Valued at £4.23bn (USD$5.95bn) in 2021, the global hemp derivates market has been projected to hit £15.89bn ($20.98bn) by 2028.
In 2021, the textiles segment dominated the market, and, regionally, Asia Pacific held the largest revenue share. The report cites an increasing awareness of the medical benefits of hemp leading to increased use of its derivatives in the region.
It also highlights that the market for hemp cosmetics and personal care products in Asia Pacific is booming, with legalisation of industrial hemp in food supplements set to drive the market in the region.
The impact of the COVID-19 pandemic has been positive, as it has led to increased awareness and interest in medical hemp, causing an uptick in hemp consumption for the treatment of anxiety and stress.
The impact of the pandemic has also seen countries being hit with tax shortfalls, causing governments across the globe to search for other sources of tax income. Hemp has been cited as a potential source – with the sale of hemp and its derivatives by legal sellers potentially providing tax income gain.
A number of studies during the pandemic have explored the use of hemp CBD for the treatment of COVID-19, which is also having a positive impact.
For example, a study conducted by Israeli-based Eybna and Cannasoul explored the use of cannabis terpenes to treat the cytokine storms caused by the virus, and researchers in Canada studied whether cannabis extracts could help reduce the levels of the host cell receptor that the virus clings on to gain entry to the body.
The report is split into sections such as key takeaways, market overview, rising applications, increasing cultivation, market restraints, regulation, innovation future trends, mergers and acquisitions and more.
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