Wilmington, Delaware, United States, June 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Hemp-based Products Market is likely to garner a steadily expanding CAGR of 17.6% from 2022 to 2031. In 2022, the market for Hemp-based Products was estimated at US$ 2.6 billion, and by the end of 2031, it is anticipated to reach US$ 3.9 billion.
An increase in consumer knowledge of the health advantages of hemp-based products is anticipated to drive demand for these goods for commercial use in the near future. A growing youthful population along with an increase in obesity among people worldwide are influencing market figures.
Businesses in the hemp-based product sector are concentrating on expanding their geographic reach through smart acquisitions and partnerships with top companies in their respective industries and regions. A number of multinational corporations with R&D skills and internet platform assets are about to enter the manufacture of hemp-based products to capture the largest possible proportion of the hemp-based products market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 2.6 Bn | |
| Estimated Value | US$ 3.9 Bn | |
| Growth Rate - CAGR | 17.6% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 170 Pages | |
| Market Segmentation | Type, Price, End-use, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Braham & Murray Ltd, Dr. Organic Limited, Elixinol Global Ltd, Endoca BV, HempMeds, Isodiol International Inc., Kannaway LLC, Manitoba Harvest Hemp, Nutiva, Inc., The Body Shop International Limited | |
Key Findings of Market Report
- Hemp products can offer a number of nutritional advantages when included in a balanced diet.
- The United States Ministry of Agriculture oversees industrial hemp cultivation and thus it is mostly to use these products.
- Hemp is used by people to treat a variety of ailments, including arthritis, high cholesterol, eczema, and constipation
The Global Market for Hemp-based Products: Key Trends
- A number of enterprises are partnering with online retailers and expanding their e-portals to reach a larger audience. The industry is helped to grow by the increase in the variety of internet portals.
- The industry has grown significantly as more clients take advantage of the ease of purchasing goods online and purchase a variety of items. In the next years, the expansion of the e-commerce sector is projected to have a beneficial impact on the growth of the market for hemp-based goods worldwide.
- Retail sales on the Internet are steadily rising in nations like China, the United States, and the United Kingdom. In the upcoming years, China is most likely to control the global e-commerce business.
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Global Hemp-based Products Market: Regional Outlook
- The dominant market for hemp-based goods worldwide is in North America. The region has a significant portion of the market for hemp-based goods due to a number of factors, including rising healthcare costs, increased use of hemp-based products, and the profitable presence of product producers in the area. A well-established market for goods made from hemp is the United States.
- The market for hemp-based goods in Asia Pacific is expected to develop throughout the forecast period due to the region's high population growth among young people and growing health consciousness. A number of biotechnology, as well as pharmaceutical firms in the area, are increasing their investments in the creation of hemp-based goods. Several nations have legalized cannabis for medical purposes which will boost the sales in the region.
Global Hemp-based Products Market: Key Players
Some of the key players in the global hemp-based products market are:
- Braham & Murray Ltd
- Dr. Organic Limited
- Elixinol Global Ltd
- Endoca BV
- HempMeds
- Isodiol International Inc.
- Kannaway LLC
- Manitoba Harvest Hemp
- Nutiva, Inc.
- The Body Shop International Limited
Some developments by the key players in the global market for Hemp-based Products are:
- The VAPE Influencer Pack and the CBD Oil Influencer Pack were two influencer packs that Kannaway USA introduced on January 31, 2023. The corporation is vehemently uniting influencers to increase sales for the brand by presenting these new influencer bundles. Influencers can directly contribute 30% of the entire sales income.
- Plum's Hemp Range, which the company bills as the latest expert in skin barrier restoration, was introduced in 2023. Face Oil, Hemp and Ceramides Moisturizer, and Cleansing Oil with Squalane and Bisabolol are the three new items that the firm has introduced.
- Elixinol Wellness and British Cannabis inked a licensing deal on December 21, 2021, to carry on with marketing in the United Kingdom. In the United Kingdom, British Cannabis is a prominent producer and seller of goods derived from hemp. British Cannabis signed a three-year unique Trademark as well as Know-How Licensing Contract.
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Global Hemp-based Products Market Segmentation
Type
- Food Products
- Hemp CBD
- Personal Care Products
- Industrial Products
- Food Supplements
- Consumer Textiles
- Others (Papers, Building Materials, etc.)
Price
- Under US$ 50
- US$ 50 - US$ 100
- US$ 101 - US$ 200
- Above US$ 200
End-use
- Residential
- Commercial
- Industrial
Distribution Channel
- Online
- Company-owned Websites
- E-commerce Websites
- Offline
- Supermarkets/Hypermarkets
- Specialty Stores
- Retail Stores
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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