Industrial Hemp’s $14B Projected Growth: An Investment Opportunity Too Good To Miss
The industrial hemp market is poised for a significant expansion, with a projected growth of $13.90 billion from 2024 to 2028, driven by rising demand across various industries, particularly textiles. According to a recent report by Technavio, the market is expected to grow at a compound annual growth rate (CAGR) of over 25.25% during this period.
This growth is propelled by crop versatility, with applications ranging from textiles to food and personal care products. But bear in mind, industrial hemp is not the same as medical hemp or cannabis.
Understanding Industrial Hemp
Industrial hemp is a strain of the cannabis sativa plant grown primarily for manufacture-related applications, which use fibers, seeds and oils as inputs. Industrial hemp is sometimes cultivated for synthetic THC products, which is used to produce cannabinoids like delta-8 THC. But it also has vast industrial uses, which make it a promising commodity involving a wide segment of products.
Hemp fiber is used for textiles such as clothing and shoes, industrial …