The global hemp market generated $4.9 billion in 2019, and could reach $18.6 billion with a CAGR of 22.4% by 2027, according to Allied Market Research. “Rise in usage of hemp seed and hemp seed oil in several food applications, increase in awareness regarding advantages of recreational hemp, and surge in demand for hemp-based beauty and personal care products drive the growth of the global industrial hemp market,” they note.
In addition, the hemp industry could benefit from Congress’ introduced bill to legalize hemp CBD supplements. The bill, H.R. 841, or the Hemp and Hemp-Derived CBD Consumer Protection and Market Stabilization Act of 2021. According to Natural Products Insider, “The bill would simply make hemp subject to all the other regulations as for any other dietary supplement, subject to new dietary ingredient (NDI) filings, Good Manufacturing Practices (GMP), and labeling and marketing provisions. It would maintain hemp’s definition as a cannabis plant with less than 0.3% THC—the euphoria-inducing cannabinoid in the plant, which is solely responsible for the difference between hemp and marijuana.”