Well, according to the latest Allied Market Research Report, it’s the technological advancements in cultivation and machinery that are able to develop hemp plants more efficiently. These continual advancements are astounding, projecting the global industrial hemp market to “reach $18.6 billion by 2027, growing at a CAGR of 22.4% from 2021 to 2027.”
The source cites, the “rise in usage of hemp seed and hemp seed oil in several food applications, increase in awareness regarding advantages of recreational hemp, and surge in demand for hemp-based beauty and personal care products drive the growth of the global industrial hemp market. However, complex regulatory structure for the use of industrial hemp hampers the market growth. On the contrary, technological innovations are expected to create lucrative opportunities for market players in the future.”
Lucrative opportunities? Yes… a resounding yes. Industrial hemp has nearly unlimited potential and the surface of that potential has only been scratched. Much more remains to be discovered about the possible uses of the robust, multi-purpose substance. Federal legislation in favor of hemp and many state approvals across the country have been a boon to the industry. And with immense profits to be made, there is no doubt that companies in the industry, including Hemp, Inc., will benefit from it.
The hemp industry has evolved into an environment where the imaginations of creative scientists and inventors, and business savvy entrepreneurs, will now be fully unleashed, leading to a cascade of innovations and surprising twists and turns. Advanced technology in hemp will broaden product lines, increase efficiency, and boost production levels, ensuring ample funding for research and development for years to come.
Technological innovation in the industrial hemp industry is already making a huge impact on several areas of the industry. The number of consumer products made from hemp is already mind-boggling. From personal care items to fuel, the list seems to be endless. In fact, Hemp, Inc.’s King of Hemp® online store offers consumers 24/7 convenience and secure online ordering for its line of CBG/CBD products. King of Hemp® products are also available at retail locations in Florida, Arizona, Nevada and California. Hemp, Inc. began shipping its King of Hemp® product line to stores across the country in late 2020.
Hemp is here to stay and innovators will discover new ways to exploit the remarkable qualities of it. Technological innovation will be the component to gain an edge in a highly competitive marketplace which will undoubtedly take the industry in some exciting and unpredictable directions. Hemp, Inc. is prepared. In September of this year, the company announced it had acquired Ferris Holding, Inc., a leading co-packer and manufacturer based in Las Vegas, Nevada. The acquisition allows Hemp, Inc. to expand its new product launches in the global hemp market.
With more than 10 years of experience in growing and processing hemp in North America, Hemp, Inc. has an established network of industry professionals in every segment of the industrial hemp industry. Hemp, Inc. has the largest industrial multipurpose hemp processing facility in North America, an 85,000-square foot facility in Spring Hope, N.C. Its mission of providing green solutions that help make the world a better place continues to flourish as the company advances an ever-growing portfolio of revenue- and value-generating synergistic businesses. Hemp may be the salvation in retooling America for greener, more sustainable domestic manufacturing.
Hemp, Inc.
855-436-7688
ir@hempinc.com
