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Hemp-based Products Sales Valuation to Cross USD 3.9 billion by 2031, Growing Popularity of Hemp-Based Products Fueling Market Demand: TMR Report

WILMINGTON, DE / ACCESSWIRE / March 6, 2023 / The global hemp-based products market size was valued at US$ 2.6 Bn in 2022 and is likely to reach US$ 3.9 Bn by 2031. The global market is anticipated to expand at a CAGR of 17.6% between 2023 and 2031. It is expected to develop rapidly with increasing legalization of marijuana cultivation in several countries and use of marijuana oil for treatment of several conditions by medical institutions.

Transparency Market Research inc., Monday, March 6, 2023, Press release picture
Transparency Market Research inc., Monday, March 6, 2023, Press release picture

Inclination of the younger population toward organic and natural products is anticipated to drive the demand for hemp-based products globally. However, restrictions on export and import of hemp seeds and hemp-based products in a number of countries is likely to impede market development in the next few years.

Firms in the global hemp-based products market are concentrating on expanding their geographic reach through tactical acquisitions and partnerships with key players in their respective region. A slew of international firms possessing strong R&D capabilities and skills and online platforms are likely to enter the domain of hemp-based products to grab as much of the global market share as possible.

Cannabis sativa, commonly known as hemp, has a number of medicinal uses. It can be cultivated to produce a diverse range of products, including food, paper, and textiles. Increase in approval for retail sale of cannabis oil via pharmacies and other retail options prompts online vendors to make it readily available for sale. Firms in the global industry have significant development potential owing to improved lifestyles and rise in disposable incomes, especially in developing countries.

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Key Findings of Market Report

  • The e-commerce sector has observed a significant rise in popularity as the number of people using mobile phones has increased globally in the last few years. Unlike traditional shops, where consumers have fewer alternatives, customers get access to a large assortment of products through e-commerce sites.

  • Many companies are working with online retailers and expanding their e-portals in order to serve a wider audience. As more consumers purchase a variety of items online and benefit from the ease of online shopping, the industry is likely to experience significant growth. Thus, the e-commerce sector's expansion is projected to have a beneficial impact on the global hemp-based products market from 2023 to 2031.

Global Hemp-based Products Market: Growth Drivers

  • According to the most recent market report on hemp-based products, increase in consumer awareness regarding the health benefits of these products is anticipated to drive market demand between 2023 and 2021. Additionally, an expanding young population and rise in obesity are expected to drive industry growth.

  • According to the Global Obesity Atlas 2022, which was released by the World Obesity Federation, 1 billion people, including 1 in every 7 men and 1 in every 5 women, are expected to be obese by 2030. Type 2 diabetes has obesity as a major risk factor. The number of obese people is expected to double by 2030, according to the report. When included into a balanced diet, hemp products can offer a number of health benefits, including for those suffering from obesity. In addition to eczema, high cholesterol, arthritis, as well as other illnesses, hemp is used by people to treat constipation.

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Global Hemp-based Products Market: Regional Landscape

  • Based on regional segmentation, North America is a key market for hemp-based products, followed by Europe and Asia Pacific. North America is expected to account for a significant market share due to increase in usage of hemp-based products and rise in healthcare expenditure in the region. In the U.S., products made from hemp have a long history of success.

  • The U.S. market has the highest uptake of hemp-based products including hemp juice and milk in comparison to other markets, ascribed to surge in health awareness and the number of obese people in the country. Use of CBD hemp oil products is expected to grow due to rise in usage of the oil to treat chronic illnesses and neurological pain, which is likely to drive business growth.

  • The hemp-based products market in Asia Pacific is anticipated to rise due to rapid growth in young population and surge in health awareness. Additionally, a number of pharmaceutical and biotechnology firms in the region are increasing their investments to make hemp-based products. It is anticipated that legalization of cannabis for medicinal purposes in a number of countries would drive business opportunities in the global industry.

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Global Hemp-based Products Market: Key Players

Some of the key players in the global hemp-based products market include:

  • Dr. Organic Limited

  • The Body Shop International Limited

  • Braham & Murray Ltd

  • Isodiol International Inc.

  • Elixinol Global Ltd

  • Manitoba Harvest Hemp

Global Hemp-based Products Market: Segmentation

Type

  • Food Products

  • Hemp CBD

  • Personal Care Products

  • Industrial Products

  • Food Supplements

  • Consumer Textiles

  • Others

Price

  • Under US$ 50

  • US$ 50 - US$ 100

  • US$ 101 - US$ 200

  • Above US$ 200

End-use

  • Residential

  • Commercial

  • Industrial

Distribution Channel

  • Online

  • Offline

Regions

  • North America

  • Europe

  • Asia Pacific

  • Middle East & Africa

  • Latin America

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 10 years.

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SOURCE: Transparency Market Research Inc.



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