The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Aromatherapy Diffuser market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. Th...
Global hemp-based products market is projected to grow at an impressive CAGR of more than 23% between 2019 and 2029, surpassing a valuation of US$19Bn by 2029. Hemp has been plowed by farming communities in various corners of the world, but at present hemp is seeing an astonishing rebirth as it has the potential to be a profitable and sustainable crop. Globally, more than four dozen economies have legitimized the adoption of hemp-based products. Thousands of hemp-based products have surfaced in the global marketplace, predominantly in the textile, medical, and food & beverage sectors.
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Presently, hemp-based products are occupying a large space on shelves within major retail outlets and online stores, which in turn is boosting its market revenues. However, modern-day market actors are vested with many more responsibilities, with product marketing being a key component to attract a large consumer base. Owing to increased awareness about benefits of the hemp based products, a rise has been observed in consumer preferences towards purchase of hemp products such as hemp oil, beverages, medicinal drugs, cosmetics and fibers which is likely to continue in the foreseeable future.
Key Takeaways of Hemp Based Products Market
Close to half of the revenues procured in the global hemp-based products market through 2029 will be accounted for by fibers segment. At the same time, demand for hemp based food & cosmetic products is showing resilient growth owing to the increasing awareness about nutritional benefits of hemp based products.
Hemp oil has become a preferred choice for consumers for its skin treatment superiority and has also been legalized in many countries. In the healthcare category, hemp oil segment is foreseen to witness 2X more revenues than medicinal drug segment.
In 2019, specialty stores, supermarkets & hypermarkets accrued for the highest sales. However, Fact.MR estimates that among distribution channels, the online segment will grow at a meteoric pace with market growth over 27% throughout the forecast period.
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As a direct outcome of legalization and commercialization of hemp based products in US & Canada, North America has become the largest producer of hemp, as well as hemp-based products. On this premise, North America is expected to contribute around 1/3rd of the global revenues by 2029 end.
“Currently, the hemp based products market has become highly competitive, as renowned players have set their vision on becoming global leaders by providing innovative products which address emerging health and resource sustainability issues” says Fact.MR analyst.