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.
Hemp Based Products Market: Outline
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.
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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.
- Kannaway recently launched hemp-infused product line comprising supplements for optimizing the body’s fitness quotient
- The Body Shop cosmetics launched three skincare products blended with CBD and hemp oil
- Criticality LLC, an industrial hemp company released CBD Hydro Moisture Sealant comprising high-concentration hemp extract
- Miraflora launched post-fitness sparkling beverages infused with full-spectrum hemp flower oil
- New York’s state health department recently released an updated list of regulations for making and selling hemp extracts in drinks, vapes, and foods
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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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.