Hemp-based Products Market: Global Industry Analysis and Forecast (2024-2030)

The Hemp-based Products Market size is been forecasted USD 7.2 Billion by 2023 to reach USD 20.5 Billion by the year 2030 with a CAGR of 22.1% due to various market dynamics and trends.
Hemp-based Products Market Overview
Hemp-based products are made from Cannabis sativa. These products use hemp seeds, stalks, leaves and flowers. Hemp products include oil, seeds, fibres and CBD. Essential fatty acid-rich hemp oil is utilised in cooking, cosmetics and nutritional supplements. Hemp seeds are healthy snacks or ingredients. Hemp fibres make sturdy textiles, ropes, paper and more. Hemp-derived CBD oils, tinctures and edibles are popular for their health advantages. Since hemp grows quickly with little water and chemicals, hemp-based goods are sustainable. Many countries allow these items, which are used in health, textiles and construction.

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Hemp-based products market is predicted to reach USD 8.92 billion by 2030, growing 18% CAGR. Market dynamics and trends fuel growth. First, hemp and CBD legalisation in several nations has created new economic prospects. Companies may grow confidently in a controlled market that ensures safety and quality. Since rigorous testing and labelling ensure product safety and efficacy, legalisation has increased consumer trust. More people are testing hemp and CBD products, increasing demand. Market expansion has also been driven by increased knowledge of hemp-based goods' health advantages, particularly CBD oil. CBD's non-psychoactive therapeutic effects are popular among consumers seeking natural and effective alternatives. Consumer awareness has expanded hemp-based product sales. Natural and organic product preferences have also benefited the business. Hemp goods are eco-friendly and organic. Hemp-derived products, including CBD-infused ones, are available to meet consumer demand.

The Hemp-based Products Market's complex regulatory structure challenges firms and consumers. International and state law compliance takes time and money. Jurisdictional variations may confuse consumers about product legality and quality. Hemp-based goods are growing globally despite these obstacles. Europe, Asia Pacific and the rest of the world follow North America, each with its drivers and regulations. Product, application, distribution channel, end-user, geography, source, extreme action process, certification and hemp cultivation segment the market. Charlotte's Web, HempMeds, Lazarus Naturals and Endoca are industry leaders. Hemp-based products are growing due to consumer desires for natural, sustainable and organic items.
Hemp-based Products Market Research Methodology
The report on the Hemp-based Products Market covers an in-depth analysis of the industry. Key insights of the report include the Hemp-based Products Market size and the growth rate. A thorough regional analysis of the Hemp-based Products industry is conducted at a global, regional and country level. Such an analysis provides valuable information on market penetration, regional dominance and growth strategies adopted by the key players in the market. The major countries in each region are mapped according to their revenue contribution to the global Hemp-based Products Market.

To understand the competitive landscape of the Hemp-based Products Market, key players and new entrants in the market are listed. Growth indicators such as company profiles, revenue and share, core competitors, recent developments, new growth strategies, technological advancements and mergers and acquisitions are covered. The report provides a competitive analysis of Hemp-based Products Market drivers, restraints, opportunities and growth strategies.

PESTLE, SWOT and Porter’s five forces were used for industry analysis of the Hemp-based Products Market. Swot analysis is used to identify the strength and weaknesses of the market. The bottom-up approach was used to estimate the Hemp-based Products Market size. The report includes the Hemp-based Products Market’s major strategic developments, comprising R&D, new product launches, M&A, partnerships, agreements, collaborations, joint ventures and regional growth of the key competitors. The report includes an analysis of the global, regional and country levels.
Hemp-based Products Market Dynamics
Growing legalization of hemp and CBD products

Hemp and CBD products are becoming legal in various countries. Hemp is a Cannabis sativa cultivar with minimal THC. Hemp cultivation, manufacturing and sales are legal because hemp is not marijuana. This legal amendment had several major effects. First, hemp and CBD enterprises have new prospects. Businesses' expansion potential was constrained by these products' ambiguous legal status. After legalisation, companies can operate in a regulated market ensuring safety and quality. Hemp and CBD products can be researched, developed and marketed by reputable firms.

