The U.S. industrial hemp market size was estimated at USD 1.63 billion in 2023 and is expected to grow at a CAGR of 21.1% from 2024 to 2030. Industrial hemp is used in over 25,000 products across automotive, construction, personal care, cosmetics, food and beverages, food supplements, textiles, paper, and many other industries. Hemp is a strong fiber, and is highly durable, biodegradable, lightweight, and has low production costs. The product is increasingly being utilized in several end-use industries in the U.S. owing to the flourishing domestic manufacturing sector and high standards of living.

The growing preference for eco-friendly products in construction materials, thermal insulation, fiberglass alternatives, and automotive products is expected to drive the market over the forecast period. Furthermore, the growing demand for technical products including solvents, oil paints, printing inks, putty, varnishes, fuelchain-saw lubricants, and coatings is expected to have a major impact on the market’s growth.

The cultivation, manufacturing, and distribution processes of hemp-based products are governed by stringent regulations. Players in the global industrial hemp market aim to supply high-quality hemp products at minimum prices. Distributors work directly with the farmers and manufacturers to ensure immediate delivery of the products.

U.S. Industrial Hemp Market Report Segmentation

 Grand View Research has segmented the U.S. industrial hemp market report based on product, and application:

• Product Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
  • Seeds
  • Fiber
  • Shives
• Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
  • Animal Care
  • Textiles
  • Automotive
  • Furniture
  • Food & Beverages
  • Paper
  • Construction Materials
  • Personal Care
  • Others

Key U.S. Industrial Hemp Companies:

• Marijuana Company of America Inc.
• HempMeds Brasil
• Terra Tech Corp
• American Cannabis Company, Inc.
• Industrial Hemp Manufacturing, LLC
• American Hemp
• Hemp, Inc.
• Boring Hemp Company
• Toyoshima
• Panda Biotech

Recent Developments

• In April 2023, Panda Biotechentered into a strategic collaboration with Ute Growth Fund to develop industrial hemp processing facilities, diversify its business portfolio, and promote sustainable textile fibers.
• In March 2023, Toyoshima & Co., Ltd. made an investment in FyberX to co-create regenerative hemp fiber that will benefit farmers, rebuild rural communities, repair soil health, and provide better alternatives to several industries, including textiles. 

Order a free sample PDF of the U.S. Industrial Hemp Market Intelligence Study, published by Grand View Research.