Hemp Based Products Market to Expand Exponentially at 23.8% CAGR During 2019 – 2029; Legalization to be the Growth Engine: Fact.MR

Prominent players in hemp based products market are emphasizing product innovations to widen portfolios and sustain growth.

DUBAI, UAE / ACCESSWIRE / February 26, 2020 / The hemp based products industry is projected to rise at an exponential CAGR of 23.8% between 2019 and 2029. Recent legalization for cultivation of hemp crops by government bodies is the predominant factor driving sales. With a rich essential fatty acid profile, hemp and hemp plant extracts are widely consumed for a variety of food and beverages products, which continues to aid the growth of hemp based products market, reveals Fact.MR in its new study.

"Currently, the hemp based products market has become highly competitive, as renowned players have set their vision on becoming global leaders by providing innovative products, addressing the emerging health and resource sustainability issues," concludes the Fact.MR report.

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Hemp Based Products Market – Key Takeaways

Fibers will account for nearly 50% of the global revenue of the hemp based products market.
Legalization and skin treatment applications have driven hemp oil as a preferred product among consumers.
Hemp based foods and cosmetic products will display a strong rate of growth through the forecast period.
Offline channels of distribution such as supermarkets account for most sales; online sales will grow at a massive 27% CAGR through 2029.
North America will remain the major regional market for hemp based products, owing to legalization policies in the United States and Canada.

Hemp Based Products Market – Key Driving Factors

Increased leniency in regulations associated with hemp crops is the major driver of the hemp based products market.
High consumer engagement at supermarkets and hypermarkets drive demand for hemp products.
Increased awareness about the side effects of synthetic cosmetics and personal care ingredients, drive the adoption of hemp based alternatives.

Explore 96 tables and 104 figures in the study. Request TOC of the report at

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Hemp Based Products Market – Key Constraints

Apart from North America, the rest of the world continues to legally restrict hemp cultivation, challenging market growth.

Competition Landscape

The global hemp based products market is moderately fragmented. Leading players profiled in the report include, but are not limited to All American Hemp Company, Hemp Production Services Inc., Hempco Food and Fiber Inc., Marijuana Company of America Inc., and Trigone Foods Inc. Market leaders are pushing for sustained optimal growth through the addition of new products in their lineup. Products such as creams, oil drops, and soft gels are also gaining importance, as indicated by the Fact.MR report.

About the Report

This 170-page study offers readers a comprehensive market forecast of the hemp based products market. Global, regional and country level analysis of the latest industry trends impacting the hemp based products market are covered in this Fact.MR study. The report offers compelling insights on hemp based products market on the basis of product application (food, health care, cosmetics & skin care, fibers, and others), end use (personal and industrial), sales channel (online and offline), across five regions (Middle East and Asia Pacific, Europe, Latin America, North America).

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About Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the Retail & Consumer Goods sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

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