Industrial Hemp Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Global Industrial Hemp Market Production Statistics and is Segmented by Type (Hemp Seed (Consumed Raw, Cooked, or Roasted), Hemp Seed Oil, Cannabidiol (CBD) Hemp Oil, Hemp Protein (Supplement), and Hemp Extract (Without CBD)), Application (Food and Beverages, Healthcare Supplements, and Other Applications), and Geography (North America, Europe, South America, and Rest of the World). The report offers market size and forecast for industrial hemp in revenue (USD million) for all the above segments.

Industrial Hemp Market Size

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Industrial Hemp Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 2.60 Billion
Market Size (2029) USD 5.84 Billion
CAGR (2024 - 2029) 17.56 %
Fastest Growing Market North America
Largest Market North America

Major Players

Industrial Hemp Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Industrial Hemp Market Analysis

The Industrial Hemp Market size is estimated at USD 2.60 billion in 2024, and is expected to reach USD 5.84 billion by 2029, growing at a CAGR of 17.56% during the forecast period (2024-2029).

The market was negatively impacted by COVID-19 in 2020. Manufacturing and construction activities have come to a halt as a result of the lockdowns. The outbreak of COVID-19 also brought several short-term and long-term consequences to the construction industry. According to the Associated General Contractors of America (AGC), there were disruptions to work or canceled projects and hence less demand for 'non-essential' projects, like offices, entertainment, and sports facilities, in the initial months of 2020. Furthermore, in 2021, the demand for the market studied has recovered and is expected to grow at a significant rate in the coming years.

  • Over the short term, major factors driving the market studied are the huge demand for industrial hemp products across diverse applications and highly functional applications in the healthcare sector.
  • On the flip side, stringent regulations associated with hemp are hindering the growth of the market.
  • The eco-friendly nature of hemp, with a low carbon footprint, extensive Research and Development activities, and recent regulations related to hemp, is expected to offer lucrative opportunities for the growth of the market.
  • North America region is expected to grow at the fastest rate across the world, with the largest consumption from countries such as the United States and Canada.

Industrial Hemp Market Trends

This section covers the major market trends shaping the Industrial Hemp Market according to our research experts:

Increasing Demand from the Food and Beverage Segment

  • Industrial hemp is obtained from the strain of Cannabis sativa, which is grown specifically owing to the various uses of hemp-based products.
  • Hemp seeds are used in baking or can be used to make beverages like hemp milk. Hemp seeds can also be eaten raw and are high in protein content, owing to which they are used in animal feed and bird seeds.
  • Hemp seeds are pressed to produce hemp oil which is high in unsaturated fatty acids. The leaves of hemp can be consumed directly as salads or can be pressed to make juice.
  • Hemp seeds are rich in two essential fatty acids, linoleic (omega-6) and linolenic (omega-3). They are also a rich source of vitamin E, vitamin B1, vitamin B2, vitamin B6, and vitamin D, owing to which they are used in ready-to-drink beverages, energy drinks, snacks and cereals, soups, sauces, and bakery products.
  • Humans cannot produce essential fatty acids. The addition of hemp seeds could be useful to them, as they are a great source of linoleic (omega-6) and linolenic (omega-3). They are low in saturated fats and contain no trans fat.
  • In addition, according to Statista, the global food and drink industry is expected to register a CAGR of 9.11% from 2022 to 2026 and is expected to be valued at USD 1.05 billion by the end of 2026.
  • The Brazilian foodservice industry alone generated a revenue of USD 82.2 billion in 2021, a growth of 26% compared to 2020. According to the US Department of Agriculture, the industry is expected to register a growth rate of 18%. It is one of the largest in the world, with 45,000 companies, of which 86% are SMEs.
  • According to the Brazilian Food Processors' Association (ABIA), the country's food processing sector registered revenues of USD 171 billion in 2021, an increase of 16.9 percent compared to 2020. The growing food production in the country may boost the demand for industrial hemp in the country.
  • Owing to all the above-mentioned factors, the demand for industrial hemp from the food and beverage segment is expected to grow rapidly over the forecast period.
Industrial Hemp Market, Revenue CAGR (%), by Application, Global, 2022-2027

