The Global Hemp Market is projected soar to $19.37 Billion by 2030, growing at a CAGR of 22.6%, according to a recent market report published by Cognitive Market Research.
The rosy projection marks the hemp market gaining in footholds in legalization and deregulation. Google has opened the door on hemp and topical CBD products in California, Colorado and Puerto Rico under an update to its policies on “Dangerous Products and Services and Healthcare and Medicines.” Between the year 2012 to 2017, more than 200 hemp-based food products were introduced to the market.
Major findings during the study of the Hemp Market:
- Organic segment is projected to garner significant market growth during the forecast period.
- Hemp seed held the maximum share in the hemp market as it is gaining much attraction in the food and nutraceutical markets because of its high nutritional values. Further, it is used in lotions, shampoos, soaps, bath gels, and cosmetics which is propelling its growth.
- In terms of application, the textile segment dominates the market by revenue. The prime reason being wide usage of hemp in making t-shirts, dresses, hoodies, underwear, socks, other forms of apparel, and other household textiles.
- The Asia Pacific region accounts for the maximum share of the hemp market. This is because of the active involvement of countries like China, India, Japan, Korea, Australia, New Zealand and Thailand in the production of industrial hemp.
- North America shows the highest growth rate in the hemp market during the forecast period owing to the gradual relaxation of laws surrounding the cultivation, processing, and production of hemp products.
- Major industry players are investing heavily in R&D activities to achieve high yields from cultivation. For instance, The Scottish National Investment Bank has increased its investment in an Edinburgh company that makes hemp fiber-based insulation for the construction industry.
Read the full global report here.