Multiple Applications for Hemp-Based CBD Products are Behind the U.S. Hemp Market Growth

Reposted from PR Newswire

NEW YORK, December 11, 2018

The cannabis market is growing rapidly around the globe for both medical and recreational applications. Specifically, by type of product within the market, hemp-derived products are gaining popularity. Hemp-based products have many uses, which is a major reason why many companies are investing into the industry. According to data compiled by Hemp Biz Journal, a division of New Frontier Data, the U.S. Hemp Industry sales grew to USD 820 Million in 2017, or 16% within the year. Now, the industry is projected to grow to USD 1.9 Billion by 2022 and register a CAGR of 14.4% during the forecast period. By segment, hemp-derived CBD products, personal care, industrial applications and food held the largest market value. By 2022, hemp-derived CBD products will continue to control a majority of the segment.

In 2017, U.S. hemp sales totaled USD 820 Million, as hemp-derived CBD products contributed nearly USD 181 Million, while personal care products drove in USD 181 Million and the food segment delivered USD 137 Million. By 2022, the hemp-derived CBD segment is expected to drive in approximately USD 646 Million of the market value. The market is already positioned to reach a USD 1 Billion market by the end of 2018 due to the heavy demand for CBD-based products. “Just as the marijuana industry has exploded in recent years, so too has a sector that revolves around the plant’s non-psychoactive cousin: hemp,” said John Schroye, Senior Report at Marijuana Business Daily. “That success and the resulting demand across the nation for more CBD-based health products helped give birth to a new industry that parallels the larger cannabis market.”

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