The global hemp-based products market is forecasted to reach a value of US$ 1.8 billion by 2023, soaring to an impressive US$ 16.2 billion by 2033. Projected sales of hemp-based products are anticipated to surge at a remarkable compound annual growth rate (CAGR) of 24.5% from 2023 to 2033.
A significant driver of this growth is the legalization of hemp product sales and cultivation in numerous countries worldwide. This pivotal shift in regulations is expected to fuel the shipment of hemp-based products in the coming years. The implementation of new governmental regulations and norms across various countries will play a critical role in shaping the future demand for hemp-based products.
The hemp-based products market encompasses a wide range of products derived from the hemp plant (Cannabis sativa), including CBD oil, hemp seeds, hemp protein, textiles, cosmetics, and industrial materials. Hemp, a versatile and sustainable crop, is prized for its high nutritional value, eco-friendly properties, and diverse applications across industries such as healthcare, wellness, textiles, and construction.
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Top Key Players
Hempro International, Tilray Inc., GFR Ingredients, Blue Sky Hemp Ventures Ltd., Hemp Foods Australia Pty Ltd., Aurora Cannabis Inc., Marijuana Company of America Inc., Naturally Splendid Enterprises Ltd., Isodiol International Inc., Green Source Organics, Hempfoods Ltd., Navitas LLC, Nutiva, T12 Holdings Pty Ltd.
Market Segmentation
Product types include CBD oil and extracts, hemp seeds and oil, hemp fiber and textiles, hemp-based food and beverages, and hemp-derived supplements. Applications range from pharmaceuticals and personal care to food and beverage, textiles, construction, and automotive industries. Distribution channels encompass online retail, specialty stores, supermarkets, pharmacies, and direct sales.
Growth Drivers
- Increasing Consumer Awareness: Growing awareness of the potential health benefits of hemp-derived CBD products, including pain relief, anxiety management, and skincare, is driving consumer interest and adoption.
- Demand for Sustainable and Eco-Friendly Products: Rising environmental consciousness and concerns about the ecological footprint of traditional industries are driving demand for sustainable alternatives such as hemp-based textiles, building materials, and biodegradable plastics.
- Expansion of Legalization and Regulatory Clarity: The legalization of hemp cultivation and CBD products in various countries and states, coupled with regulatory clarity and oversight, are fostering market growth and investment.
- Diversification of Product Offerings: Increasing diversification of hemp-based product offerings, including food and beverages, cosmetics, textiles, and industrial materials, is expanding market opportunities and attracting new consumer segments.
Challenges
- Regulatory Uncertainty: Ongoing regulatory uncertainty and inconsistencies across jurisdictions pose challenges for market players regarding compliance, labeling requirements, and market access.
- Quality Control and Safety Concerns: Ensuring quality control, safety, and consistency in hemp-derived products, particularly CBD formulations, is essential for consumer trust and market credibility.
- Market Fragmentation and Competition: The proliferation of market players and products, coupled with intense competition, can lead to market fragmentation, price wars, and brand dilution, challenging profitability and differentiation.
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Competitive Landscape
Leading hemp-based businesses are looking to expand their hemp merchandise portfolios to gain a competitive advantage over other market players. They are also likely to expand their offerings to diverse regions where hemp and marijuana are legal.
Recent Developments
In August 2022, BioLife Sciences Inc., renowned for its cutting-edge technologies in healthcare, beauty, and the food & beverage sectors, unveiled its inaugural line of consumer products infused with cannabinoids. This release included six distinct tincture formulations derived from industrial hemp, a development catalyzed by the acquisition of Health Box LLC earlier in 2022.
Also in August 2022, TagZ Foods, an Indian snack food company, announced the introduction of hemp-based cookies as part of its expanding product portfolio. These products are now accessible for purchase through Swiggy Instamart and the company’s online platform.