Industrial Hemp Market Overview: Trends and Forecast 2024–2031

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Data Bridge Market Research analyzes that the global industrial hemp market, which was USD 6.74 billion in 2023, would reach up to USD 31.00 billion by 2031 and is expected to undergo a CAGR of 21.02% during the forecast period.

The Industrial Hemp Market sector is undergoing rapid transformation, with significant growth and innovations expected by 2031. In-depth market research offers a thorough analysis of market size, share, and emerging trends, providing essential insights into its expansion potential. The report explores market segmentation and definitions, emphasizing key components and growth drivers. Through the use of SWOT and PESTEL analyses, it evaluates the sector’s strengths, weaknesses, opportunities, and threats, while considering political, economic, social, technological, environmental, and legal influences. Expert evaluations of competitor strategies and recent developments shed light on geographical trends and forecast the market’s future direction, creating a solid framework for strategic planning and investment decisions.

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Which are the top companies operating in the Industrial Hemp Market?

The report profiles noticeable organizations working in the water purifier showcase and the triumphant methodologies received by them. It likewise reveals insights about the share held by each organization and their contribution to the market's extension. This Global Industrial Hemp Market report provides the information of the Top Companies in Industrial Hemp Market in the market their business strategy, financial situation etc.

Nhempco (Canada), Ecofibre (Australia), Hemp Inc. (U.S.), GenCanna (U.S.), HempFlax Group B.V., (Netherlands), Konoplex (Russia), Hemp Oil Canada (Canada), Hemp Poland (Poland), Dun Agro (Netherlands), Colorado Hemp Works (U.S.), Canah International (Romania), South Hemp Tecno (Italy), Plains Industrial Hemp Processing (Canada), MH Medical Hemp (Germany)

Report Scope and Market Segmentation

Which are the driving factors of the Industrial Hemp Market?

The driving factors of the Industrial Hemp Market are multifaceted and crucial for its growth and development. Technological advancements play a significant role by enhancing product efficiency, reducing costs, and introducing innovative features that cater to evolving consumer demands. Rising consumer interest and demand for keyword-related products and services further fuel market expansion. Favorable economic conditions, including increased disposable incomes, enable higher consumer spending, which benefits the market. Supportive regulatory environments, with policies that provide incentives and subsidies, also encourage growth, while globalization opens new opportunities by expanding market reach and international trade.

Industrial Hemp Market - Competitive and Segmentation Analysis:

**Segments**

- By Type: Based on type, the industrial hemp market is segmented into hemp seed, hemp seed oil, hemp fiber, and CBD hemp oil.
- By Source: The market can be bifurcated into organic and conventional based on source.
- By Application: Industrial hemp finds applications in various industries such as textiles, food and beverages, personal care, pharmaceuticals, and others.

**Market Players**

- Canopy Growth Corporation
- Hempco Inc.
- Ecofibre Ltd
- GenCanna Global USA, Inc.
- Hemp, Inc.
- HempFlax B.V.
- Konoplex
- MH medical hemp
- Plains Industrial Hemp Processing Ltd.
- South Hemp Group

The global industrial hemp market is expected to witness substantial growth during the forecast period of 2021 to 2031. The market is being primarily driven by the increasing awareness regarding the health benefits of hemp-based products such as hemp seed, hemp seed oil, and CBD hemp oil. Moreover, the rising demand for sustainable and eco-friendly products in industries like textiles, food, and personal care is further propelling the market growth. The versatility of industrial hemp in various applications is also a key factor driving its market expansion.

The industrial hemp market, based on type, is segmented into hemp seed, hemp seed oil, hemp fiber, and CBD hemp oil. Among these, the hemp seed oil segment is expected to dominate the market due to the increasing use of hemp seed oil in various food and personal care products. In terms of source, the market is categorized into organic and conventional segments. The organic segment is anticipated to witness significant growth owing to the rising preference for organic and natural products among consumers globally.

In terms of applications, industrial hemp finds its use in textiles, food and beverages, personal care, pharmaceuticals, and other industries. The textiles segment is expected to hold a considerable share in the market due to the increasing demand for sustainable and eco-friendly textiles. The food and beveragesThe global industrial hemp market is poised for substantial growth in the coming years due to a variety of factors driving demand and expansion within the industry. One of the key drivers behind the growth of the market is the increasing awareness among consumers about the health benefits associated with hemp-based products such as hemp seed, hemp seed oil, and CBD hemp oil. Hemp has gained popularity for its nutritional value and potential therapeutic properties, leading to a surge in demand for products derived from industrial hemp.

