Hemp is a versatile and sustainable plant that has been cultivated for thousands of years for various purposes. It belongs to the Cannabis sativa species, but unlike its close relative marijuana, hemp contains very low levels of THC (tetrahydrocannabinol), the psychoactive compound responsible for the "high" effect.

Hemp is often considered an environmentally friendly crop due to its ability to grow rapidly without the need for excessive water, pesticides, or herbicides. Also, cannabidiol (CBD), a non-psychoactive compound found in hemp, has gained significant popularity for its potential health and wellness benefits. The growing consumer interest in CBD products, such as oils, tinctures, topical, and supplements, has fueled the demand for Hemp Market. Further, CBD has been associated with various potential therapeutic properties, including pain relief, anxiety reduction, and anti-inflammatory effects.

The report “Hemp Market, By Product (Seeds, Fiber, and Shivs), By Application (Animal Care, Textiles, Automotive, Furniture, Food and Beverages, Paper, Construction Materials, and Personal Care), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2034”

 Key Highlights:

• In May 2023, according to Hindustan Times, This nutrient-dense ingredient “Hemp”, which has a nutty flavor, is being incorporated into a variety of new foods and beverages to meet consumers' shifting tastes. Hemp is quickly becoming a game-changer in India's food and beverage (F&B) sector. Hemp, formerly a contentious ingredient due to its association with cannabis, is pushing the boundaries of culinary innovation and upending preconceived conceptions about it. For those who are interested, on November 15th, 2021, the Food Safety and requirements Authority of India (FSSAI) published a notification stating that "The hemp seed, hemp seed oil, and hemp seed flour shall be sold as food or used as an ingredient in a food for sale subject to conforming standards".
• In March 2022, the premium organic skincare brand Lotus Organics , launched its revolutionary “Hemp Youth Glow range”, of skincare products. This cutting-edge line of hemp products, which is enriched with 100% certified cold-pressed organic hemp seed oil, acts as your skin's daily barrier against ageing, dulling, and damage from pollutants. This very moisturizing line, which is an antioxidant powerhouse, offers sustenance for healthy skin and defends against all environmental aggressors. Hemp Youth Glow Blissful Serum, Hemp Youth Glow Crème, Hemp Youth Glow Soothing Cleanser, Hemp Youth Glow Facial Oil and Hemp Youth Glow Sleep Crème are just a few of the outstanding hemp-based organic skincare items in this range.
• In November 2022, according to The Hindu BusinessLine, Hemp suddenly appears to be the new standout element for a large number of businesses. At least 30 startups have developed products solely based on the ancient plant that is the basis of cannabis and CBD in the last five years. Only hemp oil from plants has the extraordinary Omega 6 to Omega 3 ratio. The amino acids included in hemp nourish the skin and repair visible damage while accelerating skin transformation and regenerating new cells.

Analyst View:

Consumer interest in hemp-derived products, such as CBD supplements, oils, skincare products, and food and beverages, is on the rise. People are becoming more health-conscious and seeking natural alternatives, driving the demand for hemp-based offerings. As consumer awareness and acceptance continue to grow, it is expected to drive the expansion of the hemp market. Further, with increasing emphasis on sustainability and environmental responsibility, hemp's eco-friendly attributes play a significant role in its future growth of Hemp Market.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Hemp Market, By Product (Seeds, Fiber, and Shivs), By Application (Animal Care, Textiles, Automotive, Furniture, Food and Beverages, Paper, Construction Materials, and Personal Care), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2034”

Key Market Insights from the report:

Hemp Market accounted for US$ 7.9 Billion in 2024 and is estimated to be US$ 30.2 Billion by 2034 and is anticipated to register a CAGR of 15.90%. Hemp Market is segmented based on Type, Application and Region.

• Based on Type, Hemp Market is segmented into Seeds, Fiber, and Shivs.
• Based on Application, Hemp Market is segmented into Animal Care, Textiles, Automotive, Furniture, Food and Beverages, Paper, Construction Materials, and Personal Care.
• By Region, the Hemp Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Hemp Market:

The prominent players operating in the Hemp Market includes, Marijuana Company of America, Inc, Hemp Inc., Manitoba Harvest Hemp Foods' Facility, North American Hemp & Grain Co. Ltd., HempAmericana, Inc., The Hemp Corporation Pty Ltd., Hemp Inc., Agropro Ltd, Blue-Sky Hemp Ventures Ltd, Green Source Organics Inc., Hempco Food and Fiber Inc., and Cavac Biomaterials.

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