The global market for hemp-based products is expected to account for a value of US$ 1.8 billion in 2023 and jump to a size of US$ 16.2 billion by the end of 2033. Sales of hemp-based products are projected to skyrocket at a CAGR of 24.5% from 2023 to 2033.
The legalization of hemp product sales and hemp farming in several countries across the world is a prominent factor that is expected to drive the shipments of hemp-based products over the coming years. New regulations and norms implemented by governments of different countries will crucially determine the future of hemp-based product demand.
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Competitive Landscape
Key hemp-based product companies are expected to expand their hemp product portfolio to gain a competitive edge over other market players and diversify their offerings to different regions where hemp and marijuana are being legalized.
- In August 2022, BioLife Sciences Inc., a leading name in disruptive technologies for healthcare, beauty, food & beverage sectors announced the launch of its first cannabinoid consumer products. The company offered six definite industrial hemp-based tincture formulations that were driven by the acquisition of Health Box LLC in early 2022.
- In August 2022, TagZ Foods, a snack food company in India announced the launch of hemp-based cookies as a part of its aggressively increasing product offerings. The products are available on Swiggy Instamart and the company’s portal for sales.
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Key Companies Profiled:
- Hempro International
- Tilray Inc.
- GFR Ingredients
- Blue Sky Hemp Ventures Ltd.
- Hemp Foods Australia Pty Ltd.
- Aurora Cannabis Inc.
- Marijuana Company of America Inc.
- Naturally Splendid Enterprises Ltd.
- Isodiol International Inc.
- Green Source Organics
Key Segments of Hemp-based Products Industry Research
- By Product :
- Food
- Beverages
- Edibles
- Health Care
- Hemp Oil
- Medicinal Drugs
- Supplements & Protein
- Cosmetics, Personal & Skin Care
- Fibers
- Raw Fibers
- Fiber-reinforced plastic
- Others
- Food
- By Application :
- Personal
- Industrial
- By Sales Channel :
- Offline
- Online
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Key Questions Covered in the Hemp-based Products Market Report:
- What is the projected value of the Hemp-based Products factors Industry in 2023?
- At what rate will the global Hemp-based Products factors market size grow until 2033?
- Which are the factors hampering the growth of Hemp-based Products factors?
- Which region is expected to lead in the global Hemp-based Products factors market by 2033?
- Which are the factors driving the Hemp-based Products factors Industry during the forecast period?
- What is the expected market value of the Hemp-based Products factors market during the forecast period?
Regional Analysis for Hemp-based Products Market:
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
What makes Fact.MR report stand out from others?
- Fact.MR follows a six-point mechanism known as E.V.O.L.V.E. (Evaluate. Visualize. Overcome. Leverage. Verify. Eradicate.). The report is specially created to assess the COVID-19 impact on the Hemp-based Products industry. This mechanism focuses on almost all the factors in a definite manner to provide the best research report for the industry stakeholders.
- Evaluate: A Fact.MR report evaluates every small aspect that can prove to be a growth generator for the Hemp-based Products industry, thus, making it different and special from other reports.
- Visualize: The authors involved in the research activities visualized the post-COVID-19 era so that the key stakeholders of industry get an overview and helps them take certain steps to ensure continuous growth during the forecast period.
- Overcome: The report scrutinizes on points that can prove to be an Achilles heel to the Hemp-based Products industry and assists to create strategies to overcome the obstacles that may hinder the growth of the Hemp-based Products industry.
- Leverage: The Hemp-based Products industry can leverage certain aspects that can prove beneficial for the increase in growth rate. Fact.MR covers all the points on which the key stakeholders can leverage upon.
- Verify: Research is done systematically to assure validation of all the aspects covered in the report. All the points are rechecked and verified thoroughly to avoid flaws and fake information.
- Eradicate: Last but not the least, this aspect helps the key stakeholder eradicate all the obstacles that come between the growth rate and the Hemp-based Products industry.
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