North America Hemp Market Expected to Rise at 15.67% CAGR During 2024-2032

North America Hemp Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 15.67% (2024-2032)

According to the latest report by IMARC Group, the market size is expected to exhibit a growth rate (CAGR) of 15.67% during 2024-2032. The North America hemp market is experiencing robust growth, driven by several key factors and emerging trends. 



For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/north-america-hemp-market/requestsample

North America Hemp Industry Trends and Drivers:

Growth Factors:

  • Increasing Legalization:

    • Legalization of hemp cultivation and hemp-derived products across various states.
    • Creation of new opportunities for investment and growth within the industry.

  • Rising Consumer Awareness:

    • Increased awareness of the health benefits of hemp-derived products like CBD oil, hemp seeds, and hemp-based foods.
    • Wellness trend emphasizing natural and organic products aligns well with hemp attributes.

  • Agricultural Sector Interest:

    • Hemp seen as a sustainable and profitable crop.
    • Versatility requiring fewer pesticides and offering soil remediation benefits.
    • Government policies and subsidies supporting hemp cultivation, encouraging more farmers to engage in hemp farming.

  • Research and Development:

    • Focus on hemp's potential applications in various industries such as textiles, bioplastics, and construction materials.

Significant Trends:

  • Focus on Sustainability and Eco-friendly Practices:

    • Growing demand for hemp-based alternatives in textiles and packaging due to their lower environmental impact.
    • Organic and non-GMO certifications for hemp products gaining popularity.

  • Technological Advancements:

    • Precision agriculture and blockchain for supply chain transparency driving innovation.

  • Aging Population's Interest:

    • Increasing demand for hemp-based health and wellness products in the nutraceutical and pharmaceutical sectors.

  • Impact of COVID-19 Pandemic:

    • Accelerated adoption of hemp-derived products for holistic health practices, propelling market growth.

These North American hemp market trends are expected to continue shaping the industry in the coming years.

North America Hemp Industry 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:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Ask Our Expert & Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=3975&flag=C

Key highlights of the Report:

  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Strategic Recommendations
  • Historical, Current and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:  

IMARC Group 

134 N 4th St. Brooklyn, NY 11249, USA 

Email: sales@imarcgroup.com 

Tel No:(D) +91 120 433 0800 

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