What is the Valuation of Hemp in 2023?

Blogs bannerCannabis is one of the fastest growing industries over the past decade. The legalization and acceptance of cannabis in some states and countries has allowed the market valuation to grow significantly over the past decade. 

One segment of the cannabis market that is also growing is the hemp industry, which has allowed for more product variety in cannabis. Hemp is a botanical class of cannabis that is less THC concentrated than normal cannabis plants. Hemp contains THC products of 0.3% or less and is widely used in the medical and industrial fields.

Hemp’s advantages and roles in society

Hemp is a hot commodity for manufactures as it helps produce products for consumers. Hemp is also diversified in its portfolio as it can be used in the medical, industrial, solvent, and food industries. 

One of the major advantages of hemp is that it is more environmentally friendly than other materials. Using hemp building materials reduces emissions and toxic chemicals being released into the environment from wood, concrete, and steel products. Additionally, hemp helps sequester carbon while growing.

Hemp is mostly known however for its richness in nutrients, vitamins, and minerals. These various reasons are why hemp is popular in the medical field as it helps fight off diseases and rehab from injuries. Some of the more popular uses of hemp in the medical field include keeping the digestive system running smoothly, preventing constipation, ulcers, and hemorrhoids. Hemp can also help mental health issues including anxiety, paranoia, and depression.

Cannabis and Hemp Extraction

Where does the hemp market stand in 2023?

The hemp industry is a part of one of the fastest growing markets in North America in the past decade. The hemp market was valued in 2022 at around 4,744 billion US dollars. As stated earlier, this is majorly due to the legalization of recreational use of cannabis in major North American cities. 

In 2023, the hemp market is valued at 6,000 billion US dollars with a compound annual growth rate (CAGR) of 16.8% from 2022 to 2030. This is a significant growth rate for any industry which is why it is one of the most anticipated industries in the future.

What does the future hold for the hemp market?

Why is the hemp market growing at a rapid pace? There are a few factors that play intro the growth of the hemp market. The biggest factor however is the political influence on the hemp market. 

The hemp market was at a handicap in the early 2000’s as almost all states and provinces across North America had strict regulations on cannabis. As time passed however, political viewpoints of cannabis use and consumption changed in a positive light. Many areas started to legalize the recreational use of cannabis. States like Nevada, California, New York and even entire countries like Canada have approved of the manufacturing and selling of cannabis.

There are high expectations for the future market as it is expected that the whole US will legalize the use of cannabis for its citizens. With the potential of legalization across North America completely, the hemp market has the opportunity to expand tremendously with new potential target audiences and region segments available.

In addition, another factor of the hemp market growth over the past decade is the increase in consumer end products. Hemp is known to be made with over 25,000 products that help individuals out every day with meeting different needs and wants. As the population in North America increases, the demand for consumer end products have increased as well making it a direct correlation. With the increase in demand, supply must be met to satisfy the equilibrium of the market.

The hemp industry is one of the most promising markets to grow within the next five years and could be a generational and revolutionizing industry for the future generation. 

Interested in learning how you can improve your hemp products through improved extraction processes? Request a quote from Maratek’s team of extraction experts today.

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