According to UnivDatos, Global Industrial Hemp Market was valued at US$ 5.8 billion in 2020 and is anticipated to reach US$ 30.4 billion by 2027 displaying an elevated CAGR of 27% over the forecast period (2021-2027). Industrial hemp is a botanical class of Cannabis Sativa grown specifically for industrial or medicinal uses which can be used for making a wide range of products. It is one of the fastest-growing plants on earth and one of the first plants to be spun into usable fiber 50,000 years ago.

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A Market Poised for Exponential Growth

The global industrial hemp market is undergoing a rapid transformation. Valued at USD 5.8 billion in 2020, the market is set to witness an impressive growth trajectory, reaching USD 30.4 billion by 2027, driven by a robust 27% CAGR during the forecast period (2021–2027). The surge is primarily attributed to growing awareness of hemp’s versatile applications and its increasing use in health, nutrition, textiles, and wellness sectors.

Cannabis, from which hemp is derived, has been largely recognized for its medicinal and recreational uses. Globally, nearly 200 million individuals consumed cannabis as of 2019, with Asia accounting for the largest user base. Rising acceptance and legalization for both recreational and medical cannabis across countries are opening up lucrative market opportunities. Additionally, global legal cannabis spending is forecasted to hit USD 32 billion by 2022, dominated by countries like the U.S. and Canada.

Hemp’s Versatility Across Industries

Industrial hemp’s adoption is increasing across industries, particularly due to favorable policy changes and rising cultivation. For example, in the United States, hemp acreage grew by over 440% between 2018 and 2020, with over 146,000 acres planted in 2020 alone, according to the USDA. Hemp's sustainability and low environmental impact also make it an attractive raw material for eco-conscious consumers and companies.

By type, hemp seeds are leading the market thanks to their high nutritional value. Rich in proteins, essential fatty acids, calcium, and iron, hemp seeds are widely used in functional foods and plant-based diets. Hemp fiber is another fast-growing category, gaining traction in the textile and biodegradable materials sectors.

Applications Expanding Across Food, Cosmetics & Pharma

Food and beverages remain the dominant application category, with hemp-derived products like hemp oil, milk, and protein powder gaining popularity among health-conscious consumers. Meanwhile, personal care and pharmaceuticals are emerging as fast-growing segments, with hemp being utilized in skincare, pain relief, and wellness products.

The market is also segmented by source, with both organic and conventional hemp products showing steady demand.

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Regional Insights and Leading Players

Asia-Pacific holds the largest share of the market, supported by widespread cultivation and a rising demand for hemp-based products across multiple sectors. However, North America is quickly catching up, offering strong potential due to favorable legislation and innovation in hemp-derived consumer goods.

Some of the prominent companies shaping the industrial hemp space include:

·        Hempco

·        Hemp Inc.

·        Bombay Hemp Company

·        Aurora Cannabis Inc.

·        Manitoba Harvest

·        HempFlax Group B.V.

·        GenCanna

·        Ecofibre, among others.

These companies are actively pursuing mergers, acquisitions, and product launches to diversify their hemp portfolios and tap into the booming demand.

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