The global market for hemp-based products is expected to skyrocket to $16.2 billion in 10 years, according to a study by Fact.MR. Hemp-based items are already valued at $1.8 billion in the global market, and will continue to have significant growth due to more opportunities, increased drivers, shifting trends, and less restraints.
The report highlights segments and sub-segments within the hemp industry and analyzes each in terms of value and volume. It also “elaborates market behavior of each vendor operating in the hemp-based products market”.
Key hemp-based product companies are expected to expand their hemp product portfolio to gain a competitive edge over other market players and diversify their offerings to different regions where hemp and marijuana are being legalized. For example:
- In August 2022, BioLife Sciences Inc., a leading name in disruptive technologies for healthcare, beauty, food & beverage sectors announced the launch of its first cannabinoid consumer products, with six definite industrial hemp-based tincture formulations.
- In August 2022, TagZ Foods, a snack food company in India announced the launch of hemp-based cookies as a part of its aggressively increasing product offerings.
Another report by Transparency Market Research, Inc. revealed that an “inclination of the younger population toward organic and natural products is anticipated to drive the demand for hemp-based products globally.”
The report also cited “restrictions on export and import of hemp seeds and hemp-based products in a number of countries are likely to impede market development in the next few years.” To combat this, “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.”