The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Hemp Based Products market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Hemp Based Products The report offers actionable and valuable market insights of Hemp Based Products. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Hemp Based Products Market across various industries and regions.
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This newly published and insightful report sheds light on Market Insights of Hemp Based Products, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Hemp Based Products 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.
By Product
- Food
- Health Care
- Hemp Oil
- Medicinal Drugs
- Supplements & Protein
- Cosmetics, Personal & Skin Care
- Fibers
- Raw Fibers
- Fiber-reinforced plastic
- Others
Application
Sales Channel
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Key Takeaways of Hemp Based Products Market
- Close to half of the revenues procured in the global hemp-based products market through 2029 will be accounted for by fibers segment. At the same time, demand for hemp based food & cosmetic products is showing resilient growth owing to the increasing awareness about nutritional benefits of hemp based products.
- Hemp oil has become a preferred choice for consumers for its skin treatment superiority and has also been legalized in many countries. In the healthcare category, hemp oil segment is foreseen to witness 2X more revenues than medicinal drug segment.
- In 2019, specialty stores, supermarkets & hypermarkets accrued for the highest sales. However, Fact.MR estimates that among distribution channels, the online segment will grow at a meteoric pace with market growth over 27% throughout the forecast period.
- As a direct outcome of legalization and commercialization of hemp based products in US & Canada, North America has become the largest producer of hemp, as well as hemp-based products. On this premise, North America is expected to contribute around 1/3rd of the global revenues by 2029 end.
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Manufacturers Exploring New Markets and Introducing New Products as Performance Levers
The emergence of hemp-based products in North America is on the rise, owing to the legalization of hemp-based products in major countries such as US and Canada. Also, market actors are gravitating towards diversification of their product portfolio by innovating new products. For Instance, In December 2019, Canadian hemp based products manufacturer Canopy Growth debuted in the US market. At the same time, in October 2019, another leading manufacturer of the hemp based products- Good Hemp launched CBD plant based milk in UK.
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- Restraints Shaping Market Growth
- Market Survey of Hemp Based Products
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