Did you know that around 33% of Americans have used CBD at least once?
Whether you’ve used CBD or not, you might be surprised to learn that some people use CBD hemp oil to get their relief. Products made from hemp are growing more and more in popularity.
If you’re in the business of hemp or are thinking about starting a venture, you might be wondering what the predictions are looking like. Keep reading to learn all about hemp industry growth and what is in store for the future of this wonderful plant.
The Industry’s Current and Future Value
The great news is that the hemp industry was valued at over $4 billion last year. Experts predict that the growth rate will continue at around 17% every year until 2030. This is due to the fact that there’s such a high demand for hemp and hemp-related products.
Like almost every industry on earth, growth has been constrained to some degree by the COVID-19 pandemic. However, this should be only temporary and the growth should continue to pick up well into the foreseeable future. Promising signs of this pick-up have already been seen in this industry, as well as all other kinds of industries worldwide.
The Most Popular Products
The hemp business has quite an impressive variety of products for potential customers to enjoy. So far, the most dominating product type is anything that falls into the category of textiles.
Aside from textiles, other categories that are strong runner-ups include hemp products for personal care, food and beverages, and animal care. Although not quite as popular as the other categories, there are still lots of profit to reap from hemp products in the category of paper, automobiles, construction materials, furniture, and others.
The nutraceutical Hemp market is also a hugely promising category that shows many signs of growth.
Consumers and Producers
Are you wondering what regions are buying hemp more than others? The market is currently dominated by Asian countries, including China, Korea, India, Japan, and even Australia.
While North America doesn’t produce as much hemp as the Asia Pacific countries, it’s still a massive consumer of hemp products. The demand for hemp-related skincare and other products in North America is expected to rise because of increased awareness of skin diseases, the effects of UV exposure, and more.
As for Europeans, they’re big consumers of construction materials, textiles, and automotive parts.
Are You Ready to Be a Part of Hemp Industry Growth?
Now that you’ve learned all about hemp industry growth, you can make the most informed decisions possible for your own hemp-related business. You can have peace of mind knowing that this industry will continue to be a staple within the economy.
There’s always more to learn when it comes to hemp, marijuana, business industries, and other essential topics. That’s why our site posts content on a regular basis.
Are you wondering how you can stay updated? You can avoid missing out by putting our site in your bookmark bar.