The 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, according to market analysts, Fact MR.
Hemp has been ploughed by farming communities in various corners of the world, but at present hemp is seeing an rebirth as it has the potential to be a profitable and sustainable crop. Globally, more than four dozen economies have legalised the use and sale of hemp-based products.
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 fibres which is likely to continue in the foreseeable future.
The report from Fact MR reveals that demand for hemp based food and cosmetic products is showing resilient growth owing to the increasing awareness about nutritional benefits of hemp based products. Also, hemp oil has become a preferred choice for consumers for its skin treatment superiority and has also been legalised in many countries.
