Rapidly Growing Market:
The hemp-based products market has seen impressive growth in recent years and is expected to continue on an upward trajectory. In 2022, the global market was valued at $2.6 billion, and it is estimated to advance at a Compound Annual Growth Rate (CAGR) of 17.6% from 2023 to 2031, reaching $3.9 billion by the end of 2031. The increasing legalization of marijuana production and the use of marijuana oil in medical treatments, coupled with the growing preference for natural and organic products among the younger generation, are key factors contributing to this robust growth.
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Health and Wellness Benefits:
Hemp-based products are gaining popularity due to their various health and wellness benefits. They contain essential nutrients like Omega-3 fatty acids, making them a valuable addition to a balanced diet. Moreover, the rise in obesity rates worldwide and an increased focus on healthy living are driving demand for hemp-based products. These products are known for their potential to address health issues such as constipation, high cholesterol, eczema, and arthritis. The market’s potential to cater to health-conscious consumers is substantial, especially as the global obesity rate is expected to double by 2030.
E-commerce and Global Reach:
The rise of e-commerce has played a pivotal role in expanding the reach of hemp-based products. Online retailers are making CBD oil and other hemp-based products readily available to a global audience. With the convenience of online shopping and a wide selection of products, consumers are increasingly turning to e-commerce platforms. This trend is particularly notable in countries like China, the U.S., and the U.K., which are experiencing significant growth in online retail sales. As online retail continues to expand, it is expected to positively impact the growth of the hemp-based products market.