Hemp and CBD legalisation has given consumers safe, high-quality products. Without rules, consumers were uncertain about these products' safety and efficacy before legalisation. Consumers may trust their purchases since the law requires thorough testing and labelling. Due to its enhanced image and accessibility, more individuals are trying hemp and CBD products, increasing demand. The legalisation has also reduced cannabis stigma. Cannabis has been demonised for its psychotropic effects and abuse potential. Hemp and marijuana are different, which has changed. As these items become legal, they become socially acceptable. Hemp and CBD products are now available to more customers who were previously unwilling to try them. The legalisation is predicted to continue as more governments recognise their economic and health benefits. Jobs, tax money and a new sector are possible economic benefits. CBD may help manage pain, anxiety and epilepsy, according to emerging research. These reasons contribute to the growing acceptability and liberalisation of hemp and CBD product laws, which will likely fuel business growth.

Increased consumer awareness of the health benefits of hemp-based products

Hemp-based goods, especially CBD oil, are growing due to consumer awareness of its health advantages. CBD oil is a popular hemp-based product. Cannabis contains CBD, a non-psychoactive chemical with medicinal benefits. Consumer knowledge of CBD is rising as research and anecdotes support its potential advantages. Awareness has increased demand for hemp-based products, expanding the market. Several factors are driving deformed in hemp-based products. Customers are actively seeking natural and effective pharmaceutical alternatives. CBD is more natural than synthetic drugs, which can have side effects. Hemp-based products are popular due to this inclination for natural therapies.

Information and education regarding hemp-based goods, especially CBD oil, have driven industry expansion. Online resources, social media and positive results testimonies give consumers more information. With more health information, customers are more likely to try hemp-based products for self-care. Hemp-based goods are becoming more popular, spurring an industry. This sector offers many hemp-derived products, including CBD oil, to capitalise on the market's potential. CBD-infused topicals, edibles and wellness products have emerged to meet consumers' different demands. Consumer awareness and the hemp-based products business are growing the market for these products. Hemp-based products are becoming increasingly popular as customers health benefits. Businesses can succeed and help build the Hemp-based Products Market.

Growing popularity of natural and organic products

Environmental sustainability, health and wellness awareness and a desire for transparency and authenticity have moved the consumer market towards natural and organic products in recent years. Consumer preferences have changed, affecting hemp-based product sales. Natural and sustainable hemp-based goods fit these consumer desires. Hemp uses less pesticides, herbicides and water than cotton, making it environmentally friendly. For environmentally conscientious users, it can be grown without synthetic fertilisers. Hemp meets organic certification requirements since it is commonly farmed organically. Hemp used in hemp-based products is grown without synthetic chemicals or GMOs with this certification. This makes it more appealing to people who appreciate organic products.

Hemp-based products have benefited due to rising demand for natural and organic items. Consumers want products that support sustainable agriculture and health and wellness. Due to its natural origins and potential organic certification, hemp-based goods are appealing to environmentally aware and health-sensitive consumers. Hemp-based goods are likely to expand in popularity as consumers become more conscientious of their purchases. Hemp-based product companies can address consumer demand for natural, sustainable and organic items. The Hemp-based Products Market's reaction to this shift in consumer tastes is promising. These initiatives are expected to drive the market size during the period.

Complex regulatory structure restraints the Hemp-based Products Market growth

The Hemp-based Products Market's complex regulatory system challenges enterprises and consumers. Industrial hemp companies must comply with international and state legislation. Companies in this sector must comply with many laws and regulations, which can be difficult. The US. Hemp growing is legal, but states can regulate hemp product manufacture and sales. Companies in numerous states must learn and follow each state's laws. Legal compliance is complicated and time-consuming, requiring organisations to invest heavily.

