Report: Global Hemp Market to Grow by $13.9B from 2023-2028

The international industrial hemp market is projected to grow by USD 13.90 billion between 2023 and 2028, with a compound annual growth rate of 25.25%, according to a Technavio analysis of international hemp market data from 2018 to 2022.

The report predicts year-over-year growth for the industrial hemp market this year at just under 19% and highlights the Asia-Pacific (APAC) region as the world’s fastest-growing hemp market, responsible for about 39% of the predicted growth during the total forecast period.

While hemp-derived cannabinoid products containing primarily CBD or delta-8 THC have attracted much attention in the U.S. since hemp was federally legalized there in 2018, industrial hemp and its numerous byproducts stand to disrupt a much wider range of industries on a global scale. The hemp market’s expected growth, according to the report, is primarily driven by the crop’s textile potential due to the natural durability of hemp fiber and the material’s ability to replace cotton and synthetic fibers. Hemp is also easier to grow and has a smaller environmental impact than cotton crops, and hemp-based textiles are typically used in the manufacture of rope, canvas, clothing, and even furniture.

Hemp can also be used as a biofuel and source of renewable energy, while hemp seeds and hemp seed oil — which are a reliable, vegan, and protein-rich source of important nutrients including linoleic acids, lipids, and omega-3 and omega-6 fatty acids — are frequent ingredients in health supplements and other organic food products.