Hemp-based Products Market Projected to Surpass $15.6 Billion by 2030, Reports MarkWide Research
MarkWide Research, in its latest report titled, “Hemp-based Products Market,” anticipates remarkable growth in the global market for products derived from hemp. The market is projected to exceed a valuation of $15.6 billion by 2030, with an estimated compounded annual growth rate (CAGR) of 5.2% during the forecast period from 2023 to 2030. Hemp, a versatile plant known for its various applications, is gaining widespread attention for its potential in diverse industries, including food and beverages, textiles, and health and wellness products.
The hemp-based products market is characterized by evolving regulations, consumer demand for sustainable options, and innovative product development.
Key Findings from the Report:
- Nutritional Value: Hemp seeds and their derived products are recognized for their nutritional value, offering an array of essential nutrients and fatty acids.
- Sustainable Alternatives: The market aligns with growing consumer preferences for eco-friendly and sustainable products, including hemp textiles and biodegradable plastics.
- Wellness Boom: The health and wellness sector is incorporating hemp-derived compounds like cannabidiol (CBD) into a wide range of products, including supplements, skincare, and beverages.
- Legalization and Regulation: Evolving regulations in various regions are influencing the production and marketing of hemp-based products, opening up new opportunities and challenges.
Segmentation of the Hemp-based Products Market:
The hemp-based products market is segmented based on product type, source, distribution channel, end-user, and region.
By Product Type:
- Hemp Seed-based Products
- Hemp Fiber-based Products
- Hemp Oil-based Products
- CBD-based Products
- Others
By Source:
- Organic
- Conventional
By Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Retail
- Others
By End-User:
- Food and Beverage Industry
- Textile and Apparel Industry
- Health and Wellness Industry
- Cosmetics and Personal Care Industry
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Regional Insights:
- North America: North America is expected to lead the global hemp-based products market, with a progressive regulatory environment and robust consumer demand for hemp-derived goods.
- Europe: Europe is witnessing substantial growth in the market, driven by the adoption of hemp in various industries and the increasing acceptance of CBD products.
- Asia Pacific: The Asia Pacific region is poised for rapid expansion, as countries explore the industrial and commercial potential of hemp-based products.
- Latin America and Middle East & Africa: These regions are experiencing growth as the agriculture sector diversifies into hemp cultivation, offering new economic opportunities.
Competitive Landscape:
The hemp-based products market features a wide range of players, from traditional agricultural companies to innovative startups. Leading companies are investing in research, sustainable practices, and product diversification to cater to evolving consumer preferences.
Some of the prominent players in the hemp-based products market include:
- Manitoba Harvest
- Hempco Food and Fiber Inc.
- Elixinol Global Limited
- CV Sciences, Inc.
- Isodiol International Inc.
- Charlotte’s Web Holdings, Inc.
- HempMeds
- HempFlax B.V.
- Hemp Oil Canada Inc.
- Hempire Ltd.
Future Outlook:
The global hemp-based products market is poised for significant growth, with an expected market size of over $15.6 billion by 2030. As consumers increasingly seek sustainable and health-conscious options, hemp-based products will continue to gain prominence across various industries. MarkWide Research’s comprehensive report offers valuable insights into market trends, product innovations, regulatory developments, and regional opportunities, making it an indispensable resource for companies, investors, and stakeholders interested in harnessing the potential of hemp-based products.