Consumers also struggle with hemp-based product rules. Consumers may be confused about legal products and where to buy them due to jurisdictional differences. Consumers may doubt the legality and quality of products, which might lower market confidence. The complex regulatory environment can also hinder hemp-based product creation and development. Companies must navigate legal regulations and gain permits before launching new items. Understanding and complying with rules may delay the launch of novel and helpful hemp-based goods. These problems are expected to hamper future hemp-based product market growth.
Hemp-based Products Market Regional Insights:
Hemp-based Products Market to dominate North America for various reasons. First, the region contains a lot of organic food and hemp's natural and sustainable properties match consumer desires. Hemp milk, oil, protein powder and pasta are also boosting industry expansion. North America's regulatory environment supports hemp-based product development and marketing, helping the market grow.

Due to hemp's health benefits, Europe, the second-largest hemp-product market, is growing. Hemp provides protein, fibre and omega-3 fatty acids, improving consumer health. Hemp is a great protein source for vegans and vegetarians, which has increased demand in Europe. Europe, like North America, has favourable regulations for hemp-based product research and commercialization.

Asia Pacific's burgeoning middle class and disposable wealth are driving hemp-based product sales. Premium hemp-based products are growing increasingly popular as the middle class grows. Asia Pacific's awareness of hemp's health advantages is also increasing market demand. A good regulatory environment fosters hemp-based product development and marketing, boosting the market growth in the region.

The rest of the world has an increasing need for natural and sustainable hemp-based products. Hemp's natural and environmental properties appeal to this region's values-driven shoppers. Hemp's health advantages are becoming more widely known throughout the Rest of the World, driving market growth. Like other regions, a favourable regulatory framework encourages hemp-based product development and promotion, helping the market grow.

Hemp-based product market advances have been remarkable. The European market was boosted in January 2023 when the European Commission allowed hemp seeds in food goods. This allows companies to add hemp seeds to more food products. The Canadian government invested $10 million in hemp-based product research and development in February 2023 to assist industry growth. In March 2023, the US

Department of Agriculture granted $20 million to develop hemp-based products, boosting American market growth. These developments show that the hemp-based products business is growing in popularity and support. The hemp-based goods market is poised for considerable expansion across geographies as consumer preferences shift towards natural, sustainable and organic products, creative ng potential for businesses and industry innovation.
Hemp-based Products Market Segment Analysis:
By Product Type:
The Hemp-based Products Market encompasses a diverse range of offerings, with segmentation based on product types including Hemp Oil, Seeds, Fibers, Protein, and CBD-infused products. Hemp oil, derived from the seeds, serves as a nutritional supplement with omega-3 fatty acids. Hemp seeds are valued for their nutritional richness and versatility in various culinary applications. Hemp fibers find use in textiles, offering a sustainable alternative to traditional materials. Hemp protein, a plant-based source, is gaining popularity in the health and wellness sector. CBD-infused products, containing cannabidiol extracted from hemp, cater to the growing demand for natural remedies, showcasing the market's adaptability to consumer preferences and health trends.

By Application:
The Hemp-based Products Market further differentiates through diverse applications, catering to various industries. In Food and Drinks, hemp ingredients feature prominently, providing nutritional benefits and serving as alternatives in a range of consumables. Textiles benefit from hemp fibers due to their durability and sustainability, offering an eco-friendly option for clothing and fabrics. Personal care products incorporate hemp-based ingredients for skincare and haircare formulations, capitalizing on their moisturizing and nourishing properties. In Pharmaceuticals, the market explores the medicinal potential of hemp-derived compounds. The category of 'Others' reflects the versatility of hemp-based products, expanding into areas such as construction materials and biofuels, highlighting the broad spectrum of applications within this market.

