To obtain an overview of the hemp industry, including the trends shaping it. This research will be used in creating content and adopting a suitable business model.
- According to Grand View Research, the global industrial hemp market was estimated to be worth US$4.71 billion in 2019. In terms of revenue, this market is expected to register a CAGR of 15.8% during the 2020 – 2027 forecast period.
- A major factor that is driving the hemp market is "the growing demand for hemp oil and fibers in the automotive, construction, food and beverage, personal care, and textile industries". This growing demand is particularly evident in emerging regions like the Asia Pacific.
- The increasing demand for oil paints, printing inks, varnishes, solvents, fuel, chain-saw lubricants, coatings, and putty is expected to further enhance the product's demand.
- Also, the market is expected to grow due to the increase in investments for the production of hemp-based products.
- According to a CNBC report, one of the provisions in the 2018 Farm Bill has made hemp a federally legal substance in the United States. This bill allows farmers and several other cultivators to grow hemp and sell to processors.
- Due to the legalization of hemp in the US, it is expected that there will "be tens of thousands of new jobs across multiple sectors in the very near future."
- The US hemp industry, which generated revenue of $1.1 billion in 2018, is estimated to generate more than double by 2022. According to New Frontier Data, this industry is expected to generate $2.6 billion in 2022.
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