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05-26-2025 11:27 AM CET | Food & Beverage
Global Industrial Hemp Market Set to Surge: Projected to Reach USD 159.71 Billion by 2032 at a CAGR of 34.4%
The global industrial hemp market is poised for exponential growth, with projections indicating a rise from USD 15.00 billion in 2024 to an impressive USD 159.71 billion by 2032, marking a robust CAGR of 34.4% . This surge is driven by escalating demand across sectors such as food, beverages, personal care, textiles, and pharmaceuticals.
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Competitive Landscape: Key Players Driving Innovation
The industrial hemp sector is witnessing intensified competition, with major players like Hempco, Ecofibre, Hemp Inc., Gencanna, Hempflax BV, Konoplex Group, Hemp Oil Canada, BAFA, Hemp Poland, Dun Agro, Colorado Hemp Works, and Canah International leading the charge . These companies are investing heavily in research and development to diversify product offerings and enhance quality.
Regional Demand: Asia Pacific Leading the Charge
The Asia Pacific region is emerging as a significant contributor to the industrial hemp market, with a projected revenue of USD 19.03 billion by 2033, growing at a CAGR of 27.47% . This growth is attributed to increasing awareness of hemp’s benefits and supportive governmental policies.
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Growth Opportunities in Vietnam
Vietnam is capitalizing on its favorable climate to boost hemp cultivation. The government’s support for sustainable agriculture is encouraging farmers to adopt hemp farming, aiming to position Vietnam as a key player in the global hemp supply chain.
Opportunity Expansion in Thailand
Thailand has recently legalized industrial hemp cultivation, opening avenues for its use in traditional medicine and wellness products . The country is focusing on developing hemp-based health supplements and cosmetics, tapping into its rich heritage of herbal remedies.
Trends in Japan’s Hemp Industry
Japan is witnessing a growing interest in hemp-based construction materials. Companies are exploring the use of hempcrete, a sustainable building material, to promote eco-friendly construction practices .
Consolidation Efforts in South Korea
South Korea is investing in research and development to enhance hemp cultivation techniques. The focus is on producing high-quality hemp fibers for textiles and exploring applications in bioplastics, aligning with the country’s sustainability goals.
Updation in Singapore’s Regulatory Framework
Singapore is revising its regulatory framework to facilitate research into hemp-derived products. The government is considering pilot programs to assess the viability of hemp in pharmaceuticals and nutraceuticals, aiming to diversify its biotech sector.
Growth Trajectory in the United States
The United States continues to be a major player in the industrial hemp market, with a significant increase in small-scale enterprises producing hemp-based products . The 2018 Farm Bill has played a pivotal role in legalizing hemp cultivation, fostering innovation and market expansion.
Trends Shaping China’s Hemp Market
China remains a dominant force in hemp production, holding a market size of USD 1.7 billion in 2023 and accounting for 20% of total production . The government’s support for e-commerce platforms to sell hemp-based products is further boosting domestic consump
Consolidation in Europe’s Hemp Industry
Europe is experiencing consolidation in its hemp industry, with companies merging to strengthen their market positions. Germany, in particular, saw hemp prices reaching USD 3,043 per metric ton in Q4 2023, reflecting robust demand .
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Industrial Hemp Market Segment Analysis
by Type
Hemp Seed
Hemp Seed Oil
Hemp Fiber
by Application
Food, Beverages
Personal Care Products
Textiles
Pharmaceuticals
Others
by Source
Organic
Conventional
Key Recent Developments
Legal Reforms: Several countries, including Thailand and Japan, have amended laws to facilitate hemp cultivation and utilization.
Technological Advancements: Innovations in hemp processing are enhancing product quality and expanding application areas.
Strategic Partnerships: Companies are forming alliances to leverage combined expertise and expand their global footprint.
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