Hemp Based Products

Global Hemp-Based Products Market Is Projected To Grow At An Impressive CAGR Of More Than 23% By 2029

Retail and Consumer Goods

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.

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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.

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
  • By Application :

    • Personal
    • Industrial
  • By Sales Channel :

    • Online
    • Offline
  • By Region :

    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • MEA

Continuous Innovations in Hemp Based Products to Bolster their Demand

The market leaders are vying for optimal and sustained growth through continuous addition and innovation of hemp based products into their portfolio. For Instance, In June 2019Victory Hemp Foods launched two hemp based ingredients for food & nutritional product applications.

Also, in December 2019Canopy Growth Corporation launched hemp-derived CBD products such as oil drops, soft-gels and creams to the US market.

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