North American Region to Dominate the Market

  • The North American region is expected to grow at the fastest rate over the forecast period. In countries like the United States and Canada, due to the growing geriatric population and increased consumer awareness, the demand for industrial hemp has been increasing.
  • The growing concerns about skin diseases and an increasing number of chronic diseases are expected to boost the demand for industrial hemp.
  • After the passing of the Farm Bill 2018, many new prospects have emerged for the cultivation of hemp and its products used across a variety of end-user industries. However, it is still up to each state to pass laws legalizing the crop and submit a plan to the USDA outlining the state regulations and laws guiding hemp production, testing, licensing, and transport.
  • Farmers in the United States produced USD 824 million worth of industrial hemp in 2021, the US Department of Agriculture revealed in a survey-based report in February. The value of hemp grown for seed totaled USD 41.5 million, while hemp for fiber was valued at USD 41.4 million and hemp for grain at USD 5.99 million the previous year.
  • According to the 2021 Hemp Acreage and Production Survey collected information by value, the top utilization for hemp grown in the open was floral at USD 623 million. The top utilization for hemp grown under protection was floral at USD 64.4 million.
  • According to the United States Department of Agriculture, the planted area for industrial hemp grown in the open for all utilizations in the United States totaled 54,152 acres. The value of US hemp production in the open totaled USD 712 million. The value of production for hemp that was grown under protection in the United States totaled USD 112 million.
  • The pharmaceutical industry in the United States is the largest in the world, accounting for more than 40% of worldwide pharmaceutical revenues. Despite a recent downturn, it is likely to rise in the following years. The expanding and aging population in the United States is fueling this expansion. Moreover, 15% of the people in the United States are over 65 years, and this percentage is predicted to expand in the future. Overall, the growing demand for the pharmaceutical industry is likely to drive the market demand for industrial hemp.
  • In addition, the textile industry in Mexico is benefitted from the NAFTA agreement, which allows free trade between the United States, Canada, and Mexico. In the wake of the United States-Mexico-Canada Agreement (USMCA), also referred to as NAFTA 2.0, Mexico is optimally positioned to carve even further into China's manufacturing share of the market, particularly within the textile industry.
  • The aforementioned factors, coupled with government support, are contributing to the increasing demand for industrial hemp during the forecast period.
Industrial Hemp Market Growth Rate by Region, 2022-2027

Industrial Hemp Industry Overview

The global industrial hemp market is fragmented in nature. Some major players in the market include International Flavors & Fragrances Inc., Firmenich SA, PharmaCielo Ltd, Manitoba Harvest (Tilray), and Robertet.

Industrial Hemp Market Leaders

  1. International Flavors & Fragrances Inc.

  2. Firmenich SA

  3. PharmaCielo Ltd

  4. Manitoba Harvest (Tilray)

  5. Robertet

*Disclaimer: Major Players sorted in no particular order

Industrial Hemp Market Concentration
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Industrial Hemp Market News

  • January 2022: MariMed Inc. signed a definitive agreement to acquire Green Growth Group Inc., holder of a provisional Cannabis Craft License in Illinois.
  • January 2022: MariMed Inc. entered a definitive agreement to acquire Kind Therapeutics USA LLC, a leading vertically integrated cannabis business in Maryland.
  • January 2022: CV Sciences added 770 new stores across the United States to its distribution network after signing a new agreement with GNC, a Pittsburgh-based health and wellness retailer.

