According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Hemp-Based Product Market (Type: Food Products (Milk, Cooking Oil, Margarine, Candies & Toffee, and Others), Hemp CBD, Personal care Products (Soap, Body Wash, Shampoo & Conditioner, Body Lotion, Cosmetics, and Others), Industrial Products (Oil Paint & Varnish, Printing Ink, and Others), Food Supplements, Consumer Textiles (Handbags, Shoes, Apparel, and others), and Others (Paper, Building Material, etc.,); End-use: Residential, Commercial, and Industrial; Distribution Channel: Online and Offline (Hypermarkets/ Supermarkets, Specialty Stores, Brand Stores)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’, the global hemp-based product market is expected to reach US$ 12,916.7 Mn by 2027 and expand at a CAGR of 17.8% from 2019 to 2027.
The global hemp-based product market was valued at US$ 2,979.39 Mn in 2018 and is expected to expand at a CAGR of 8% from 2019 to 2027. Increasing awareness regarding health, and the rising disposable income coupled with urbanization and industrialization has resulted in the growth of the hemp-based product market.
North America was expected to hold largest market share in the global hemp-based product market in 2017 followed by Europe and Asia Pacific. Asia Pacific is expected to be a key upcoming market for hemp-based products during the forecast period. Rising awareness about the health benefits of hemp-based product is expected to increase the demand for hemp-based products among residential and commercial end-users. The market in North America was anticipated to dominate the global hemp-based product market in terms of revenue in the year 2017, and this trend is projected to remain throughout the forecast period.
Browse the full report at Hemp-Based Products Market
Rise in incidence of multiple sclerosis among the geriatric population, and no cure for the condition are factors that are likely to boost the overall hemp based product market in the near future. Disease-modifying therapies (DMTs) with CBD oil helps in slow progression of multiple sclerosis (MS) treatment.
Globally, the number of new hemp retail products launched has increased consistently. In 2018, ~654 new products were launched globally. This shows that the demand for hemp-based products has increased across the globe.
Several countries are facing restrictions on the import and export of hemp seeds and products, which makes limits the crop utilization. This is expected to hamper the market growth during the forecast period.
In terms of type, hemp CBD are mostly preferred by commercial as well as residential users due to fast results. Hemp CBD is becoming widely recognized as a super food with its high nutritious vitamins, content of protein, fatty acids minerals, and fiber. This is expected to increase the demand for hemp CBD based product across the world.
Under the end-use segment, the residential segment is expected to hold major market share and expand at a considerable rate during the forecast period.
In terms of distribution channel, the online distribution channel is expected to be the most attractive segment during the forecast period. Rise in approval of sale of cannabis oil in retail and other pharmacies prompts online retailers to make CBD oil readily available in the market. The retail and online channels are rapidly increasing and evolving. The growing internet retailing is forcing retailers to adopt a multi-channel sales strategy.
In terms of region, North America holds a major share of the global hemp-based product market, followed by Europe. Rapid increase in legalization of marijuana production in different countries and usage of marijuana oil in treatment procedures by several medical facilities are likely to boost the hemp-based product market during the forecast period.
The hemp-based product market is dominated by several players who are focused on the development of new products to cater to the rising and shifting consumer preferences.
The report includes the below mentioned pointers of major players operating in the hemp-based product market:
Market Share Analysis (2018)
Business Strategies / Recent Developments
Key mergers and acquisitions
Elixinol Global Ltd
The Body Shop International Limited.
Isodiol International Inc.
Manitoba Harvest Hemp
Braham & Murray Ltd