The international hemp industry could take in more than $13 Billion dollars by 2026 according to a new report.
According the data compiled by ReportsandData.com, the demand for hemp based beauty, food and health supplements will the driver.
The researchers suggest there will be increased demand for high-quality cosmetics, health food products, and protein supplements following “an increase in the level of disposable income” and population growth – much of which can be produced by hemp.
According to the report published this month, hemp seeds used in foods and beverages comprised 45 percent of hemp’s market in 2018, while textiles made up 20 percent of the market share. Reports and Data anticipates hemp seeds will experience a 13.4 percent compound annual growth rate through 2026 and expect textiles will grow at almost the same pace, 13.2 percent.
During this time, the Asian market is poised to increase by 14%.