Rockville, March 05, 2025 (GLOBE NEWSWIRE) — Based on a new research report by Fact.MR, worldwide sales of industrial hemp are estimated to reach US$ 25.7 billion by 2034. The market is analyzed to further expand at a CAGR of 14.5% from 2024 to 2034.
Demand for industrial hemp is skyrocketing as more and more industries recognize its versatile and sustainable properties. Once overlooked, this remarkable crop is now being embraced for its myriad uses across various sectors. From textiles and construction materials to biofuels and nutritional supplements, hemp’s applications are seemingly endless.
Environmentally conscious consumers are driving much of this demand, as hemp requires minimal pesticides and herbicides, making it an eco-friendly choice for sustainable farming. Its ability to sequester carbon dioxide and remediate contaminated soil further adds to its appeal. Moreover, hemp’s durability, lightweight nature, and renewable qualities make it an attractive alternative to traditional materials in manufacturing.
Click to Request a Sample of this Report for Additional Market Insights
https://www.factmr.com/connectus/sample?flag=S&rep_id=3989
As awareness of hemp’s benefits continues to spread, industries are investing in research and development to unlock its full potential. With its multi-faceted applications and sustainable credentials, industrial hemp is poised to become a cornerstone of the green economy, meeting the growing demand for environmentally responsible products and practices.
Key Takeaways from the Industrial Hemp Market Study
- The global industrial hemp market is forecasted to reach a valuation of US$ 25.7 billion by the end of 2034
- Based on nature, sales of organic hemp are estimated to reach a valuation of US$ 3.2 billion in 2024.
- The market in Mexico is evaluated to expand at a CAGR of 13.6% from 2024 to 2034.
- Revenue from sales of industrial hemp in East Asia is projected to reach US$ 5.9 billion by the end of 2034.
- The South Korea market is evaluated to reach a valuation of US$ 1.4 billion by the end of 2034.
- North America is analyzed to hold a global market share of 24.3% by 2034.
“Use of industrial hemp in textiles, medicines, and food, coupled with global sustainability trends, is creating opportunities for suppliers. Governments worldwide are collaborating to boost global hemp distribution,” says a Fact.MR analyst.
Key Market Players Driving the Industrial Hemp Market
The key businesses driving the Industrial Hemp Market include HempFlax Group B.V; American Hemp; Manitoba Harvest; Endoca; Canopy Growth Corporation; Yunnan Industrial Hemp; Aurora Cannabis; Valley Bio Limited; Marijuana Company of America Inc.; Cronos Group Inc.; Hemp Oil Canada; Dun Agro Hemp Group; Colorado Hemp Works; Cannah International; South Hemp Tecno; MH Medical Hemp GmbH.
Increasing Awareness of Therapeutic Potential of Hemp in Medical Applications
Once relegated to the fringes, industrial hemp is rapidly emerging as a sustainable wonder crop, fueling a wave of cutting-edge innovations across diverse industries. As researchers and entrepreneurs unlock its vast potential, hemp is proving to be a versatile and eco-friendly resource, paving the way for exciting new products and applications.
The automotive industry is also exploring the use of hemp fibers as a reinforcement material for lighter, stronger, and more sustainable car parts. These natural fiber composites could reduce vehicle weight, improving fuel efficiency and reducing emissions.
In the field of biotechnology, scientists are harnessing the unique properties of hemp to develop innovative products. For instance, researchers are exploring the use of hemp-derived compounds, such as cannabidiol (CBD), for their potential therapeutic applications in various medical conditions.
Competitive Landscape in the Industrial Hemp Market
Hemp suppliers are integral to the industrial hemp supply chain. To succeed and make a lasting impact, industry leaders should focus on building reliable supply networks, optimizing cost management, exploring vertical integration, ensuring high product quality, and staying ahead of market trends.
Green Thumb Industries Inc. acquired Leafline Industries in December 2021, gaining authorization to cultivate, process, and distribute cannabis to patients—expanding its market presence in Minnesota.
In March 2021, Curaleaf Holdings Inc. acquired Emmac Life Sciences, a European marijuana company, for US$ 286 million. This acquisition broadened Curaleaf’s footprint across eight countries, including Portugal, Spain, Germany, Italy, and the United Kingdom.
In May 2020, HempFlax BV, based in the Netherlands, acquired Thermo-Natur, a German manufacturer of natural fiber insulation, marking its entry into the building supply sector.
Get a Custom Analysis for Targeted Business Solutions
https://www.factmr.com/connectus/sample?flag=S&rep_id=3989
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the industrial hemp market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on nature (organic, conventional), product type (fiber, seeds), and end use (food & beverages, consumer textiles, personal products, industrial applications, hemp CBD, supplements, other consumer products), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
Discover Additional Market Insights from Fact.MR Research
The global hemp-based products market is set to grow from $1.8 billion in 2023 to $16.2 billion by 2033, expanding at a 24.5% CAGR. The legalization of hemp farming and sales worldwide is a key driver, with government regulations shaping future demand.
The global cannabis-infused drinks market surged to $400 million in 2022 and is projected to hit $8.7 billion by 2032, growing at a 37.8% CAGR. Non-alcoholic variants will dominate, exceeding 50% market share, as new manufacturers enter to meet rising demand.
The global cannabis vaporizer market is set to expand 3.5X from 2021 to 2031, driven by rising demand for temperature-controlled devices. Legalization for medical and recreational use is a key growth factor, with the recreational industry—especially pubs and bars—boosting adoption.
The global cannabinoids (CBD) market reached $3.86 billion in 2022 and is projected to soar to $58.83 billion by 2033 at a 28.1% CAGR. Growing awareness of health benefits, rising legalization, and increased R&D investments are driving demand.
The global sodium diacetate market is valued at $614.34 million in 2023 and is projected to reach $1.1 billion by 2033, growing at a 5.9% CAGR. Widely used as a food additive, sodium diacetate acts as a preservative and flavor enhancer
The global detox products market is valued at $56.13 billion in 2023 and is projected to reach $88.86 billion by 2033, growing at a 4.7% CAGR. Detox products aid the body’s natural cleansing process, enhancing overall health and wellness.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
