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$ 12.91 Bn by 2027 and expand at a CAGR of 17.8% from 2019 to 2027.
Growing Awareness about Health to Further Fuel the Market
The global hemp-based product market is anticipated to expand at a CAGR of 8% from 2019 to 2027, which was valued at US$ 2.97 Bn in 2018. The major drivers leading the growth of the market include rising disposable income and growing awareness regarding health coupled with industrialization and urbanization. From a geographical perspective, North America held majority of market share in the global hemp-based product market in 2018 followed by Europe and Asia Pacific. Owing to emerging economies in the region, Asia Pacific is predicted to be a prominent upcoming market for hemp-based products during the forecast period. Growing awareness regarding the health benefits of hemp-based product is projected to augment the demand for hemp-based products among residential and commercial end-users. However, the market is projected to be dominated by North America during the forecast period.
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Increasing incidences of multiple sclerosis among the geriatric population, as well as absence of cure for the condition are factors that are expected to fuel the overall hemp based product market growth 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 risen constantly. To give an example; over 654 new hemp-based products were launched in 2018 across the globe, thereby showing the rising demand for hemp-based products.
Demand for Hemp CBD to Contribute Significantly to Overall Market Growth
On the basis of type, hemp CBD are commonly preferred by commercial as well as residential users owing to the fast results. Furthermore, hemp CBD is becoming widely recognized as a super food with its content of protein, high nutritious vitamins, fatty acids minerals, and fiber. This is projected to augment the demand for hemp CBD based product across the globe during the forecast period. Under the end-use segment, the report expects the residential segment to hold major market share and expand at a considerable rate during the forecast period.
The report from Industry Probe, in terms of distribution channel, expects the online distribution channel to be the most attractive segment during the forecast period. Increasing approval of sale of cannabis oil in retail and other pharmacies encourages online retailers to make CBD oil available in the market. Additionally, the retail and online channels are increasing evolving. A multi-channel sales strategy is being forced upon the retailers by the growing internet retailing. From a regional perspective, North America dominates the global hemp-based product market followed by Europe. Prompt rise in legalization of marijuana production in numerous countries and usage of marijuana oil in treatment procedures by various medical institutions are likely to fuel the growth of the hemp-based products market during the forecast period.
The hemp-based product market is dominated by several players who are focused on the development of new products to cater to the rising and shifting consumer preferences.
The report includes the below mentioned pointers of major players operating in the hemp-based product market:
• Competition Matrix
• Company Overview
• Market Share Analysis (2018)
• Product Innovation
• Business Strategies / Recent Developments
• Technological advancements
• Key mergers and acquisitions
• Expansion strategies
• Company Financials
Major Players Covered under the Scope Include
• Elixinol Global Ltd
• The Body Shop International Limited.
• Kannaway LLC
• Isodiol International Inc.
• Organic Limited
• Manitoba Harvest Hemp
• Braham & Murray Ltd
• Endoca BV.
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