The hemp based products industry is projected to rise at an exponential CAGR of 23.8% between 2019 and 2029. Recent legalization for cultivation of hemp crops by government bodies is the predominant factor driving sales. With a rich essential fatty acid profile, hemp and hemp plant extracts are widely consumed for a variety of food and beverages products, which continues to aid the growth of hemp based products market. Currently, the hemp based products market has become highly competitive, as renowned players have set their vision on becoming global leaders by providing innovative products, addressing the emerging health and resource sustainability issues.
Hemp Based Products Market – Key Takeaways
- Fibers will account for nearly 50% of the global revenue of the hemp based products market.
- Legalization and skin treatment applications have driven hemp oil as a preferred product among consumers.
- Hemp based foods and cosmetic products will display a strong rate of growth through the forecast period.
- Offline channels of distribution such as supermarkets account for most sales; online sales will grow at a massive 27% CAGR through 2029.
- North America will remain the major regional market for hemp based products, owing to legalization policies in the United States and Canada.
Hemp Based Products Market – Key Driving Factors
- Increased leniency in regulations associated with hemp crops is the major driver of the hemp based products market.
- High consumer engagement at supermarkets and hypermarkets drive demand for hemp products.
- Increased awareness about the side effects of synthetic cosmetics and personal care ingredients, drive the adoption of hemp based alternatives.
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Hemp Based Products Market – Key Constraints
- Apart from North America, the rest of the world continues to legally restrict hemp cultivation, challenging market growth.
The global hemp based products market is moderately fragmented. Leading players profiled in the report include, but are not limited to All American Hemp Company, Hemp Production Services Inc., Hempco Food and Fiber Inc., Marijuana Company of America Inc., and Trigone Foods Inc.
Market leaders are pushing for sustained optimal growth through the addition of new products in their lineup.
Products such as creams, oil drops, and soft gels are also gaining importance.
Hemp based products market: on the basis of product application (food, health care, cosmetics & skin care, fibers, and others), end use (personal and industrial), sales channel (online and offline), across five regions (Middle East and Asia Pacific, Europe, Latin America, North America).