The industrial hemp market stands at USD 8.3 billion in 2020 and is expected to grow to USD 33.9 billion by 2027, with a CAGR of 22.4% during this forecast period. 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. The market for seeds is expected to expand on account of increasing demand from application industries over the forecast period. The Hemp seed are very rich in healthy fats, high-quality protein, and several minerals. In general, hemp seeds are incredibly healthy. They may be one of that few foods which is worthy of their goodwill. Thus, the hemp seed market is growing astonishingly and is also expected to surpass the other nutrition markets in the world. The manufacturers have increasing focus on choosing hemp seeds which has low THC content, usage of advanced and superior equipment during the period of cultivation of these crops, and providing the technical and moral support to the farmers have led to increased market share for the hemp seed marketers. Studies have shown that hemp oil is said to cure the people having eczema, as it will improve blood levels of essential foods and is also helpful in relieving dry skin, curing itchiness, and providing a smooth skin.
Today’s consumers care about which product they are investing in, whether it is big breweries or boutique ice creams, and eatables or cosmetics, whatever the product may be they look for healthy and natural items and even the marketers are advertising which shows that there product as healthy as the consumer demands. This trend will hit the hemp industry next, and the farmers have to keep in mind of THC content so as deliver safe, natural and healthy product to the consumers.
Report : Hemp Seed Market - By Forms (Whole Hemp Seed, Hulled Hemp Seed, Hemp Seed Oil, Hemp Protein Powder, Others) By Application (Nutritional Supplements, Pharmaceuticals, Cosmetics, Food and Beverages, Others) By Distribution Channel (Pharmacies, E-Commerce, Specialty Stores, Others) By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) - Industry Analysis, Opportunity and Forecast 2020 To 2027