The global industrial hemp market size was US$ 6.9 billion in 2021. The global industrial help market is forecast to grow to US$ 134.6 billion by 2030 by growing at a compound annual growth rate (CAGR) of 35.1% during the forecast period from 2022 to 2030.
Industrial hemp is a variety of the Cannabis Sativa plant species grown specifically for industrial purposes. These plants are used to make a variety of products. Hemp is one of the most rapidly growing plants on the planet. It can be shifted into rope, paper, textiles, clothing, disposable polymers, paint, insulation, food, and animal feed.

Factors Influencing the Market
The global industrial hemp market is forecast to experience ample growth opportunities due to the growing awareness of the benefits of the product. For instance, hemp seeds obtained from the plant Cannabis sativa are widely used to derive vitamin B1, vitamin B2, vitamin E, calcium, etc. Thus, it will drive the overall industrial hemp market forward.
Growing consumer demand for a nutrition-rich vegan diet, mainly to obtain Omega-6 and Omega-3, will prompt the growth of the market.
The growing legalization of industrial hemp farming around the world is driving demand for the industrial hemp market. Rapid expansion of various R&D activities will benefit the market during the study period. Furthermore, beneficial properties of hemp seed oil and hemp seeds are significantly influencing the industrial hemp market. On the contrary, strict government regulations to limit the illegal use of industrial hemp may limit the growth of the market.

COVID-19 Impact Analysis
Due to the COVID-19 spread, the demand for a nutrition-rich diet increased across the world. Thus, it had been opportunistic for the industrial hemp market. Furthermore, the demand for nutritious packed food products increased due to a lifestyle change. Thus, it accelerated the growth of the global industrial hemp market. The product is also used in a variety of pharmaceuticals, which gained traction throughout the pandemic period.

Regional Analysis
The Asia-Pacific industrial hemp market is forecast to gain traction in the coming years. It is majorly due to the extensive production and consumption of hemp fibers across the paper and textile industry. Furthermore, rising demand for personal care and beauty products will also lead the industrial hemp market towards growth. Moreover, growing awareness related to the nutritional benefits of consuming hemp will further prompt the demand for hemp-based beauty and food products.

Competitors in the Market
Hempco
Ecofibre
GenCanna
HempFlax BV
Blue Sky Hemp Ventures Ltd.
Agripro
Marijuana Company of America Inc.
North American Hemp & Grain Co. Ltd.
Green Source Organics
Trigone Foods Inc.
Other Prominent Players

Market Segmentation
The global industrial hemp market segmentation focuses on Product, Application, Source, and Region.
By Product Type
Hemp Seed
Hemp Seed Oil
Hemp Fiber
CBD Hemp Oil
By Application
Foods
Beverages
Personal Care Products
Textiles
Pharmaceuticals
By Source
Organic
Conventional
By Regional Outlook
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America