Report: Global Hemp Market to Grow by $13.9B from 2023-2028
The worldwide industrial hemp market is projected to develop by USD 13.90 billion between 2023 and 2028, with a compound annual development price of 25.25%, in keeping with a Technavio analysis of worldwide hemp market knowledge from 2018 to 2022.
The report predicts year-over-year development for the commercial hemp market this yr at slightly below 19% and highlights the Asia-Pacific (APAC) area because the world’s fastest-growing hemp market, chargeable for about 39% of the expected development throughout the complete forecast interval.
Whereas hemp-derived cannabinoid merchandise containing primarily CBD or delta-8 THC have attracted a lot consideration within the U.S. since hemp was federally legalized there in 2018, industrial hemp and its quite a few byproducts stand to disrupt a a lot wider vary of industries on a world scale. The hemp market’s anticipated development, in keeping with the report, is primarily pushed by the crop’s textile potential because of the pure sturdiness of hemp fiber and the fabric’s means to interchange cotton and artificial fibers. Hemp can be simpler to develop and has a smaller environmental impression than cotton crops, and hemp-based textiles are sometimes used within the manufacture of rope, canvas, clothes, and even furnishings.
Hemp can be used as a biofuel and supply of renewable vitality, whereas hemp seeds and hemp seed oil — that are a dependable, vegan, and protein-rich supply of necessary vitamins together with linoleic acids, lipids, and omega-3 and omega-6 fatty acids — are frequent elements in well being dietary supplements and different natural meals merchandise.
Get day by day hashish enterprise information updates. Subscribe
Ganjapreneur is made potential by our companions:
