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Sales of Hemp Based Products to Surpass a Valuation of US$19Bn by 2029
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The global hemp-based products market is set to surpass $19Bn by 2029, driven by legalization and increased consumer demand, especially in North America.
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.
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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.
Key Takeaways of Hemp Based Products Market
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Manufacturers Exploring New Markets and Introducing New Products as Performance Levers
The emergence of hemp-based products in North America is on the rise, owing to the legalization of hemp-based products in major countries such as US and Canada. Also, market actors are gravitating towards diversification of their product portfolio by innovating new products. For Instance, In December 2019, Canadian hemp based products manufacturer Canopy Growth debuted in the US market. At the same time, in October 2019, another leading manufacturer of the hemp based products- Good Hemp launched CBD plant based milk in UK.
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The article discusses the projected growth of the global hemp-based products market, expected to exceed $19Bn by 2029.
The growth is driven by legalization in various countries and increased consumer awareness of hemp's benefits.
North America is the largest producer of hemp and hemp-based products due to legalization in the US and Canada.
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