Hemp Based Cosmetics Understanding the Key Product Segments and their Future

Key Segments of the Hemp Based Products Market

Fact.MR’s study on the hemp-based products market offers information divided into four key segments – product, application, sales channel and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.

By Product

• Food
  • Beverages
  • Edibles
• Health Care
  • Hemp Oil
  • Medicinal Drugs
  • Supplements & Protein
• Cosmetics, Personal & Skin Care
• Fibers
  • Raw Fibers
  • Fiber-reinforced plastic
• Others

Application

• Personal
• Industrial

Sales Channel

• Online
• Offline

Region

• North America
• Latin America
• Europe
• Asia Pacific
• MEA

Hemp Based Products Market – Scope Of The Report

The study is relevant for stakeholders in the hemp based products market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the hemp based products market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.

The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the hemp based products market. It also offers actionable insights based on future trends in the hemp based products market.

Furthermore, small businesses and new entrants in the hemp based products market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.

Presently, hemp-based products are occupying a large space on shelves within major retail outlets and online stores, which in turn is boosting its market revenues. However, modern-day market actors are vested with many more responsibilities, with product marketing being a key component to attract a large consumer base. Owing to increased awareness about benefits of the hemp based products, a rise has been observed in consumer preferences towards purchase of hemp products such as hemp oil, beverages, medicinal drugs, cosmetics and fibers which is likely to continue in the foreseeable future.

Key Takeaways of Hemp Based Products Market

• Close to half of the revenues procured in the global hemp-based products market through 2029 will be accounted for by fibers segment. At the same time, demand for hemp based food & cosmetic products is showing resilient growth owing to the increasing awareness about nutritional benefits of hemp based products.
• Hemp oil has become a preferred choice for consumers for its skin treatment superiority and has also been legalized in many countries. In the healthcare category, hemp oil segment is foreseen to witness 2X more revenues than medicinal drug segment.
• In 2019, specialty stores, supermarkets & hypermarkets accrued for the highest sales. However, Fact.MR estimates that among distribution channels, the online segment will grow at a meteoric pace with market growth over 27% throughout the forecast period.
• As a direct outcome of legalization and commercialization of hemp based products in US & Canada, North America has become the largest producer of hemp, as well as hemp-based products. On this premise, North America is expected to contribute around 1/3rd of the global revenues by 2029 end.

“Currently, the hemp based products market has become highly competitive, as renowned players have set their vision on becoming global leaders by providing innovative products which address emerging health and resource sustainability issues” says Fact.MR analyst.

Manufacturers Exploring New Markets and Introducing New Products as Performance Levers

The emergence of hemp-based products in North America is on the rise, owing to the legalization of hemp-based products in major countries such as US and Canada. Also, market actors are gravitating towards diversification of their product portfolio by innovating new products. For Instance, In December 2019, Canadian hemp based products manufacturer Canopy Growth debuted in the US market. At the same time, in October 2019, another leading manufacturer of the hemp based products- Good Hemp launched CBD plant based milk in UK.