Think hemp, and what first comes to your mind? Most likely, marijuana and getting high. But hemp is as far removed from the psychoactive drug, as say, chalk and cheese. Until recently hemp was primarily used in the medical and beauty industry. But in the last few years, especially thanks to legalisation in many countries, hemp benefits have reached far and wide. From medicinal and beauty uses, hemp and its derivatives are now used in the food industry and even the construction industry.
The global industrial hemp market size was estimated at US $4.13 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 16.8 per cent from 2022 to 2030. The market is driven by the growing demand for industrial hemp from application industries, such as the food and beverage, personal care, and animal care industries, across the globe. The seeds product segment is estimated to register the fastest CAGR of more than 20 percent from 2022 to 2030.
The high nutritional values and beneficial fatty acid and protein profile of hemp are driving the demand for hemp products. The products manufactured from hemp are eco-friendly, renewable and sustainable. For example, paper produced from hemp fibre requires fewer chemicals for processing as compared to paper produced from wood pulps. Then there is ‘hempcrete’ for construction. Unlike traditional concrete, it is a growable product and is a byproduct of hemp fibre processing.
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