Furthermore, there is a growing trend towards sustainable and eco-friendly products across various industries, including textiles, food and beverages, and personal care. Industrial hemp offers a sustainable alternative to traditional raw materials, making it an attractive choice for companies looking to reduce their environmental footprint. The versatility of industrial hemp further enhances its appeal, as it can be used in a wide range of applications across different sectors, contributing to its market growth.

In terms of segmentation, the industrial hemp market is categorized by type into hemp seed, hemp seed oil, hemp fiber, and CBD hemp oil. Among these segments, hemp seed oil is expected to lead the market, driven by its use in food and personal care products. Hemp seed oil is rich in essential nutrients and is known for its moisturizing and anti-inflammatory properties, making it a sought-after ingredient in various consumer goods.

Additionally, the market is divided by source into organic and conventional segments, with the organic segment projected to experience significant growth. Consumers are increasingly opting for organic products due to concerns about chemicals and pesticides in conventional agriculture, leading to a rise in demand for organically sourced hemp products.

Regarding applications, industrial hemp is utilized in textiles, food and beverages, personal care, pharmaceuticals, and other industries. The textiles segment is expected to witness substantial growth as sustainability becomes a key focus for the fashion and apparel industry. Hemp fibers are durable, breathable, and biodegradable, making them a favored choice for eco-conscious consumers and brands seeking to reduce their environmental impact.

Overall, the global industrial hemp**Market Players**

- Nhempco (Canada)
- Ecofibre (Australia)
- Hemp Inc. (U.S.)
- GenCanna (U.S.)
- HempFlax Group B.V., (Netherlands)
- Konoplex (Russia)
- Hemp Oil Canada (Canada)
- Hemp Poland (Poland)
- Dun Agro (Netherlands)
- Colorado Hemp Works (U.S.)
- Canah International (Romania)
- South Hemp Tecno (Italy)
- Plains Industrial Hemp Processing (Canada)
- MH Medical Hemp (Germany)

The global industrial hemp market is experiencing significant growth driven by several key factors. The increasing awareness of the health benefits associated with hemp-based products, such as hemp seed, hemp seed oil, and CBD hemp oil, is a major driver of market expansion. Consumers are increasingly turning towards natural and organic products, creating a demand for sustainable and eco-friendly solutions across industries like textiles, food and beverages, personal care, and pharmaceuticals. The diverse applications of industrial hemp, coupled with its versatility, further contribute to the market's positive trajectory.

In terms of segmentation, the industrial hemp market can be categorized by type into hemp seed, hemp seed oil, hemp fiber, and CBD hemp oil. Hemp seed oil is anticipated to lead the market due to its widespread use in various food and personal care products. It is known for its nutritional value and therapeutic properties, making it a preferred choice among consumers. Additionally, the market can be segmented by source

Explore Further Details about This Research Industrial Hemp Market Report https://www.databridgemarketresearch.com/reports/global-industrial-hemp-market

Key Benefits for Industry Participants and Stakeholders: –

Industry drivers, trends, restraints, and opportunities are covered in the study.
Neutral perspective on the Industrial Hemp Market scenario
Recent industry growth and new developments
Competitive landscape and strategies of key companies
The Historical, current, and estimated Industrial Hemp Market size in terms of value and size
In-depth, comprehensive analysis and forecasting of the Industrial Hemp Market

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historical data and forecast (2024-2031) of the following regions are covered in Chapters

The countries covered in the Industrial Hemp Market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, and Rest of the Middle East and Africa

Detailed TOC of Industrial Hemp Market Insights and Forecast to 2031

Part 01: Executive Summary

Part 02: Scope Of The Report

Part 03: Research Methodology

Part 04: Industrial Hemp Market Landscape

Part 05: Pipeline Analysis

Part 06: Industrial Hemp Market Sizing

Part 07: Five Forces Analysis

Part 08: Industrial Hemp Market Segmentation

Part 09: Customer Landscape

Part 10: Regional Landscape

Part 11: Decision Framework

Part 12: Drivers And Challenges

Part 13: Industrial Hemp Market Trends

Part 14: Vendor Landscape

Part 15: Vendor Analysis

Part 16: Appendix

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