Hemp-Based Products Market, Registering 24.5% CAGR from 2023 to 2033

Rockville – The worldwide hemp-based products market is projected to reach US$ 1.8 Billion in 2023, registering growth at a CAGR of 24.5% from 2023 to 2033. The use of hemp in numerous products and applications such as personal care products and pharmaceutical has increased significantly over the years.

The medicinal benefits of hemp products are immense and this aspect is expected to dominate the global hemp based merchandises market during the period 2023-2033.

The legalization of cultivation of hemp in several countries such as Canada, Germany, and the U.S. states is the key factor projected to drive the demand for hemp-based products. New rules and standards introduced by governments in various countries will decisively regulate the future demand for hemp-based products.

These products are used in dietary supplements, as per the study. Hence, increased consumption by the elderly is propelling the demand for hemp-based products over the forecast period. The growing tendency of younger generations to consume hemp-based products and favorable regulatory standards will boost the sales.

As per Fact.MR, Japan is expected to be the most remunerative market in East Asia. Growth in the country is attributed to the favorable regulatory standards and awareness regarding CBD products. Further, as government in Japan focus on legalizing the use and consumption of hemp, the demand in the market is predicted to rise.

Key Takeaways:

• Europe and North America, collectively, are expected to contribute 70% of revenue in the global market.
• Legalizing cannabis in Germany is predicted to pave the way for consumption of hemp-based edibles, creating remunerative opportunities for the market.
• Japan is anticipated to be the second largest hemp-based product market in Asia by 2023.
• Several states in the U.S. have legalized the use of cannabis and other hemp-based products, creating opportunities for domestic hemp-based product suppliers.
• China is projected to maintain its top spot in hemp-based product market for the next few years.

Growth Drivers:

• Increasing application areas in the food & beverage industry is projected to contribute to the growth in the market.
• With the legalization of marijuana in some countries around the world, demand for hemp-based personal products is likely to grow rapidly in the coming years.
• Medicinal benefits of hemp-based products in reducing cholesterol and improving heart health will bolster the sales in pharmaceutical industry.

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.

For instance,

• In November 2022, HSTI and Hempacco announced the launch of a new company in Nevada called Organipure, Inc. HSTI has developed and patented technology to create low-odor consumer products made from cannabis and hemp.
• In 2022, Royal Emerald Pharmaceuticals partnered with BioHarvest Sciences to provide disruptive cannabis solutions to companies conducting FDA-approved medical research.
• In October 2022, Germany revealed that it had plans to legalize cannabis, and should this happen it would make it the first country in Europe to legalize cannabis. The legalization of cannabis would pave the way for the consumption of hemp-based food products and create around 27,000 jobs in the country and save around US$ 4.7 billion.

Key Companies Profiled by Fact.MR

• 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.

More Valuable Insights on Hemp-based Products Market

In its latest research, Fact.MR reveals factors estimated to boost the development of the hemp-based products market over the forecast period (2023-2033). The study provides an in-depth study of the opportunities and drivers expected to boost sales of hemp-based products market through segmentation as follows:

Product:

• Food
• Health Care
• Cosmetics, Personal & Skin Care
• Fibers
• Others

Application:

• Personal
• Industrial

Sales Channel:

• Offline
• Online

Region:

• North America
• Latin America
• Europe
• APAC
• MEA

Further, growing awareness of the benefits of consuming CBD (cannabidiol) products, surging use of hemp, and rising interest in eco-friendly products, especially among vegan population will drive the sales in the market. Further, medicinal effects of hemp-based products such as reducing cholesterol and improving heart condition will improve the demand in pharmaceutical industry.

Key Questions Covered in the Hemp-based Products Market Report

• What will be the demand outlook for the hemp-based products market during the forecast period?
• Which are the challenges faced in the hemp-based products market?
• Which region will lead the growth in the hemp-based products market during 2023-2033?
• What is the projected market valuation of the hemp-based products market in 2033?
• Which are the factors driving the hemp-based products market during 2023-2033?

(This information is primarily sourced from FACT.MR.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).