U.S. Industrial Hemp Market: Trends, Growth, and Opportunities
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 lubrica...