The global industrial hemp market is projected to go from the current estimated market value of $6.6 billion in 2024 to $25.7 billion by 2034, according to a new market analysis by Fact.MR. The industrial hemp market will be driven by “a steady CAGR of 14.5% from 2024 onward” according to Fact.MR.
“Environmentally conscious consumers are driving much of this demand, as hemp requires minimal pesticides and herbicides, making it an eco-friendly choice for sustainable farming. Its ability to sequester carbon dioxide and remediate contaminated soil further adds to its appeal. Moreover, hemp’s durability, lightweight nature, and renewable qualities make it an attractive alternative to traditional materials in manufacturing.” the market analysts stated in a press release.
The market analysis and projection determined the following:
- Based on nature, sales of organic hemp are estimated to reach a valuation of $3.2 billion in 2024.
- The market in Mexico is evaluated to expand at a CAGR of 13.6% from 2024 to 2034.
- Revenue from sales of industrial hemp in East Asia is projected to reach $5.9 billion by the end of 2034.
- The South Korean market is evaluated to reach a valuation of $1.4 billion by the end of 2034.
- North America is analyzed to hold a global market share of 24.3% by 2034.
“The industrial hemp market in Japan is projected to grow at a compound annual growth rate (CAGR) of 15.1% from 2024 to 2034, with the country expected to hold a 29.4% market share by the end of the period.” Fact.MR determined.
The global hemp clothing market is projected to experience significant growth in the coming years, reaching an estimated $23.02 billion by 2031, according to a separate market analysis by Allied Analytics LLP.
“The global Hemp Clothing Market Size was valued at $2.29 billion in 2021, and is projected to reach $23.02 billion by 2031, growing at a CAGR of 27.1% from 2022 to 2031.” the researchers stated in a press release.
“The hemp clothing market holds a significant scope for growth during the forecast period. Currently, the market is moving toward maturity stage and is expected to garner steady growth in major markets, which include the U.S., China, and India.” the researchers also stated.
Projections for the hemp fiber sector vary widely. Industry researchers at Research and Markets estimate that the global hemp fiber market will be worth $378.56 million dollars in 2024, and that it will increase in value to a projected $561.8 million by 2029.
“The global hemp fiber market is experiencing remarkable growth driven by increasing awareness of its environmental benefits and versatile applications. Derived from the sturdy stalks of the Cannabis sativa plant, hemp fibers have emerged as a sustainable alternative to traditional materials like cotton and synthetic fibers.” the researchers stated in a press release.
A separate market analysis conducted by Kings Research projected a far more optimistic estimate for the global hemp fiber market, finding that “the global Hemp Fiber Market revenue was recorded at USD 7.55 billion in 2022 and is anticipated to grow to USD 73.55 billion by 2030, exhibiting a 33.57% CAGR over the forecast period.”
Kings Research determined that the Asia Pacific region leads the global hemp fiber market, “and is foreseen to witness strong growth at 37.65% CAGR over the analysis period.”
Technavio recently published an estimate for the overall global industrial hemp industry. Technavio is a global technology research and advisory company that “focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.”
“The global industrial hemp market size is estimated to grow by USD 6.87 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 17.1% during the forecast period.” Technavio stated in a press release.