Industrial Hemp Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of the Industrial Hemp Market
The Industrial Hemp market size was valued at USD 7.90 billion in 2023, and the market is now projected to grow from USD 9.47 billion in 2024 to USD 47.82 billion by 2032, exhibiting a CAGR of 22.44% during the forecast period of 2023-2030.
The COVID-19 pandemic drastically impacted the Industrial Hemp Market Growth, inflicting disruptions during delivery chains, cultivation, processing, and distribution. Lockdowns and regulations brought about labour shortages and logistical challenges, delaying planting and harvesting seasons. Many hemp manufacturers confronted monetary problems due to reduced requirements, especially from sectors like textiles and manufacturing, which have been additionally tormented by the financial downturn. Conversely, the pandemic spurred an increase in the well-being and health sectors, with an advanced call for CBD merchandise, as clients sought natural treatments for strain and anxiety.
The demand in the industrial hemp marketplace is the growing legalization and recognition of hemp and its derivatives across numerous regions, coupled with growing patron awareness of its versatile applications. Hemp's sustainable houses make it an appealing alternative in industries including textiles, creation, and bioplastics, as companies and purchasers are trying to find eco-friendly answers. Additionally, the growing demand for CBD products within the well-being and healthcare sectors fuels the expansion of the Industrial Hemp market share, as these merchandise are more and more diagnosed for his or her ability therapeutic advantages.
Additionally, there's an incredible shift towards using hemp in sustainable and eco-friendly products, pushed through increasing environmental attention amongst clients and producers. This consists of the adoption of hemp-based substances in textiles, production, and biodegradable plastics.
Comprehensive Analysis of the Industrial Hemp Market
The business hemp market is segmented by using kinds into hemp seeds, hemp oil, hemp fibre, and others, each serving specific functions from nutrients to industrial applications. It spans diverse sectors, which include meals and beverages, prescription drugs, non-public care, textiles, and automobiles, highlighting its versatility. Segmentation via source includes natural and conventional hemp, catering to extraordinary patron preferences. Regionally, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa, with North America and Europe mainly due to favourable guidelines and high demand. These segments collectively power the marketplace's growth and various applications.
North America presently dominates the industrial hemp market, pushed by way of favourable regulatory frameworks, massive investment in research and improvement, and excessive client calls for hemp-based merchandise, in particular CBD. The United States and Canada are at the vanguard, profiting from progressive legislation consisting of the U.S. Farm Bill, which has boosted hemp cultivation and product improvement. Additionally, the area's strong infrastructure and technological improvements in agriculture and processing contribute to its main position within the global marketplace.
Key players inside the commercial hemp market are important as they pressure innovation, set enterprise standards, and have an effect on market trends. Notable market players encompass Charlotte's Web Holdings, Inc.(Colorado); Canopy Growth Corporation (Ontario); Hemp Inc. (North Carolina); Aurora Cannabis Inc. (Alberta); CV Sciences, Inc. (California); and Ecofibre Limited (Sydney). These agencies are instrumental in advancing the economic hemp marketplace through their management, innovation, and strategic projects.
In November 2023, Canopy Growth Corporation introduced the launch of its new trendy hemp processing facility in Smiths Falls, Ontario. This facility, designed to decorate the extraction and processing of amazing hemp-derived CBD, represents a huge investment within the company's infrastructure and dedication to leading the industrial hemp market. The improvement is expected to enhance production potential, enhance product satisfaction, and help the increasing call for CBD merchandise in North America and beyond.
Segmentation Table
Global Industrial Hemp Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Growth Rate CAGR of 22.44% from 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Segmentation Byapplication, type, and Region
By application Food
Dietary supplements
Functional foods
Beverages
Personal care and comestics
Textiles
Pharmaceuticals
Others
By type
Hemp seed
Hemp seed oil
Hemp fiber
Others
By Region North America (By Type, application, and Country)
- U.S.
- Canada
- Mexico
Europe (By Type, application, and Country)
- France
- Germany
- Italy
- Spain
- U.K.
- Russia
- Rest of Europe
Asia Pacific (By Type, application, and Country)
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
Latin America (By Type, application, and Country)
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa (By Type, application, and Country)
- South Africa
- UAE
- Rest of Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Emerging Trends
- 4. Key Insights
- 4.1. Overview of the Parent/Related Markets
- 4.2. Industry SWOT Analysis
- 4.3. Pricing and Regulatory Analysis
- 4.4. Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- 4.5. Qualitative Analysis (in relation to COVID-19)
- 5. Global Cloth Diaper Market Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market End-user Estimates and Forecast
- 5.2.1. By End-User (Value)
- 5.2.1.1. Babies
- 5.2.1.1.1. Economic
- 5.2.1.1.2. Premium
- 5.2.1.2. Adults
- 5.2.2. By Distribution Channel (Value)
- 5.2.2.1. Online
- 5.2.2.2. Offline
- 5.2.3. By Region (Value)
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. South America
- 5.2.3.5. Middle East & Africa
- 6. North America Cloth Diaper Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market End-user Estimates and Forecast
- 6.2.1. By End-User (Value)
- 6.2.1.1. Babies
- 6.2.1.1.1. Economic
- 6.2.1.1.2. Premium
- 6.2.1.2. Adults
- 6.2.2. By Distribution Channel (Value)
- 6.2.2.1. Online
- 6.2.2.2. Offline
- 6.2.3. By Country (Value)
- 6.2.3.1. U.S.
