North America Hemp Market Analysis 2024 and Opportunity Assessment 2032
Author : imarc shubham | Published On : 28 Mar 2024
IMARC Group has published a market research report titled "North America Hemp Market Report by Product Type (Hemp Seed, Hemp Seed Oil, CBD Hemp Oil, and Others), Application (Food, Beverages, Textiles, Pharmaceuticals, Personal Care Products, and Others), Source (Organic, Conventional), and Country 2024-2032" offers a comprehensive analysis of the industry, which comprises insights on the North America hemp market analysis. The market size is expected to exhibit a growth rate (CAGR) of 15.67% during 2024-2032.
Hemp is a versatile oilseed derived from the Cannabis Sativa plant, known for its brownish color. Various hemp products are available in the market, including hemp seeds, hemp fiber, CBD hemp oil, and hemp seed oil, containing essential nutrients like omega-3 and omega-6 fatty acids, potassium, magnesium, vitamin E, and sodium that offer various health benefits such as reducing inflammation, treating skin conditions, boosting the immune system, and improving metabolism. In addition, it is effective in treating high cholesterol levels and eczema and alleviating pain for cancer patients. It is also a popular ingredient in gluten-free food products and personal care items, available in whole seed, shelled seed, hemp oil, and protein powder types. Moreover, hemp-based products contain Tetrahydrocannabinol (THC), which helps reduce stress, anxiety, depression, fatigue, and insomnia. At present, hemp finds extensive applications in various industries across North America, such as food and beverages, construction, pharmaceuticals, personal care, and textiles, due to its versatility and usefulness.
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North America Hemp Market Trends and Drivers:
The North America hemp market is primarily driven by the rising consumer awareness regarding its nutritional benefits and the growing consciousness about health and wellness. Moreover, the increasing use of hemp-based products by cancer patients to alleviate chemotherapy-induced symptoms such as nausea, chronic pain, and fatigue is positively influencing the market growth. Apart from this, the shifting consumer preferences from high-calorie foods toward protein-rich diets has augmented the demand for hemp-based food and beverages. Additionally, the rising popularity of processed and ready-to-eat (RTE) food products, such as hemp-based cereals, bars, smoothies, and yogurt, due to busy schedules and sedentary lifestyles of individuals has catalyzed the market growth. Along with this, the surging adoption of non-food hemp-based products, including oil and gummies, in treating numerous psychological disorders has augmented the product demand. Besides this, the rising demand for plant-based alternatives, such as hemp-based vegan meat and hemp milk, owing to the surging adoption of vegan food trends represents another major growth-inducing factor. In addition, the escalating use of hemp in the nutraceutical sector due to its high antioxidants, vitamin, and iron content is propelling the market growth. Furthermore, the increasing demand for hemp in non-food sectors such as cosmetics, personal care, and textiles is contributing to the market growth. Other factors, including rapid growth in the nutraceutical sector, increasing use of hemp in the manufacturing of medicines, rising investments by major players in the market to launch innovative hemp-based foods and beverages, and increasing awareness regarding the medicinal benefits of hemp, are also anticipated to drive the market further.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product Type:
- Hemp Seed
- Hemp Seed Oil
- CBD Hemp Oil
- Others
Breakup by Application:
- Food
- Snacks and Cereals
- Soup, Sauces and Seasonings
- Bakery
- Dairy and frozen desserts
- Others (cold cereals, pasta, chocolate spreads, pet food)
- Beverages
- Hot Beverages
- Sports and Energy Drinks
- Ready-to-Drink
- Others (Meal Replacement Drinks, Beverage Mixes, Beverage Concentrates, Juice Drinks)
- Textiles
- Pharmaceuticals
- Personal Care Products
- Others (Paper, Automobiles, Construction and Materials, Furniture, etc.)
Breakup by Source:
- Organic
- Conventional
Breakup by Country:
- United States
- Canada
Competitive Landscape with Key Player:
- BaFa Neu GmbH (Planete Chanvre)
- Dun Agro Hemp Group, Ecofibre
- Gencanna
- Hemp Inc.
- Hemp Oil Canada
- Hempflax BV (Hempflax Group BV)
- Konoplex Group
- Marijuana Company of America Inc.
- U.S. HempCo.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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