The global industrial hemp market size is estimated to grow by USD 13.90 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 25.25% during the forecast period. High demand from the textile industry is driving market growth, with a trend towards growing strategic collaboration, partnership, and M and A. However, challenges associated with the production of hemp poses a challenge. Key market players include Aurora Cannabis Inc., Bombay Hemp Co. Pvt. Ltd., Boring Hemp Co., Canopy Growth Corp., Charlottes Web Holdings Inc., CV Sciences Inc., Deep Nature Project GmbH, Dun Agro Hemp Group, Ecofibre Ltd., Elixinol Wellness Ltd., GFR Ingredients Ltd., Hanma Investment Group Co. Ltd., Hemp Horizons Private Limited, HempFlax Group BV, HemPoland Sp zoo, Liaoning Qiaopai Biotech Co. Ltd., Medical Marijuana Inc., Nutiva Inc., Parkland Industrial Hemp Growers Co op. Ltd., and Tilray Brands Inc..
Market Driver
Vendors in the industrial hemp market are implementing strategic moves to expand their market share and global presence. These strategies include collaborations, partnerships, and mergers and acquisitions. For instance, in February 2024, Aurora Medicine UK formed a partnership with Script Assist, enabling the Script Assist platform to offer high-quality hemp-derived medications through their portal. Additionally, Aurora acquired MedReleaf Australia in the same month. Such strategic alliances are expected to provide a competitive edge in the market and contribute positively to the growth of the global industrial hemp market during the forecast period.
Source: https://finance.yahoo.com/