Hemp Inc. Reports Product Sales to Hit $16.2 Billion by 2033
Hemp Inc. is showing promising product sales number claiming to hit $16.2 billion by 2033.
Hemp Inc. released numbers in July 2023, showcasing that global market hemp-based product sales are expected to reach $16.2 billion by 2033 (1). Hemp-based products are currently valued at $1.8 billion, according to Fact.MR (2), and will continue to rise over the next 10 years due to less restraints, shifting trends, more opportunities, and increased drivers. This recent data shows segments and sub-segments in the hemp industry and looks at terms of value and volume. According to Fact.MR, it ““elaborates market behavior of each vendor operating in the hemp-based products market,” (3).
Executives of Hemp Inc. are hopeful that their e-portal to their cannabidiol (CBD) products “will capture a large share of the marketplace,” (1) if the hemp industry keeps on evolving. A report from Transparency Market Research, Inc. (4), highlighted that there was an “inclination of the younger population toward organic and natural products is anticipated to drive the demand for hemp-based products globally.” Hemp Inc., has a large lineup of other cannabinoid products such as their CBD lineup but as well as with their cannabigerol (CBG) and cannabinol (CBN) products. The company lists some of their products: a CBD-CBG Topical Pain Relief Roll-on, CBD/CBG Natural Coffee Enhancers, CBD/CBG Tinctures, and cannabidiolic acid (CBDA), cannabigerolic acid (CBGA), CBD, CBG, CBN Capsules. The report mentioned as well, “restrictions on export and import of hemp seeds and hemp-based products in a number of countries are likely to impede market development in the next few years,” (1,4). To address this issue (1,4), “firms in the global hemp-based products market are concentrating on expanding their geographic reach through tactical acquisitions and partnerships with key players in their respective region. A slew of international firms possessing strong R&D capabilities and skills and online platforms are likely to enter the domain of hemp-based products to grab as much of the global market share as possible.”
Hemp Inc. has a firm grip in the hemp market. The company also has manufacturers and vendors across the US and abroad to help keep up the demand of their products. With these options available, they are able to produce and/or provide raw materials to create hemp-based products such as, hempcrete, hemp bio-plastics, horse bedding, and more (1). Hemp Inc. recently found out that their kenaf hemp blend can be used as a substrate to grow healthy or medicinal mushrooms. Through the various uses of hemp, it shows that the industry has a lot of room for growth.
References
- Hemp, Inc. Reports: Hemp-based Product Sales Expected to Reach $16.2 Billion by 2033 https://finance.yahoo.com/news/hemp-inc-reports-hemp-based-133500183.html (accessed Jul 20, 2023).
- Hemp-based Products Market https://www.factmr.com/connectus/sample?flag=S&rep_id=4504 (accessed Jul 20, 2023).
- Fact.MR. Hemp-based Product Market Is Anticipated to A Sales Revenue of US $16.2 Billion by 2033 https://www.newstrail.com/hemp-based-product-market-is-anticipated-to-a-sales-revenue-of-us-16-2-billion-by-2033/ (accessed Jul 20, 2023).
- Hemp-based products sales valuation to cross USD 3.9 Billion by 2031, Growing Popularity of Hemp-based Products Fueling Market Demand: TMR Report https://finance.yahoo.com/news/hemp-based-products-sales-valuation-103700218.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAALzFZCNpJ1JrBLRy4__c5478zNtlwNVFpUK2IcEswrbT8rdtoaepSr6O-gJ33lATClIOFvtC30hvpkFqR7SXPwR98heEAHytcx-Od7jatDhB4-XTNTaZDlgwzOi_B4GyAQp2irDFWcQUPOFbJz1E-1I1RRG7Ulh6oOvTY-iXTZXx (accessed Jul 20, 2023).
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