It has one month past now since Governor Newsom executed the SB 153 bill on October 12, 2019. This law
Although the industrial hemp market didn’t start with huge results, it has managed to grow considerably in the past 10 years. In fact, right now it’s used in more than 25000 products all over the world. On top of that, the market itself is worth around $4.6 million, with a projected $26.6 billion revenue in 2025. So yes, we will see a huge expansion of the industrial hemp market, and it’s all thanks to its benefits.
Why is the industrial hemp market growing?
Since hemp products don’t have THC, that means you will not have to deal with the unwanted high or anything like that. The lack of psychoactive effects makes industrial hemp very efficient and quite helpful in many ways. Some industrial hemp products like CBD are great if you want to deal with pain adequately and deal with depression or anxiety in a controlled manner. Even the hemp derived CBD market is set to grow to around $1.3 billion. So the demand is definitely there, all you have to do is to make the most out of it and it will be totally worth it in the long haul.
Is industrial hemp legal?
One of the main challenges with hemp and cannabis in general is the legal aspect. While there are many medical products, the recreational products aren’t really used everywhere, and that can become an issue. The Farm Bill legalized hemp in the US for all 50 states. You can cultivate, market and consume it, however the hemp should have less than 0.3% THC to ensure that you won’t have to deal with any high.
Other countries like the UK are even stricter, with the requirements being at under 0.2% THC. But there are locations in the world where no THC amount is required. The numerous health benefits made people to warm up towards the industrial hemp market, and that’s why we are seeing such a massive growth. The potential to reach people everywhere in the world is there, but more studies are needed and there’s definitely space for more growth too. But the outcome can be great, and that certainly helps immensely in the long run.
How large is the industrial hemp market?
Just to put things into perspective, it’s important to note that hemp is used in more than 30 countries for oilseed and fiber. The fiber is suitable for building material and textiles, but the seeds and buds are used for acquire CBD oil. Even the nut of the hemp plant is full of omega 3 and omega 6 fatty acids, which means you definitely have all the stuff you need to stay healthy and away from any issues naturally.
Plus, you can find industrial hemp being used in the automobile, agriculture, paper, textile, personal care, pharma and even the food industry. The potential is definitely there, you just have to tackle that accordingly and the experience itself can be very interesting. That’s what really sets the tone with the industrial hemp market, the fact that there are so many great ways to use their resulting product. This crop is environmentally friendly, it doesn’t require a lot of wet soil or rain, so it’s easier to grow. It doesn’t even need pesticides, which is a major plus in a situation like this.
Where can the industrial hemp market go from here?
The thing to keep in mind is that the growth of the industrial hemp market is mostly related to the legal aspect. If more and more countries will adopt the use of industrial hemp and tackle the legal issues, then the overall results can be downright amazing. Of course there can be some demanding moments along the way, but if you do things right then nothing is really impossible. There are numerous innovations and tech advancements that help make processing hemp a lot easier and much better than ever before. Some of the new extraction methods like ethanol and carbon dioxide extraction are readily available on the market, and many more are coming. That means it’s getting easier and easier to process and produce high quality industrial hemp.
Future uses might even include hemp becoming bioplastic or biofuel, as it’s a renewable resource. The focus will definitely be on the eco-friendly aspect of this product, and you will notice a lot of people will use it as a synthesized material in the automotive world. Plus, the more innovation and growth will be in the industry, the better. This really helps set the tone to bring in great results, and that can have masterful benefits in the long run.
Since many countries had their own researchers test cannabis and CBD products in general, it’s easy to see how that favorable response made them adopt the use of CBD. While recreational cannabis is still under lock and key in many places, using industrial hemp has become widely available and that can definitely do wonders in a situation like this one.
And that translates into more and more investors being interested in the industrial hemp market. that’s why we are seeing a doubling of the market share for industrial hemp every year, and there’s no sign of that stopping anytime soon. It clearly shows that the demand is there and with more and more industrial hemp being planted in the US as well as other countries, we certainly expect this to grow even more.
Using industrial hemp is becoming quite normal nowadays, and the laws are finally catching up with the huge benefits provided by the plant. There are still some challenges there, but for the most part the results are there and you will be incredibly impressed with the value and growth provided by the plant. It’s unique, different and certainly one of the most exciting news from this industry. Organic industrial hemp in particular seems to be in high demand. Not only that, but the industrial hemp market is spreading all over the world too, with Asia Pacific having the largest market share for 2018. So yes, the future is bright for the industrial hemp market, and it’s a great place for investors to spend their money too. in the end, everyone wins, and we couldn’t be happier about the expansion of this product to more and more people!