The use of hemp in various products and applications is rising at a great rate over the years. The medicinal benefits of hemp are tremendous and this aspect may bring substantial growth opportunities for the global hemp based products market during the forecast period of 2024-2030.
The extensive commercialization and legalization of hemp across various countries is a major factor in inviting tremendous growth prospects for the hemp based products market. Hemp legalization is gaining traction across many yet-to-be-legalized regions. Hence, as more countries opt for hemp legalization, the growth rate is expected to increase significantly.
Chemical ingredient-based products are receiving criticism from consumers due to their toxic side effects. Many consumers now prefer products with natural ingredients. Hence, this aspect is attracting cosmetics manufacturers to embrace hemp as an addition to their products. This factor lays a red carpet of growth across the hemp based products market.
Some major types of hemp based products are beverages, edibles, medicinal drugs, hemp oil, supplements, protein, cosmetics, personal care, skincare, raw fibers, fiber-reinforced plastic, and others. Hemp based products are used in personal and industrial applications. On the basis of sales channel, the hemp based products market can be classified into offline and online.
This report on the hemp based products market enlightens the stakeholders and CXOs about the recent developments and the current scenario. The frequently changing market dynamics have been included in the report in a scrutinized and systematic manner so that the stakeholders can understand every point without any difficulty and take steps accordingly.
The report also contains details about the COVID-19 impact on the hemp based products market and the vital threats that the hemp based products market may face between 2024 and 2030.
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Hemp Based Products Market: Industrial Analysis
A varied range of players compete with others across various categories. A large number of competitors categorize the global hemp based products market as highly fragmented. The players in the hemp based products market are always in the pursuit of making their products more efficient and useful for the consumer.
Some renowned players in the hemp based products market are Hempro International, Green Source Organics, All American Hemp Company, Hemp Foods Australia, Marijuana Company of America Inc., North American Hemp & Grain Co. Ltd., and Blue Sky Hemp Ventures Ltd.
Hemp Based Products Market: Recent Developments
The hemp based products market is abuzz with developments. Here are some recent advances in the hemp based products market.
- Kannaway recently launched hemp-infused product line comprising supplements for optimizing the body’s fitness quotient
- The Body Shop cosmetics launched three skincare products blended with CBD and hemp oil
- Criticality LLC, an industrial hemp company released CBD Hydro Moisture Sealant comprising high-concentration hemp extract
- Miraflora launched post-fitness sparkling beverages infused with full-spectrum hemp flower oil
- New York’s state health department recently released an updated list of regulations for making and selling hemp extracts in drinks, vapes, and foods
Hemp Based Products Market: Regional Prospects
Developed economies may garner a large chunk of growth for the hemp based products market. The hemp based products market in North America and Europe may bring good growth prospects during the assessment period of 2024-2030.
North America may gain prominent growth prospects for the hemp based products market due to the legalization of hemp across various regions. The passing of hemp farming bills in various regions may bring promising growth prospects. The rising awareness and escalating demand for hemp based products may bring immense growth opportunities for the hemp based products market. Latin America and the Middle East and Africa may record moderate growth.
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