Sales of Hemp-Based Products Are Projected to Skyrocket at a CAGR of 24.5% by 2033

Published April 22, 2023

The global market for hemp-based products is expected to account for a value of US$ 1.8 billion in 2023 and jump to a size of US$ 16.2 billion by the end of 2033. Sales of hemp-based products are projected to skyrocket at a CAGR of 24.5% from 2023 to 2033.

The legalization of hemp product sales and hemp farming in several countries across the world is a prominent factor that is expected to drive the shipments of hemp-based products over the coming years. New regulations and norms implemented by governments of different countries will crucially determine the future of hemp-based product demand.

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These products are used in dietary supplements, as per the study. Hence, increased consumption by the elderly is propelling the demand for hemp-based products over the forecast period. The growing tendency of younger generations to consume hemp-based products and favorable regulatory standards will boost the sales.

As per Fact.MR, Japan is expected to be the most remunerative market in East Asia. Growth in the country is attributed to the favorable regulatory standards and awareness regarding CBD products. Further, as government in Japan focus on legalizing the use and consumption of hemp, the demand in the market is predicted to rise.

Key Takeaways:

  • Europe and North America, collectively, are expected to contribute 70% of revenue in the global market.
  • Legalizing cannabis in Germany is predicted to pave the way for consumption of hemp-based edibles, creating remunerative opportunities for the market.
  • Japan is anticipated to be the second largest hemp-based product market in Asia by 2023.
  • Several states in the U.S. have legalized the use of cannabis and other hemp-based products, creating opportunities for domestic hemp-based product suppliers.
  • China is projected to maintain its top spot in hemp-based product market for the next few years.

Growth Drivers:

  • Increasing application areas in the food & beverage industry is projected to contribute to the growth in the market.
  • With the legalization of marijuana in some countries around the world, demand for hemp-based personal products is likely to grow rapidly in the coming years.
  • Medicinal benefits of hemp-based products in reducing cholesterol and improving heart health will bolster the sales in pharmaceutical industry.

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Competitive Landscape

Key hemp-based product companies are expected to expand their hemp product portfolio to gain a competitive edge over other market players and diversify their offerings to different regions where hemp and marijuana are being legalized.

  • In August 2022, BioLife Sciences Inc., a leading name in disruptive technologies for healthcare, beauty, food & beverage sectors announced the launch of its first cannabinoid consumer products. The company offered six definite industrial hemp-based tincture formulations that were driven by the acquisition of Health Box LLC in early 2022.
  • In August 2022, TagZ Foods, a snack food company in India announced the launch of hemp-based cookies as a part of its aggressively increasing product offerings. The products are available on Swiggy Instamart and the company’s portal for sales.

Key Companies Profiled:

  • Hempro International
  • Tilray Inc.
  • GFR Ingredients
  • Blue Sky Hemp Ventures Ltd.
  • Hemp Foods Australia Pty Ltd.
  • Aurora Cannabis Inc.
  • Marijuana Company of America Inc.
  • Naturally Splendid Enterprises Ltd.
  • Isodiol International Inc.
  • Green Source Organics
  • Hempfoods Ltd.

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Key Questions Covered in the Hemp-based Products Market Report

  • What is the projected value of the Hemp-based Products factors Industry in 2023?
  • At what rate will the global Hemp-based Products factors market size grow until 2033?
  • Which are the factors hampering the growth of Hemp-based Products factors?
  • Which region is expected to lead in the global Hemp-based Products factors market By 2033?
  • Which are the factors driving the Hemp-based Products factors Industry during the forecast period?
  • What is the expected market value of the Hemp-based Products factors market during the forecast period?

Regional Analysis For Hemp-based Products Market:

  • APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
  • Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
  • North America (USA, Canada and Mexico)
  • South America (Brazil, Chile, Argentina, Rest of South America)
  • MEA (Saudi Arabia, United Arab Emirates, South Africa)

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