PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616729
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616729
Industrial Hemp Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Industrial Hemp Market reached USD 242 million in 2023 and is anticipated to grow at a CAGR of 6.2% from 2024 to 2032. This upward trend is fueled by the rising adoption of hemp across various industries, notably textiles, food and beverages, and construction. The multifaceted nature of industrial hemp, cultivated for its fibers, seeds, and oil, positions it as a highly sought-after commodity. Moreover, global governments are relaxing regulations on hemp cultivation, further boosting demand for products derived from this versatile plant. Significant growth in the industrial hemp sector is driven by an increasing preference for sustainable materials within textiles, construction, and the food and beverage industries.
Hemp's environmental advantages, including reduced water consumption and lower pesticide needs, make it an attractive alternative to traditional resources. Its cultivation requires substantially less water than cotton, enhancing its appeal in environmentally conscious markets. The surge in consumer awareness surrounding sustainability and the rising popularity of plant-based products further propel market expansion. The plant-based food sector has witnessed considerable growth, highlighting this trend.
The textiles segment, valued at USD 18.8 million in 2023, is expected to grow at a CAGR of 5.9% through 2032. Hemp fibers are increasingly recognized for their sustainability and adaptability, making them a preferred choice in the textile industry. Renowned for their strength and durability, these fibers resist abrasion and can create a diverse array of products, from clothing to home textiles. The food and beverages segment is projected to reach approximately USD 103.3 million by 2032, with a robust CAGR of over 6.7% during the forecast period. This growth is driven by the rising incorporation of hemp seeds and oil as nutritious ingredients in various food products.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $242 Million |
| Forecast Value | $422.2 Million |
| CAGR | 6.2% |
Hemp seeds are celebrated for their wealth of essential fatty acids, proteins, vitamins, and minerals, making them a popular addition to health-focused items such as protein powders, snacks, and beverages. North America industrial hemp market is poised to exhibit a CAGR of 7.5%, reaching USD 87.5 million by 2032. The legalization of hemp cultivation under recent legislative reforms in the United States has significantly spurred market growth in the region. This shift has encouraged farmers to explore hemp cultivation, leading to a broader availability of hemp-based products within the North American market.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 EPB manufacturers
- 3.2.2 Component manufacturers
- 3.2.3 OEMs
- 3.2.4 Distributors
- 3.2.5 End-users
- 3.3 Profit margin analysis
- 3.4 Price analysis of electric parking brakes
- 3.5 Technology & innovation landscape
- 3.6 Key news & initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Increasing demand for advanced safety features
- 3.8.1.2 Push towards enhanced vehicle efficiency and reduced weight
- 3.8.1.3 Technological advancements in braking systems
- 3.8.1.4 Growing adoption of electric and hybrid vehicles
- 3.8.2 Industry pitfalls & challenges
- 3.8.2.1 High cost of EPB systems and maintenance
- 3.8.2.2 Potential reliability issues with electronic components
- 3.8.1 Growth drivers
- 3.9 Growth potential analysis
- 3.10 Porter's analysis
- 3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Type, 2021 - 2032 ($Bn, Units)
- 5.1 Key trends
- 5.2 Cable-pull systems
- 5.3 Caliper integrated systems
Chapter 6 Market Estimates & Forecast, By Component, 2021 - 2032 ($Bn, Units)
- 6.1 Key trends
- 6.2 Electronic control unit (ECU)
- 6.3 Actuator
- 6.4 Switch
- 6.5 Others
Chapter 7 Market Estimates & Forecast, By Vehicle, 2021 - 2032 ($Bn, Units)
- 7.1 Key trends
- 7.2 Passenger vehicles
- 7.3 Commercial vehicles
- 7.3.1 Light commercial vehicles
- 7.3.2 Medium commercial vehicles
- 7.3.3 Heavy commercial vehicles
Chapter 8 Market Estimates & Forecast, By Sales Channel, 2021 - 2032 ($Bn, Units)
- 8.1 Key trends
- 8.2 OEM
- 8.3 Aftermarket
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn, Units)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
Chapter 10 Company Profiles
- 10.1. HempFlax B.V.
- 10.2. North American Hemp & Grain Co. Ltd.
- 10.3. Terra Tech Corp.
- 10.4. Fresh Hemp Foods, Ltd.
- 10.5. Hempco Food and Fiber Inc.
- 10.6. American Hemp LLC
- 10.7. Panda Biotech, LLC.
- 10.8. East Yorkshire Hemp
- 10.9. Bombay Hemp Company
- 10.10. Industrial Hemp (U) Ltd.
- 10.11. Gohemp
- 10.12. Marijuana Company of America Inc.
- 10.13. Global Hemp Group Inc.
- 10.14. Valley Bio Limited