- 6.2.3.1.1. By End-User (Value)
- 6.2.3.1.1.1. Babies
- 6.2.3.1.1.2. Adults
- 6.2.3.2. Canada
- 6.2.3.2.1. By End-User (Value)
- 6.2.3.2.1.1. Babies
- 6.2.3.2.1.2. Adults
- 6.2.3.3. Mexico
- 6.2.3.3.1. By End-User (Value)
- 6.2.3.3.1.1. Babies
- 6.2.3.3.1.2. Adults
- 7. Europe Cloth Diaper Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market End-user Estimates and Forecast
- 7.2.1. By End-User (Value)
- 7.2.1.1. Babies
- 7.2.1.1.1. Economic
- 7.2.1.1.2. Premium
- 7.2.1.2. Adults
- 7.2.2. By Distribution Channel (Value)
- 7.2.2.1. Online
- 7.2.2.2. Offline
- 7.2.3. By Country (Value)
- 7.2.3.1. Germany
- 7.2.3.1.1. By End-User (Value)
- 7.2.3.1.1.1. Babies
- 7.2.3.1.1.2. Adults
- 7.2.3.2. France
- 7.2.3.2.1. By End-User (Value)
- 7.2.3.2.1.1. Babies
- 7.2.3.2.1.2. Adults
- 7.2.3.3. Italy
- 7.2.3.3.1. By End-User (Value)
- 7.2.3.3.1.1. Babies
- 7.2.3.3.1.2. Adults
- 7.2.3.4. Spain
- 7.2.3.4.1. By End-User (Value)
- 7.2.3.4.1.1. Babies
- 7.2.3.4.1.2. Adults
- 7.2.3.5. U.K.
- 7.2.3.5.1. By End-User (Value)
- 7.2.3.5.1.1. Babies
- 7.2.3.5.1.2. Adults
- 7.2.3.6. Rest of Europe
- 7.2.3.6.1. By End-User (Value)
- 7.2.3.6.1.1. Babies
- 7.2.3.6.1.2. Adults
- 8. Asia-Pacific Cloth Diaper Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market End-user Estimates and Forecast
- 8.2.1. By End-User (Value)
- 8.2.1.1. Babies
- 8.2.1.1.1. Economic
- 8.2.1.1.2. Premium
- 8.2.1.2. Adults
- 8.2.2. By Distribution Channel (Value)
- 8.2.2.1. Online
- 8.2.2.2. Offline
- 8.2.3. By Country (Value)
- 8.2.3.1. China
- 8.2.3.1.1. By End-User (Value)
- 8.2.3.1.1.1. Babies
- 8.2.3.1.1.2. Adults
- 8.2.3.2. India
- 8.2.3.2.1. By End-User (Value)
- 8.2.3.2.1.1. Babies
- 8.2.3.2.1.2. Adults
- 8.2.3.3. Japan
- 8.2.3.3.1. By End-User (Value)
- 8.2.3.3.1.1. Babies
- 8.2.3.3.1.2. Adults
- 8.2.3.4. Australia
- 8.2.3.4.1. By End-User (Value)
- 8.2.3.4.1.1. Babies
- 8.2.3.4.1.2. Adults
- 8.2.3.5. Rest of Asia-Pacific
- 8.2.3.5.1. By End-User (Value)
- 8.2.3.5.1.1. Babies
- 8.2.3.5.1.2. Adults
- 9. South America Cloth Diaper Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market End-user Estimates and Forecast
- 9.2.1. By End-User (Value)
- 9.2.1.1. Babies
- 9.2.1.1.1. Economic
- 9.2.1.1.2. Premium
- 9.2.1.2. Adults
- 9.2.2. By Distribution Channel (Value)
- 9.2.2.1. Online
- 9.2.2.2. Offline
- 9.2.3. By Country (Value)
- 9.2.3.1. Brazil
- 9.2.3.1.1. By End-User (Value)
- 9.2.3.1.1.1. Babies
- 9.2.3.1.1.2. Adults
- 9.2.3.2. Argentina
- 9.2.3.2.1. By End-User (Value)
- 9.2.3.2.1.1. Babies
- 9.2.3.2.1.2. Adults
- 9.2.3.3. Rest of South America
- 9.2.3.3.1. By End-User (Value)
- 9.2.3.3.1.1. Babies
- 9.2.3.3.1.2. Adults
- 10. Middle East & Africa Cloth Diaper Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market End-user Estimates and Forecast
- 10.2.1. By End-User (Value)
- 10.2.1.1. Babies
- 10.2.1.1.1. Economic
- 10.2.1.1.2. Premium
- 10.2.1.2. Adults
- 10.2.2. By Distribution Channel (Value)
- 10.2.2.1. Online
- 10.2.2.2. Offline
- 10.2.3. By Country (Value)
- 10.2.3.1. UAE
- 10.2.3.1.1. By End-User (Value)
- 10.2.3.1.1.1. Babies
- 10.2.3.1.1.2. Adults
- 10.2.3.2. South Africa
- 10.2.3.2.1. By End-User (Value)
- 10.2.3.2.1.1. Babies
- 10.2.3.2.1.2. Adults
- 10.2.3.3. Rest of Middle East & Africa
- 10.2.3.3.1. By End-User (Value)
- 10.2.3.3.1.1. Babies
- 10.2.3.3.1.2. Adults
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Cloth Diaper Market Revenue Share/Ranking Analysis, By Key Manufacturer, 2023
- 12. Company Profiles
- 12.1. The Procter and Gamble Company
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.2. Babeegreens
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.3. Thirsties Baby
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.4. Modern Cloth Nappies
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.5. Cotton Babies, Inc.
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.6. LittleLamb
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.7. AdultClothDiaper.com
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Product Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent Developments
- 12.8. Kinder Cloth Diaper Co.
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.9. Navashya Consumer Products Pvt. Ltd.
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 12.10. happy BeeHinds Cloth Diaper Company
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Product Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent Developments
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