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Industrial Hemp Market Trends

Report ID: GMI3306
Published Date: Sep 2024
Report Format: PDF

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Industrial Hemp Market Trends

The market will witness accelerated growth through 2032, owing to increasing investment in research and development of hemp-based products. Companies are exploring innovative ways to integrate hemp into their offerings, leading to the creation of new and diverse products across various sectors.

For instance, in August 2024, Cannabis Orchards Inc., a Canadian industrial hemp breeding company based in Kemptville, Ontario, secured over half a million dollars in funding from the AgriScience Program and the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). The company received a $404,305 grant from the AgriScience Program to support its project focused on developing seedless triploid hemp lines for enhanced production of cannabidiol (CBD) and minor cannabinoids, including cannabigerol (CBG) and cannabichromene (CBC).

Additionally, the rise of sustainable fashion has contributed to the popularity of hemp textiles, which are valued for their durability, breathability, and eco-friendliness. Hemp is also gaining momentum in the food & beverage sector, with its seeds and oil being used as nutritional ingredients in a range of products, including protein bars, snacks, and beverages. Hemp’s rich nutritional profile, which includes essential fatty acids and protein, makes it an appealing choice for health-conscious consumers. As awareness of hemp’s health benefits grows, so will its adoption in the food & beverage industry, driving market expansion.

Authors: Kunal Ahuja, Sarita Bayas

Frequently Asked Questions (FAQ) :

Market size for industrial hemp was USD 242 million in 2023 and is expected to register 6.2% CAGR from 2024-2032 owing to increasing utilization of hemp across various sectors, particularly in textiles, food & beverages, and construction worldwide.

Industrial hemp industry from the textiles segment is expected to register 5.9% CAGR from 2024-2032 due to their sustainability, versatility, and resistance to abrasion.

North America industry is expected to register 7.5% CAGR from 2024-2032 due to legalization of hemp cultivation under the 2018 Farm Bill in the United States in the region.

Valley Bio Limited, Terra Tech Corp, HempMeds Brasil, American Hemp LLC., Plains Industrial Hemp Processing Ltd., Marijuana Company of America Inc., North American Hemp & Grain Co Ltd., Bombay Hemp Company, are some of the major industrial hemp products companies worldwide.