North America Hemp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

North America Hemp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A3975
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Market Overview:

The North America hemp market is expected to exhibit a growth rate (CAGR) of 17% during 2023-2028.

Hemp refers to small, brown oilseeds that are extracted from the Cannabis Sativa plant. It acts as a rich source of healthy fats, minerals, protein, and fibers. Hemp is widely available in the form of whole seed, shelled seed, hemp oil, and protein powder. It offers several benefits in enhancing metabolism, boosting immunity, treating chronic pain, reducing anxiety, etc. As a result, hemp is widely used in food & beverages, pharmaceuticals, nutritional supplements, cosmetics, textiles, etc.

In North America, the rising consumer awareness towards several nutritional benefits of hemp coupled with the growing health consciousness is propelling the market growth. Moreover, increasing incidences of cancer are also driving the demand for hemp-based products for relieving chemotherapy-induced nausea, chronic pain, fatigue, etc., in cancer patients. Additionally, the changing consumer inclination from high-calorie food items towards a protein-rich diet is further augmenting the market for hemp-based food and beverages in North America. With the rising hectic work schedules and sedentary lifestyles of the consumers, there is an increasing demand for processed and ready-to-eat food products in the region. This has resulted in the growing popularity of hemp-based cereals, bars, smoothies, yogurt, etc. Besides this, the escalating adoption of vegan food trends has led to a shift from meat and dairy products towards plant-sourced alternatives, such as hemp-based vegan meat and hemp milk. Additionally, a significant growth in the nutraceuticals sector is also propelling the utilization of hemp due to its high content of antioxidants, vitamins, iron, etc. In the coming years, the increasing demand of hemp in various non-food sectors, such as cosmetics, personal care and textiles, will continue to drive the market in North America.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the North America hemp market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on product type, application and source.

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 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. and U.S. HempCo.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Product Type, Application, Source, Country
Countries Covered United States, Canada
Companies Covered 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. and U.S. HempCo.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

  • How has the North America hemp market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the North America hemp market?
  • What are the key regional markets?
  • What is the breakup of the market based on the product type?
  • What is the breakup of the market based on the application?
  • What is the breakup of the market based on the source?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the North America hemp market and who are the key players?
  • What is the degree of competition in the industry?

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North America Hemp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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