What’s Driving Growth in the Hemp-Based Products Market?

The hemp-based products market is expected to witness robust growth in the coming years, driven by increasing demand for sustainable and eco-friendly products across various industries. In 2023, the market was valued at US$ 5.4 billion, and it is anticipated to grow at a CAGR of 16.2% from 2024 to 2034. This surge can be attributed to the rising use of hemp in health and wellness products, textiles, and bio-based materials, as well as the growing acceptance of hemp-derived cannabinoids in regions where legalization is expanding.

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By 2034, the global hemp-based products market is projected to reach a valuation of US$ 27.7 billion, highlighting the sector's significant expansion potential. Consumers are increasingly shifting toward natural and plant-based alternatives, driving demand in food and beverages, personal care, and industrial applications. Innovations in hemp cultivation and processing technologies, along with regulatory support in key markets, are likely to fuel further growth, making hemp an integral part of the global movement toward sustainability.

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