Hemp Market to Hit $19.37 Billion by 2030: Cognitive Market Research

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Feb 15, 2023, 06:05 ET

CHICAGO, Feb. 15, 2023 /PRNewswire/ -- The Global Hemp Market size is projected to be USD 19.37 Billion by 2030 growing at a CAGR of 22.6% from 2023 to 2030, as per a recent market report published by Cognitive Market Research. The hemp market is gradually gaining legalization and deregulation. For instance, Google has opened the door and will allow the advertising of hemp and topical CBD products in California, Colorado and Puerto Rico under an update to its policies on "Dangerous Products and Services and Healthcare and Medicines."

Major findings during the study of the Hemp Market:

Organic segment is projected to garner significant market growth during the forecast period
Hemp seed held the maximum share in the hemp market as it is gaining much attraction in the food and nutraceutical markets because of its high nutritional values. Further, it is used in lotions, shampoos, soaps, bath gels, and cosmetics which is propelling its growth
In terms of application, the textile segment dominates the market by revenue. The prime reason being wide usage of hemp in making t-shirts, dresses, hoodies, underwear, socks, other forms of apparel, and other household textiles
The Asia Pacific region accounts for the maximum share of the hemp market. This is because of the active involvement of countries like China, India, Japan, Korea, Australia, New Zealand, and Thailand in the production of industrial hemp
North America shows the highest growth rate in the hemp market during the forecast period owing to the gradual relaxation of laws surrounding the cultivation, processing, and production of hemp products
Major industry players are investing heavily in R&D activities to achieve high yields from cultivation. For instance, The Scottish National Investment Bank has increased its investment in an Edinburgh company that makes hemp fiber-based insulation for the construction industry

Read Full Market Analysis Hemp Market by Source (Conventional, and Organic); by Type (Seed, Oil, Fiber, CBD, and Others); by Application (Textile, Personal Care, Construction, Food & Beverage, and Others); by Region (North America, Europe, Asia Pacific, Latin America and Middle East, and Africa) Global Industry Analysis, COVID-19 Impact, and Industry Forecast, 2018-2030

Hemp Industry Statistics:

Global Hemp Market	2022
Global Revenue (USD Billion)	6.87
CAGR – (2023-2030)	22.6 %
Key Source Share	Conventional: 69.7%
Key Type Share	Seed: 32.2%
Key Application Share	Textile: 28.2%
Key Regional Share	Asia Pacific: 34.2%

What are the current Hemp Market Trends?

In the last few years, many hemp based products find their way to the market. There has been huge investment in research and development for developing hemp products. For instance, more than USD 35 Million has been granted to five hemp-specific projects under the U.S. Department of Agriculture's "Partnerships for Climate-Smart Commodities" program. Companies are constantly discovering products made from hemp for the consumers, from cosmetics to jeans to beer. For instance, between the year 2012 to 2017, more than 200 hemp-based food products were introduced to the market.

It is expected that in the year 2023, the demand for hemp-based health products will be on the rise. This includes massage oils, lotions, capsules, pet health products, and many others. Besides, hemp based products are being legalized rapidly across the globe. Thus, increasing legalization and deregulation of hemp cultivation in various countries is driving the growth of the hemp market.

Check Full Report with all the Quantitative and Qualitative data:

https://www.cognitivemarketresearch.com/hemp-market-report

Hemp is considered one of the most versatile and sustainable crops since every part of the plant can be used for one or more purposes. For decades, hemp seed has been cultivated to make everything from building materials to textiles. Its wide-reaching growth potential is now beginning to be embraced and utilized by many organizations. Hence, the production of hemp seeds has increased and they have become a product with an important and growing market.

Hemp Market Report Scope

Hemp Market - Source Type Outlook (Revenue, USD Billion, 2018–2030)

Conventional
Organic

Hemp Market - Type (Revenue, USD Billion, 2018–2030)

Seed
Oil
Fiber
CBD
Others

Hemp Market - Application Outlook (Revenue, USD Billion, 2018–2030)

Textile
Personal Care
Construction
Food & Beverage
Others

By Regions:

North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, Rest of MEA)

List Of Key Companies Profiled

Parkland Industrial Hemp Growers Cooperative Ltd.
CBD Biotechnology Co.
Botanical Genetics, LLC
Marijuana Company of America, Inc.
HempMedsBrasil, Terra Tech Corp.
American Cannabis Company, Inc.
HempFlax B.V.
Ecofiber Industries Operations
Plains Industrial Hemp Processing Ltd.
Others

Related Reports on Hemp Market:

Global Legal Marijuana Market to Hit $101.23 Billion by 2030

The global legal marijuana market is expected to hit $101.23 billion by 2030, growing at a CAGR of 25.42%. Marijuana is a psychoactive drug from the cannabis plant used for both recreational and entheogenic purposes and in various traditional medicines for centuries. In recent times, most countries have legalized the use of medical marijuana for treating multiple ailments, which is pushing the growth of the market.

Global Cotton Market to Reach $12.34 Billion by 2030

The global cotton market is projected to reach $52.37 billion by 2030, growing at a CAGR of 4.56%. Global cotton production is primarily concentrated in low--and middle-income countries, which is a key driver of economic growth, providing employment and livelihoods. Cotton is majorly used in the textile industry along with the medical industry. The outbreak of COVID-19 pandemic has severely impacted cotton distribution due to disruption in the supply chain, which declines revenue in the year 2020. However, its broad uses in woven fabrics, clothing, furniture, home decor, and other categories are driving the market's growth.

Other Related Reports:

Global Textile Market to reach $1,385.36 Billion by 2030, growing at an impressive CAGR of 5.32%
Global Medical Cannabis Market to be worth $54.08 Billion by 2030 and is expected to reach a CAGR of 23.52%

Explore Other Cognitive Market Research's Agriculture Industry Report

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