By Source:
The distinction between Organic and Conventional sources in the Hemp-based Products Market reflects consumer preferences for cultivation practices. Organic hemp products, grown without synthetic pesticides or fertilizers, appeal to environmentally conscious consumers seeking natural and sustainable options. Conventional sources, while still meeting industry standards, may incorporate conventional farming methods. The segmentation aligns with the increasing demand for transparency and ethical sourcing in the hemp industry. Both sources contribute to the market's flexibility in catering to a range of consumer preferences, from those emphasizing sustainability to those prioritizing affordability and accessibility.



Hemp-based Products Market Competitive Landscape:

Large businesses and many small and medium-sized companies dominate the Hemp-based Products Market. Despite market fragmentation, numerous major companies have emerged. Charlotte's Web, HempMeds, Lazarus Naturals and Endoca are industry leaders due to their strong brands and huge distribution networks.

In a Series D fundraising round headed by Curaleaf Holdings, Charlotte's Web raised USD 80 million. Charlotte's Web will use this financing to grow, invest in R&D and strengthen its market position.

Another major company, HempMeds, received FDA approval for Epidiolex, their CBD oil product. HempMeds can now treat Lennox-Gastaut and Dravet seizures, expanding its pharmaceutical market. Lazarus Naturals donated almost $1 million in CBD products to the needy. This campaign promotes the company's philanthropy and brand trust. Endoca, a major European producer, opened a new facility in Denmark. Endoca's supply chain and hemp-based product demand will rise with this development.
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Global Hemp-based Products Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 7.2 Bn.


Forecast Period 2024 to 2030 CAGR:
22.1%
Market Size in 2030:
US $ 20.5 Bn.


 Segments Covered:
by Product Type
Hemp oil
Seeds
Fibres
Protein
CBD-infused


by Application
Food and drinks
Textiles
Personal care
Pharmaceuticals
Others


by Source
Organic
Conventional



Hemp-based Products Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Hemp-based Products Market Key Players:
The report has in detail information about the Strategies adopted by the following key companies to sustain and grow in the market. These Hemp-based Products Manufacturers covered in the report are selected based on certain criteria.

1. Charlotte's Web (Colorado)
2. HempMeds (South Carolina)
3. Lazarus Naturals (Oregon)
4. Endoca (Denmark)
5. CBDfx (Nevada)
6. Joy Organics (Colorado)
7. Green Roads (Florida)
8. Royal CBD (Nevada)
9. NuLeaf Naturals (Colorado)
10. CBDistillery (Colorado)
11. HempFlax (Netherlands)
12. Hemptiva (India)
13. Hempura (India)
14. Lord Jones (New York)
15. Medterra (Arizona)
16. CBD American Shaman (Washington)
17. FabCBD (California)
18. CBDMD (Florida)
19. PureKana (Arizona)
20. CBD For Life (Nevada)
21. Blessed CBD (United Kingdom)
22. Hempika (Poland)
23. CBD Therapy (Brazil)
24. Hemp.Direct (Australia)
25. Green Lotus Hemp (Argentina)
26. Hemp Bombs (Nevada)
27. CBD Pure (United Kingdom)

FAQs:

1. What are the growth drivers for the Hemp-based Products Market?
Ans: Increased consumer awareness of the health benefits of hemp-based products is one of the driving factors for the Hemp-based Product Market

2. What is the major restraint for the Hemp-based Products Market growth?
Ans: Complex regulatory structure restraints the Hemp-based Products Market growth

3. Which region is expected to lead the global Hemp-based Products Market during the forecast period?
Ans: North America is forecasted to lead the global Hemp-based Products Market.

4. What is the projected market size & growth rate of the Hemp-based Products Market?
Ans: The Hemp-based product market is projected to reach USD 20.5 Bn by the year 2030 with a CAGR of 22.1%

5. What segments are covered in the Hemp-based Products Market report?
Ans: Segmentation based on product type, distribution channel, end-user, application, By Source, Extraction Method, Certification, and Hemp Cultivation etc. is been covered in the hemp-based products market report.