The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Hemp Based Products market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Hemp Based Products
The report offers actionable and valuable market insights of Hemp Based Products. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Hemp Based Products Market across various industries and regions.
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With commercialization of Hemp, more than 55 countries in the world have legalized hemp based products. For instance, US government passed the Hemp Farming Bill in 2018 to make hemp an ordinary agricultural commodity, allowing the cultivation, processing, sale and distribution of hemp based products.
Streamlining of regulations have resulted in faster adoption of the long-dormant hemp crop in myriad industries. With an astounding growth outlook, the global hemp based products market is projected to grow at an extraordinary CAGR of 23.8% during the forecast period (2019 – 2029) and is expected to be valued at US$ 19.6 billion, reveals Fact.MR’s report.
This newly published and insightful report sheds light on Market Insights of Hemp Based Products, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Hemp Based Products Market.
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Key Segments of the Hemp Based Products Market
Fact.MR’s study on the hemp-based products market offers information divided into four key segments – product, application, sales channel and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
By Product
- Food
- Beverages
- Edibles
- Health Care
- Hemp Oil
- Medicinal Drugs
- Supplements & Protein
- Cosmetics, Personal & Skin Care
- Fibers
- Raw Fibers
- Fiber-reinforced plastic
- Others
Application
- Personal
- Industrial
Sales Channel
- Online
- Offline
Region
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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Global hemp-based products market is projected to grow at an impressive CAGR of more than 23% between 2019 and 2029, surpassing a valuation of US$19Bn by 2029. Hemp has been plowed by farming communities in various corners of the world, but at present hemp is seeing an astonishing rebirth as it has the potential to be a profitable and sustainable crop. Globally, more than four dozen economies have legitimized the adoption of hemp-based products. Thousands of hemp-based products have surfaced in the global marketplace, predominantly in the textile, medical, and food & beverage sectors.
Presently, hemp-based products are occupying a large space on shelves within major retail outlets and online stores, which in turn is boosting its market revenues. However, modern-day market actors are vested with many more responsibilities, with product marketing being a key component to attract a large consumer base. Owing to increased awareness about benefits of the hemp based products, a rise has been observed in consumer preferences towards purchase of hemp products such as hemp oil, beverages, medicinal drugs, cosmetics and fibers which is likely to continue in the foreseeable future.
Key Takeaways of Hemp Based Products Market
- Close to half of the revenues procured in the global hemp-based products market through 2029 will be accounted for by fibers segment. At the same time, demand for hemp based food & cosmetic products is showing resilient growth owing to the increasing awareness about nutritional benefits of hemp based products.
- Hemp oil has become a preferred choice for consumers for its skin treatment superiority and has also been legalized in many countries. In the healthcare category, hemp oil segment is foreseen to witness 2X more revenues than medicinal drug segment.
- In 2019, specialty stores, supermarkets & hypermarkets accrued for the highest sales. However, Fact.MR estimates that among distribution channels, the online segment will grow at a meteoric pace with market growth over 27% throughout the forecast period.
- As a direct outcome of legalization and commercialization of hemp based products in US & Canada, North America has become the largest producer of hemp, as well as hemp-based products. On this premise, North America is expected to contribute around 1/3rd of the global revenues by 2029 end.
“Currently, the hemp based products market has become highly competitive, as renowned players have set their vision on becoming global leaders by providing innovative products which address emerging health and resource sustainability issues” says Fact.MR analyst.
Manufacturers Exploring New Markets and Introducing New Products as Performance Levers
The emergence of hemp-based products in North America is on the rise, owing to the legalization of hemp-based products in major countries such as US and Canada. Also, market actors are gravitating towards diversification of their product portfolio by innovating new products. For Instance, In December 2019, Canadian hemp based products manufacturer Canopy Growth debuted in the US market. At the same time, in October 2019, another leading manufacturer of the hemp based products- Good Hemp launched CBD plant based milk in UK.
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More Valuable Insights on Hemp Based Products Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Hemp Based Products, Sales and Demand of Hemp Based Products, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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