The global industrial hemp market is set to explode, with a projected growth of USD 13.90 billion by 2028. Driven by increasing demand and legalization, the Asia-Pacific region leads the way. Hemp seeds are a particularly fast-growing segment, fueled by plant-based diets and health consciousness. The versatile nature of hemp, offering sustainable alternatives across various industries, ensures its continued growth.
Pakistan’s Senate has passed the Cannabis Control and Regulatory Authority Bill, 2024, paving the way for the legal cultivation and production of cannabis for medical and industrial purposes. The bill aims to generate revenue and regulate the industry while ensuring public health. The Cannabis Control and Regulatory Authority (CCRA) will be responsible for issuing licenses and overseeing cultivation, with the Ministry of Defense playing a key role due to the historical cultivation of cannabis in the FATA region.
The global industrial hemp market is experiencing rapid growth, projected to reach USD 13.90 billion by 2028. This surge is fueled by increasing demand from the textile industry, strategic collaborations, and a growing preference for sustainable and eco-friendly alternatives. However, production challenges related to climate requirements and regulations pose obstacles to further growth.
The global industrial hemp market is projected to experience significant growth from 2024 to 2028, driven by the increasing demand from the textile industry and the rising awareness of its sustainability benefits. Key players are strategically collaborating to expand their market presence, while challenges related to hemp production remain. The market is diversified across various applications, including food and beverages, biofuels, pharmaceuticals, and cosmetics.
