While the cannabis market is in full swing, the global and national hemp market is booming. Economists expect the industrial hemp market to grow at a CAGR of around 18% in 2021-2026 as high demand for CBD oil and increasing product awareness of the different legal phytocannabinoids propel sales further which is excellent news for businesses and consumers. Hemp can be grown without pesticides and herbicides, and it has all the essential amino acids to promote good health.
Product Demand is Up
The demand for plant-derived and plant-based phytocannabinoids has increased in the past decade as consumers become more aware of the benefits associated with these compounds. Hemp is legal in many countries worldwide, and consumers can purchase CBD oil extracted from hemp for several purposes. This will help increase the global hemp market in the next few years and leave the sector open for medical experts to answer questions, such as “can you smoke weed while on antibiotics?”
Other Uses for Industrial Hemp Are Rising
Companies continue to find unique uses for versatile plants, such as dent-resistant and lightweight automobile bodies—a concept that’s not new. Besides producing CBD oil, the plant also garners interest in other products, such as bioplastics, textiles, and biofuels. This helps diversify the market and will increase sales in 2021-2026.
Henry Ford experimented with using hemp as the material for automobile bodies. However, he could not mass-produce them because of legal restrictions. In 1938, Popular Mechanics published an article on hemp replacing resin-impregnated wood used to make car bodies.
Hemp plastic is flexible and can adapt to shape, making it a suitable product for making automobile bodies. The material is lightweight but also very durable. These factors explain the rising demand for hemp-based plastic in the automobile industry.
Other manufacturers use hemp to make materials such as corrugated fiberboard and linen, which have a low carbon footprint. Using such products can help reduce the impact on the environment and promote good health at the same time. For instance, hemp fabrics and foods contain all the essential amino acids required by the body daily.
Industrial Hemp Production Is Expanding
It’s essential to have a steady supply of high-quality hemp. The demand for the product has been growing over the years, leading to increased production. The market is also gaining importance as more companies enter the space to meet the growing demand. Hemp is grown in over 30 countries, and its cultivation is legal in most of those jurisdictions.
Market Competition Is Heating Up
The increasing demand for hemp oil extracts and products will create more opportunities in the market, such as a new line of health professionals that can answer consumers about cannabinoids’ interactions with other medicines. A common question is “can you smoke on antibiotics?” With more training, providers at dispensaries will be able to help buyers learn more about the plant.
However, hemp is a versatile product, and new companies may find it difficult to compete with established players such as:
- HempFlax Group B.V.
- Hempro International GmbH
- Boring Hemp Company
- South Hemp Tecno srl
- Valley Bio Limited
Several of these producers can answer your questions, such as “can you smoke on antibiotics” and “what medicines mix well with hemp?”
It’s clear that the hemp market is on the rise, and this opens up plenty of opportunities for entrepreneurs. As new players enter the market, competition will heat up more. Companies with detailed knowledge of hemp production and consumer preferences can capitalize on this growing market to gain a competitive edge and generate high returns on investment.
