North America Industrial Hemp Market

North America Industrial Hemp Market Size (2024 to 2032)

The size of the North American industrial hemp market was worth USD 2.64 billion in 2023. The North america market is anticipated to grow at a CAGR of 24.52% from 2024 to 2032 and be worth USD 19.02 billion by 2032 from USD 3.29 billion in 2024.

MARKET SCENARIO

Increasing support from the North American government authorities in legalizing the cultivation of hemp crops in most countries is accelerating the market's growth rate.

The hemp-based products have many applications in the industries such as automotive, personal care, and many others, which are ascribed to boost the market demand. Focusing on the continuous production of hemp oil to improve the applications in various sectors is escalating the market's demand to an extent. Also, in developed countries like the United States and Canada, there is a huge consumption of industrial hemp in food and beverages which is propelling the growth rate of the market. Also, it is believed that the use of hemp seed oil in cancer treatment can slow the growth of tumor cells. This attribute is ascribed to fuel the demand of the market. To treat epilepsy and sleep disorders, hemp plays a vital role, which is anticipated to increase the demand to cultivate more crops in the coming years. The rise in awareness among people over the utilization of industrial hemp according to climatic conditions is elevating the market's growth rate.

However, the lack of complete knowledge in utilizing hemp products in different ways is slowly hampering the market's growth rate. Also, risk factors on the usage of high dosage in the medical sector impede the demand of the industrial hemp market in North America. Ban on the usage of hemp oil-based products in some countries is limiting the growth rate of the market.

SEGMENTAL ANALYSIS

North America Industrial Hemp Market Analysis By Type

• Hemp seed
• Hemp seed oil
• CBD hemp oil
• Hemp fiber

North America Industrial Hemp Market Analysis By Application

• Food

  • Snacks & cereals
  • Soup, sauces, and seasonings
  • Bakery
  • Dairy & frozen desserts
  • Others (cold cereals, pasta, chocolate spreads, and pet food)
• Beverages
  • Hot beverages
  • Sports & energy drinks
  • Ready to drink
  • Others (meal replacement drinks, beverage mixes, beverage concentrates, and juice drinks)
• Personal care products
• Textiles
• Pharmaceuticals
• Others (paper, automobiles, construction & materials, furniture, and pet food)

GEOGRAPHICAL ANALYSIS

• The United States
• Canada
• Rest of North America

Geographically, North America has the largest market share among all the regions. Increasing government initiatives and the launch of new products are greatly influencing the growth rate of the market in this region. The US is ruling with the dominant shares of the market owing to the rising incidences of chronic diseases. The increasing consumption rate of hemp-based products in the textile industry is also elevating the market's growth rate. Along with this, the introduction of hemp seed oil into the vegan diet, which is high in proteins, is prompting the market's growth rate. Canada is next to the US in leading the significant shares of the market. 25% of the acreage was industrial hemp in Canada, a major attribute for the market to grow.

KEY MARKET PLAYERS

Some of the companies playing a leading role in the North American Industrial Hemp market are Hempco, Ecofibre, Hemp Inc., Gencanna, Hempflax BV, Konoplex Group, Hemp Oil Canada, BAFA, Hemp Poland, Dun Agro, Colorado Hemp Works, and Canah International.