op.
- American Hemp
- Hemp Foundation
- Blue Sky Hemp Ventures
- Valley Bio
- East Mesa
For more information about this report visit https://www.researchandmarkets.com/r/z65v4a
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.
