(Entertainment-NewsWire.com, October 21, 2024 ) Industrial Hemp Market was valued at USD 11.16 Billion in 2023 and it is expected to reach USD 88.42 Billion by 2030, exhibiting a CAGR of 34.4% during the forecast period (2024-2030).
The industrial hemp market is experiencing increasing legalization worldwide for its fibre and oilseed. The US legalized hemp cultivation in 2018, leading to a focus on oilseeds and CBD production. Hemp seed and oil are rich in vitamins and minerals, while CBD is popular in supplements and pharmaceuticals. New product developments include hemp biofuel and bioplastics, driven by growing demand for eco-friendly products and financial support.
The US hemp industry has grown rapidly since legalization, but faces challenges due to lack of processing facilities and equipment. Hemp processing accounts for 47.7% of obstacles, while harvesting equipment acquisition makes up 26.3%. Complex regulatory structures pose difficulties for companies selling hemp products. The European market is expected to grow due to high demand for hemp products in various industries and rising consumption of hemp seeds in foods.
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