Industrial Hemp Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Huge Demand of Industrial Hemp Products Across Diverse Applications

      2. 4.1.2 High Functional Application in Health Care Sector

    2. 4.2 Restraints

      1. 4.2.1 Stringent Regulations Associated with Hemp

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Type

      1. 5.1.1 Hemp Seed (Consumed Raw, Cooked or Roasted)

      2. 5.1.2 Hemp Seed Oil

      3. 5.1.3 Cannabidiol (CBD) Hemp Oil

      4. 5.1.4 Hemp Protein (Supplement)

      5. 5.1.5 Hemp Extract (Without CBD)

    2. 5.2 Application

      1. 5.2.1 Food and Beverages

      2. 5.2.2 Healthcare Supplements

      3. 5.2.3 Other Applications

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      3. 5.3.3 South America

        1. Brazil

        2. Chile

        3. Rest of South America

      4. 5.3.4 Rest of the World


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Ilesol Pharmaceuticals doo

      2. 6.4.2 Bulk Hemp Warehouse LLC

      3. 6.4.3 International Flavors & Fragrances Inc

      4. 6.4.4 GenCanna

      5. 6.4.5 Robertet

      6. 6.4.6 Firmenich SA

      7. 6.4.7 Charlotte's Web Holdings Inc.

      8. 6.4.8 True Terpenes

      9. 6.4.9 Puricon

      10. 6.4.10 PharmaCielo Ltd

      11. 6.4.11 Silver Lion Farms

      12. 6.4.12 Bomar Agra Estates LLC.

      13. 6.4.13 Colorado Breeders Depot

      14. 6.4.14 33 Supply LLC

      15. 6.4.15 Green Passion (Canway Schweiz GmbH)

      16. 6.4.16 Victory Hemp Foods

      17. 6.4.17 Hemp Oil Canada

      18. 6.4.18 Manitoba Harvest (Tilray)

      19. 6.4.19 HempFlax Group BV

      20. 6.4.20 Entoura

      21. 6.4.21 Bedrocan

      22. 6.4.22 Signature Products

      23. 6.4.23 Nutiva hemp Oil

      24. 6.4.24 Temp Co. Canada

      25. 6.4.25 Hemp Acres USA

    5. *List Not Exhaustive

    1. 7.1 Eco-friendly Nature of Hemp with Low Carbon Footprint

    2. 7.2 Extensive R&D activities

    3. 7.3 Recent Regulations related to Hemp

**Subject to Availability
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Industrial Hemp Industry Segmentation

Industrial hemp is a non-drug variety of Cannabis sativa with very low delta-9-tetrahydrocannabinol (THC) content. It is an agricultural commodity that comes from the same species of plant, Cannabis sativa, but from different cultivars which have been bred for different uses. They are genetically distinct forms of cannabis and are differentiated by their usage, chemical makeup, and practices of cultivation. Industrial hemp has been a source of fiber and oilseed for centuries and is extensively used to produce a variety of industrial and consumer products across the world. It is a dual-purpose crop and can be grown as a seed and fiber. The industrial hemp market is segmented on the basis of type, application, and geography. By type, the market is segmented into hemp seed (consumed raw, cooked, or roasted), hemp seed oil, cannabidiol (CBD) hemp oil, hemp protein (supplement), and hemp extract (without CBD). By application, the market is segmented into food and beverages, healthcare supplements, and other applications. The report also covers the market size and forecasts for the industrial hemp market in 9 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Hemp Seed (Consumed Raw, Cooked or Roasted)
Hemp Seed Oil
Cannabidiol (CBD) Hemp Oil
Hemp Protein (Supplement)
Hemp Extract (Without CBD)
Food and Beverages
Healthcare Supplements
Other Applications
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Rest of the World
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Industrial Hemp Market Research FAQs

The Industrial Hemp Market size is expected to reach USD 2.60 billion in 2024 and grow at a CAGR of 17.56% to reach USD 5.84 billion by 2029.

In 2024, the Industrial Hemp Market size is expected to reach USD 2.60 billion.

International Flavors & Fragrances Inc. , Firmenich SA, PharmaCielo Ltd, Manitoba Harvest (Tilray) and Robertet are the major companies operating in the Industrial Hemp Market.

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Industrial Hemp Market.

In 2023, the Industrial Hemp Market size was estimated at USD 2.21 billion. The report covers the Industrial Hemp Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Hemp Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Industrial Hemp Industry Report

Statistics for the 2024 Industrial Hemp market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Industrial Hemp analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Industrial Hemp Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)