Hemp is one of the commonly grown plants that have attracted attention for both positive and negative connotations. Association with its close counterpart marijuana had led to its ban in various countries notably in the U.S. Hemp-based products have exploded in numbers, with a few having undergone considerable commercialization forces. The utilization of hemp plants, seeds, and oil in making wide range of consumer products is a key driver for revenue generation in the hemp-based products market. One of the most popular products that has grown in sales is CBD oil. Hemp-based products have also been used in fabric and textiles, medicine, rope and sails, and food. Some of the lesser-known products found exclusively in boutiques are t-shirts and cutlery.
Over the past few years, the directions of the growth trajectories have been greatly shaped by the trend of manufacturers scrambling to offer eco-friendly products. The growing worldwide popularity of plant-based superfoods is another veritable trend that has pushed the boundaries of product development in the hemp-based products market. The demand for hemp seeds and hemp protein has gained immense traction, thereby boosting the prospects in the hemp-based products market. Part of the reason for the growing popularity among vegan populations is the growing awareness about the vast purported health benefits of hemp. Examples are hemp tea and energy bars made with hemp.
The use of hemp in various products and applications is rising at a great rate over the years. The medicinal benefits of hemp are tremendous and this aspect may bring substantial growth opportunities for the global hemp based products market during the forecast period of 2020-2030.
The extensive commercialization and legalization of hemp across various countries is a major factor in inviting tremendous growth prospects for the hemp based products market. Hemp legalization is gaining traction across many yet-to-be-legalized regions. Hence, as more countries opt for hemp legalization, the growth rate is expected to increase significantly.
Chemical ingredient-based products are receiving criticism from consumers due to their toxic side effects. Many consumers now prefer products with natural ingredients. Hence, this aspect is attracting cosmetics manufacturers to embrace hemp as an addition to their products. This factor lays a red carpet of growth across the hemp based products market.
Some major types of hemp based products are beverages, edibles, medicinal drugs, hemp oil, supplements, protein, cosmetics, personal care, skincare, raw fibers, fiber-reinforced plastic, and others. Hemp based products are used in personal and industrial applications. On the basis of sales channel, the hemp based products market can be classified into offline and online.
This report on the hemp based products market enlightens the stakeholders and CXOs about the recent developments and the current scenario. The frequently changing market dynamics have been included in the report in a scrutinized and systematic manner so that the stakeholders can understand every point without any difficulty and take steps accordingly.
The report also contains details about the COVID-19 impact on the hemp based products market and the vital threats that the hemp based products market may face between 2020 and 2030.
Hemp Based Products Market: Industrial Analysis
A varied range of players compete with others across various categories. A large number of competitors categorize the global hemp based products market as highly fragmented. The players in the hemp based products market are always in the pursuit of making their products more efficient and useful for the consumer.
Some renowned players in the hemp based products market are Hempro International, Green Source Organics, All American Hemp Company, Hemp Foods Australia, Marijuana Company of America Inc., North American Hemp & Grain Co. Ltd., and Blue Sky Hemp Ventures Ltd.
Hemp Based Products Market: Recent Developments
The hemp based products market is abuzz with developments. Here are some recent advances in the hemp based products market.
Hemp Based Products Market: Regional Prospects
Developed economies may garner a large chunk of growth for the hemp based products market. The hemp based products market in North America and Europe may bring good growth prospects during the assessment period of 2020-2030.
North America may gain prominent growth prospects for the hemp based products market due to the legalization of hemp across various regions. The passing of hemp farming bills in various regions may bring promising growth prospects. The rising awareness and escalating demand for hemp based products may bring immense growth opportunities for the hemp based products market. Latin America and the Middle East and Africa may record moderate growth.
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