Hemp-Based Product Market to Reach US$ 12.91 Bn by 2027: Industry Probe
According to a new market report published by Industry Probe titled ‘Hemp-Based Product Market (Type: Food Products (Milk, Cooking Oil, Margarine, Candies & Toffee, and Others), Hemp CBD, Personal care Products (Soap, Body Wash, Shampoo & Conditioner, Body Lotion, Cosmetics, and Others), Industrial Products (Oil Paint & Varnish, Printing Ink, and Others), Food Supplements, Consumer Textiles (Handbags, Shoes, Apparel, and others), and Others (Paper, Building Material, etc.,); End-use: Residential, Commercial, and Industrial; Distribution Channel: Online and Offline (Hypermarkets/ Supermarkets, Specialty Stores, Brand Stores)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’, the global hemp-based product market is expected to reach US$ 12,916.7 Mn by 2027 and expand at a CAGR of 17.8% from 2019 to 2027.
The global hemp-based product market was valued at US$ 2,979.39 Mn in 2018 and is expected to expand at a CAGR of 8% from 2019 to 2027. Increasing awareness regarding health, and the rising disposable income coupled with urbanization and industrialization has resulted in the growth of the hemp-based product market.
North America was expected to hold largest market share in the global hemp-based product market in 2017 followed by Europe and Asia Pacific. Asia Pacific is expected to be a key upcoming market for hemp-based products during the forecast period. Rising awareness about the health benefits of hemp-based product is expected to increase the demand for hemp-based products among residential and commercial end-users. The market in North America was anticipated to dominate the global hemp-based product market in terms of revenue in the year 2017, and this trend is projected to remain throughout the forecast period.
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Rise in incidence of multiple sclerosis among the geriatric population, and no cure for the condition are factors that are likely to boost the overall hemp based product market in the near future. Disease-modifying therapies (DMTs) with CBD oil helps in slow progression of multiple sclerosis (MS) treatment. Globally, the number of new hemp retail products launched has increased consistently. In 2018, ~654 new products were launched globally. This shows that the demand for hemp-based products has increased across the globe.
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Global Hemp-Based Product Market: Competition Landscape
The hemp-based product market is fragmented due to the presence of several players. Competition is expected to intensify in the coming years with the entry of several local players. Some of the key players in the market are Elixinol Global Ltd, Nutiva Inc, The Body Shop International Limited, Kannaway LLC, Isodiol International Inc., HempMeds, Dr. Organic Limited, Manitoba Harvest Hemp, Braham & Murray Ltd, and Endoca BV. Others players are also planning to enter the market.
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