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Global Industrial Hemp Market Estimated To Grow By $6.87 Billion From 2023 To 2027

The global industrial hemp market is set to increase in size by a considerable amount in the coming years according to a new projection from Technavio. 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.

The research company listed the following components of the hemp plant and subsectors of the market that are set for increased demand going forward:

  • Seed
  • Stalks
  • Hurds
  • Lipids
  • Carbohydrates
  • Insoluble fiber
  • Pesticide-free hemp for vegan consumers

“The Industrial Hemp market is a significant sector in the agricultural industry, with various applications in consumer goods and industries.” stated Technavio. “The hemp market is experiencing growth due to increasing demand for eco-friendly and sustainable products. The market is also driven by the legalization of hemp cultivation in many countries, including the United States.”

A separate global hemp fiber market projection by researchers at Kings Research found 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.”

Over the years, the hemp plant has become increasingly used for other purposes beyond making fiber, with the creation of cannabidiol (CBD) products being a very notable use. Many hemp varieties are very rich in CBD, and the rise in demand for CBD products has largely transformed the hemp industry.