Global Hemp Market Size, Share, Growth & Trend Analysis Report, 2032

Summary
Market Landscape
Methodology
Table of Content

Global Hemp Market Size, Share, Growth & Trend Analysis Report, By Product Type (Hemp Seeds, Hemp Oil, Hemp Fiber, CBD Hemp), By Application (Food & Beverages, Pharmaceuticals, Personal Care, Textiles, Others), By Source (Conventional, Organic), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and Forecasts 2024-2032

Hemp is a fast-growing, sustainable plant from the Cannabis sativa species, known for its strong fibers used in textiles, paper, and eco-friendly products. It is widely valued for its durability, biodegradability, and minimal environmental impact, forming a crucial part of the industrial hemp market.

The Global Hemp Market was valued at USD XX billion in 2024 and is anticipated to reach USD XX billion by 2032, reflecting a compound annual growth rate (CAGR) of around 15% during the forecast period from 2025 to 2032.

Industry Trends

Hemp, a versatile and sustainable crop, has gained significant traction across various industries due to its environmental benefits, nutritional value, and industrial applications. Known for its rapid growth and minimal environmental footprint, hemp is increasingly being utilized in food products, textiles, biofuel, construction materials, and wellness products.

The hemp market is witnessing rapid expansion, driven by increasing consumer awareness of its health benefits and sustainability. The growing demand for plant-based food products, coupled with regulatory advancements supporting industrial hemp market cultivation, has paved the way for substantial market growth.

However, regulatory complexities across regions, particularly concerning tetrahydrocannabinol (THC) content limits, hinder seamless market expansion. Additionally, the lack of standardized cultivation practices and processing infrastructure, and advanced hemp processing equipment market poses a challenge to maintaining consistent product quality. Despite these hurdles, the adoption of hemp in emerging sectors such as bioplastics and construction materials underscore its growth potential.

Industry Expert’s Opinion

Dr Brij Kishore Mishra, Principal Scientist from BOHECO

“Hemp is often referred to as a miracle plant, with nearly every part of it being highly useful except for the roots. Its stalks and stems provide fiber, the herb yields pulp, leaves and flowers serve the medical industry, while the seeds are valued for their nutritional content and their oil is utilized in personal hygiene products.”

Jesse Ventura, former Governor of Minnesota

"Industrial hemp is a very useful plant. I challenged the attorney general to get rid of the criminal stigma associated with hemp so we can look at it in terms of how it might be useful."

TT Consultants’ Perspective

The future of the hemp market looks promising, driven by increasing legalization and growing demand for sustainable materials. Industrial hemp is expected to see expanded applications in textiles, bioplastics, and construction materials like hempcrete. The rising popularity of plant-based nutrition will boost the demand for hemp seeds and protein products. Hemp-derived products are projected to grow, especially in wellness and pharmaceuticals, as regulations ease globally. Advancements in hemp processing equipment market technology will improve efficiency, reducing costs and increasing scalability.

However, regulatory uncertainty remains a challenge, with varying laws across regions impacting market expansion. The development of genetically improved hemp strains will enhance yield and quality, benefiting farmers and manufacturers. Consumer awareness and demand for eco-friendly alternatives will drive further investments in hemp-based products. Integration with carbon sequestration initiatives could position hemp as a key player in sustainable agriculture. Overall, the hemp market will continue to grow as industries innovate and regulatory frameworks evolve.

Market Segmentation

1. By Product Type (Hemp Seeds, Hemp Oil, Hemp Fiber, CBD Hemp)

Hemp seeds dominated the global hemp market with a share of USD XX Bn in 2024, driven by their high nutritional value and incorporation in health foods and dietary supplements. Hemp oil follows closely, with extensive applications in cosmetics, personal care, and wellness products.

Hemp fiber is widely used in textiles, paper, and bio-composites, while CBD and hemp products market is gaining traction in pharmaceuticals and wellness products due to its therapeutic properties.

2. By Application (Food & Beverages, Pharmaceuticals, Personal Care, Textiles, Others)

The food & beverages segment led the global hemp market with a share of XX% in 2024, supported by increasing consumer demand for plant-based protein and nutritional supplements.

On the other hand, the pharmaceutical segment is rapidly growing with a CAGR of XX% due to CBD-based products' potential in managing pain, anxiety, and inflammation. Personal care products, including hemp-infused skincare and haircare items, are witnessing significant growth.

The textile industry continues to adopt hemp fiber for its durability and eco-friendly properties, while emerging applications in construction and biofuel drive innovation within the industrial hemp market.

3. By Source (Conventional, Organic)

The conventional hemp segment holds a significant share of the market, supported by its widespread cultivation and lower production costs. However, the organic segment is witnessing faster growth of XX% as consumers increasingly prioritize chemical-free and sustainably grown products.

4. By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)

North America leads the hemp market by capturing a market share of XX% in 2024, driven by favorable regulatory frameworks, increasing demand for CBD products, and the rise of sustainable agriculture. Europe follows, with strong adoption in the food, textile, and personal care industries.

However, Asia Pacific is the fastest-growing region in the global hemp market, fueled by large scale cultivation in China and India and the rising use of hemp in traditional medicines and industrial applications. Latin America and the Middle East & Africa are emerging markets, supported by growing cultivation and export opportunities.

Competitive Scenario

Key players in the global hemp market include Manitoba Harvest, Hemp Inc., Charlotte’s Web Holdings, Ecofibre, GenCanna, Elixinol, Canopy Growth Corporation, and Aurora Cannabis. The market is characterized by significant investments in product innovation, strategic partnerships, and expansion into new markets.

The competitive landscape focuses on developing high-quality, certified organic products and expanding applications across diverse industries. Companies are leveraging advanced hemp processing equipment market technologies and supply chain integration to ensure scalability and consistency.

Recent Developments and Strategic Activities:

In January 2025, Textile industry members from India and South Korea have partnered to advance hemp-based textiles through sustainable innovations and technological collaboration.”
In December 2024, Hempalta Corp. completed the 100% acquisition of Hemp Carbon Standard, strengthening its leadership in hemp-based carbon credits and positioning itself at the forefront of sustainable carbon offset solutions. This acquisition allows Hempalta to expand its portfolio, leveraging hemp’s carbon sequestration capabilities to meet the growing demand for environmentally friendly carbon credit initiatives.
In December 2024, Vireo Growth Inc. merged with multiple cannabis companies across states to unify operations, expand its market presence, and enhance supply chain efficiency to better meet growing consumer demand.