Hemp: Why This Industry Is Booming During The Global Pandemic

Hemp, of course, is ever increasing its popularity in different fields of life. Whether it’s textile, cosmetics, foods or medicine, hemp is now integral to every sector. That’s why the hemp industry is growing drastically, warranting in-depth study into the said cannabinoid’s market trends and growth. The findings of the recently released Global Hemp Derivative Market Forecast Report still managed to raise a few collective eyebrows.

Among the takeaways, the report found that in 2021, the global hemp derivative market amounted to $5,953.86 billion, which is expected to go up to $ 20,977.94 billion by 2028, marking a compound annual growth rate (CAGR) of 19.7 percent.

CAGR reflects an industry’s scope of expansion. And according to the figures released in the Global Hemp Market Forecast Report, the hemp industry’s CAGR clearly suggests a massive jump in growth during the next six or seven years.

The textile market was the biggest handler of hemp among all other industries, including pharmaceuticals, nutraceuticals, food and makeup.

Hemp is an essential element in all industrial sectors, but it has significantly impacted the textile industry. Since hemp fiber used to produce consumer and technical fabrics is strong and UV-resistant, it became a vital ingredient for textile manufacturing. That’s why the textile market was the biggest handler of hemp among all other industries, including pharmaceuticals, nutraceuticals, food and makeup.

While most world regions are noteworthy players in the hemp market, Asia Pacific turned out to be the most significant contributor to the impressive revenue generated within the hemp world in 2021.

North America, Europe, Asia Pacific (APAC), South and Central America (SAM) and Middle East and Africa (MEA) all dominate the hemp market, but the Asia Pacific came out on top in 2021 for generating the largest share of returns.

With the growing awareness about the benefits of hemp all around the world, an increasing number of countries have begun investing in hemp production in hopes of making substantial profits. And despite the COVID-19 global pandemic slowing down things for all other business sectors, the hemp industry has markedly grown in the past couple of years.

Due to the omnipresence of the unforgiving coronavirus, reportedly many global regions, with the Asia Pacific being on top, started looking at hemp as a possible  antidote to deal with the novel pathogen. Although that didn’t work in leading medical experts to an effective therapy to treat COVID, anecdotally, a significant number of people started consuming the herb to help curb their anxiety over the pandemic. As a result, the use of hemp has increased drastically, leaving farmers and manufacturers little choice but to grow more yields.

–PuraPhy Staff Report