“The booming industrial hemp market is set to reach an impressive valuation of $28.47 billion worldwide, fuelled by the growing demand for sustainable and eco-friendly products across various industries.”
The industrial hemp market is projected to reach USD 28.47 Billion by 2032, according to a report by The Brainy Insights. Industrial hemp is gaining popularity as a key ingredient in personal care products due to its anti-inflammatory properties. Additionally, it serves as a low-cost and sustainable alternative to fossil fuels, reducing carbon emissions and benefiting both the economy and the environment.
The report highlights that Asia Pacific is the largest market for industrial hemp, accounting for 39% of the market revenue in 2022. The legalization of industrial hemp in countries like Thailand, China, and India has contributed to the market’s growth in the region. Industrial hemp is being increasingly used in various sectors, including paper, textiles, personal care, and animal nutrition.
Among the different product types, hemp seed oil holds the largest market share of 37% in 2022. Its skin-benefiting properties make it a popular ingredient in personal care products. In terms of source, the conventional segment dominates the market with a share of 57% in 2022. Industrial hemp is a resilient crop that requires minimal treatments, making it cost-effective for farmers.
The personal care products segment is the largest application segment, accounting for 27% of the market share in 2022. The growing emphasis on appearance has led to increased spending on personal care items. Industrial hemp-based products have shown positive results in treating skin and hair issues like acne, pigmentation, aging, and hair loss.
The expanding industrial and commercial applications of industrial hemp are driving the market’s growth. Industries such as food and beverages, personal hygiene, energy, medicines, and construction are utilizing industrial hemp for its various benefits. For example, industrial hemp stalks can be used to produce biofuels, a clean and renewable energy source.
Some of the major players in the industrial hemp market include American Cannabis Company, CBD Biotechnology Co., Hemp Inc., and Hempro International GmbH & Co. KG. The market is segmented by product type, source, application, and region.
In conclusion, the industrial hemp market is experiencing significant growth and is expected to reach USD 28.47 Billion by 2032. Its versatility and sustainability make it a valuable ingredient in various industries, particularly personal care products. The legalization of industrial hemp in key regions like Asia Pacific has contributed to its market expansion.