The industrial hemp market is projected to grow at a CAGR of 34% from USD 5.2 billion in 2020 to USD 28.9 billion by 2027. Whereas, demand for the hemp in medical terms in expected to grow at a CAGR of 18.8% in the forecast period. Rising awareness among the public regarding the benefits of the hempseed and hemp oil in medical terms is expected to boost the market. It is proven that hemp has cured some diseases whereas it has helped many other to cure the diseases. The top 5 countries for the Hemp acreage are U.S., China, Colombia, Canada, South Korea., where U.S. holds the most hemp acreage with around 280 planted acres following by china and so on. The North America is anticipated to grow at a CAGR of 20.04% in the projected period because of the legalization of hemp in that region, along with its ever-increasing demand.
As the world is moving towards the health-conscious diets, Hemp has emerged as an industrial food staple which has been overshadowing all other nutritional foods in the market. Hemp Seeds are majorly used to produce oil which is consumed in food and beverages, personal care, and animal feed industries. The oil is also used in nutritional supplements and medicinal and therapeutic products such as pharmaceuticals. Hemp is generally associated with the marijuana as both of them are from the same species of plant. The concentration of THC is the only difference between marijuana and hemp. There is very low dose of THC in both hemp oil and seeds, which means that practically the probability of suffering from psychotropic effects due to overdose is non-existent.
It is known that chiropractors, massage therapists and other healthcare professional makes use of the hemp oil to treat conditions such as Arthritis, Fibromyalgia, Joint pain from exertion and injury and Multiple Sclerosis. Thereby, the market for hemp oil can be classifies into two, i.e., B2B and B2C. Hemp is rich in healthy fats such as Omega 6s and Omega 3s, which is healthiest form of protein making it ideal for skin and hair. Hemp is also helpful in curing the brain problems along with reducing the pain in breast, as well as maing the heart to function healthy.