Leniency in Regulations to Benefit Hemp Based Products Market
With commercialization of Hemp, more than 55 countries in the world have legalized hemp based products. For instance, US government passed the Hemp Farming Bill in 2018 to make hemp an ordinary agricultural commodity, allowing the cultivation, processing, sale and distribution of hemp based products. Streamlining of regulations have resulted in faster adoption of the long-dormant hemp crop in myriad industries. With an astounding growth outlook, the global hemp based products market is projected to grow at an extraordinary CAGR of 23.8% during the forecast period (2019 - 2029) and is expected to be valued at US$ 19.6 billion, reveals Fact.MR’s report.
Food Products Will Continue to Dominate Demand Pie in Hemp Based Products Market
Legalization of hemp based products has become the paramount goal for various governments around the globe. Hemp is a farming commodity that is plowed and utilized in a wide range of products, including food & beverages. Apart from chocolates, gummy candies and sodas, hemp plant extracts are vastly consumed as a breakfast cereal due to its nutrient-rich profile of essential fatty acids, which are needed for the proper functioning of the body. In addition, hemp plant based beverages & milk are getting popular owing to the nutritional values it offers. Fact.MR opines that in product type category, food products segment is projected to be valued at US$ 2.1 billion and is set to contribute over 10% of global revenue shares by 2029 end.
High Growth Trajectory for Supermarkets and Hyper Markets in Hemp Based Products
Owing to increased rate of urbanization, there has been significant surge in the number of FMCG retail avenues such as hypermarkets, supermarkets etc. These retail channels are simplified with high customer engagement which has resulted in deeper market penetration of hemp based products. Due to legal aspects such as the minimum age to consume hemp based products, majority of the manufacturers prefer to sell these products through brick-and-mortar channels over online platforms. Fact.MR projects that in the sales channel category, offline retail segment is expected to grow more than 7X during the forecast period of 2019 - 2029.
Nutritional Benefits of the Hemp Based Cosmetics Products to Skyrocket Demand
In recent few years, increased awareness about unsafe effects of the highly toxic chemical ingredients that are used in the cosmetics, skin & personal care products has opened the trajectory for natural ingredients found in hemp based products. Manufacturers of cosmetics & personal care products are adopting hemp based ingredients for their products in order to gain a competitive advantage such has high nutritional value and reduced skin inflammation etc. Owing to increased demand of hemp based cosmetics, skin & personal care products, Fact.MR projects that the hemp based cosmetic products will grow more than 20% year on year till 2029.
Developed Economies to be Frontrunners for Hemp Based Products
As the hemp based products are getting popular due to the benefits they offer in various categories such as food & beverages, cosmetics, health care, fibers etc., countries in the developed regions such as North America and Europe are likely to adopt hemp based products rapidly in the forecast period. North America & Europe hemp based products market collectively captured more than 70% of market value in 2019 and are likely to grow 6.5X during the assessment period.
Continuous Innovations in Hemp Based Products to Bolster their Demand
The market leaders are vying for optimal and sustained growth through continuous addition and innovation of hemp based products into their portfolio. For Instance, In June 2019, Victory Hemp Foods launched two hemp based ingredients for food & nutritional product applications. Also, in December 2019, Canopy Growth Corporation launched hemp-derived CBD products such as oil drops, soft-gels and creams to the US market.
Hemp Based Products Market - Scope of the Report
Fact.MR recently published a market study on the global market for hemp based products. The study provides a detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the hemp based products market structure. The market study presents exclusive information about how the hemp based products market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the hemp based products market in the forecast period.
The study is relevant for stakeholders in the hemp based products market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the hemp based products market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the hemp based products market. It also offers actionable insights based on future trends in the hemp based products market. Furthermore, small businesses and new entrants in the hemp based products market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of the Hemp Based Products Market
Fact.MR’s study on the hemp based products market offers information divided into four key segments - product, application, sales channel and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Key Questions Answered in the Fact.MR’s Hemp Based Products Market Report
- Which regions will continue to remain the most profitable regional markets for hemp based products market players?
- Which factors will induce a change in the demand for hemp based products during the assessment period?
- How will changing trends impact the hemp based products market?
- How can market players capture the low-hanging opportunities in the hemp based products market in developed regions?
- Which companies are leading the hemp based products market?
- What are the winning strategies of stakeholders in the hemp based products market to upscale their position in this landscape?
Hemp Based Products Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the hemp based products market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the hemp based products market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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