The global industrial hemp market size was estimated at USD 4.74 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 17.1% from 2023 to 2030. The growth is driven by the rising demand for industrial hemp from application industries such as food & beverage, personal care, and animal care across the globe.

Growing demand for hemp products including fiber, seed, stalks, hurds, and oils from the aforementioned application industries is expected to drive the growth. Industrial hemp production is associated with several agricultural and environmental benefits.

With its fast growth period of 120-150 days and significant biomass yield, hemp enables efficient use of agricultural land. It is useful in carbon sequestration as it yields a large amount of biomass along with providing a useful break in crop rotation.