According to The Insight Partners’ research study on “Hemp Derivatives Market to 2028–Global Analysis and Forecast–by Type and Application,” the hemp derivative market is projected to reach US$ 20,977.94 million by 2028 from US$ 4,585.43 million in 2019; it is expected to grow at a CAGR of 20.4% from 2022 to 2028.
In 2021, Asia Pacific held the largest share of the global hemp derivatives market. The growing concern of consumers about their health and hygiene has enhanced the demand for hemp derivative products, such as hemp seed oil and CBD oil, in the region.
There has been an increase in the cultivation of hemp, which has led to an increased supply of hemp fiber and seeds. Hemp cultivation in Europe has increased in recent years, owing to a rise in awareness about the various benefits provided by hemp. In Europe, there has been a development of a strong infrastructure, along with a finished-goods industry, based on using hemp fibers in industrial applications. Paper and pulp, as well as biocomposites, are Europe’s most established uses for hemp fibers.