Business
New Report Shows Hemp Derivatives Market Expanding Due to Global Increase in Cultivation and Consumer Awareness
New Report Shows Hemp Derivatives Market Expanding Due to Global Increase in Cultivation and Consumer Awareness.
About this update from Hemp, Inc.
[{"type":"text","content":"\n Hemp, Inc. positioned to capitalize on growth in the expanding worldwide market for hemp derivatives LAS VEGAS, Sept. 07, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Hemp, Inc. (OTC PINK: HEMP), a leader in the industrial hemp market, has continued to respond to the rising popularity of hemp with a variety of new market initiatives, including a number of products utilizing hemp derivatives. Last week, a new market report showed how much growth is projected for hemp derivatives in the next seven years. The report, released by leading market research firm The Insight Partners, found that the hemp derivative market is expected to be just under $21 billion by 2028. For comparison, the same market was estimated at $4.5 billion in 2019. “Hemp Derivatives Market to 2028 – Global Analysis and Forecast – By Type and Application” found hemp derivative markets will continue to experience steady growth in the U.S. and around the world. This 163-page report forecasts 19.7% CAGR through 2028 for the hemp derivatives market. Two of the contributing growth factors included an increase in the worldwide cultivation of hemp and an increase in awareness about health benefits of hemp derivatives. The global COVID-19 pandemic also played a role, as researchers found that consumers are increasingly focused on health and wellness. “The pandemic helped to develop awareness and interest in the medical sector of hemp,” according to a news release about the report. The report offered its analysis by classifying the industry into four derivative market types: ·      Hemp CBD oil ·      Seed oil ·      Hemp fiber ·      Other The market for hemp CBD oil grew at the highest rate of all hemp derivative markets in 2021.  The report also offered insight into the hemp derivative market by application: ·      Food and beverage ·      Pharmaceutical and nutraceutical ·      Personal care ·      Textiles ·      Other Hemp has wide-reaching applications in the textile, cosmetic and personal care industries, and...