According to the latest Allied Market Research Report, the technological advancements in cultivation and machinery able to develop hemp plants more efficiently will propel the global industrial hemp market to $18.6 billion by 2027, a compound annual growth rate of 22.4 percent 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.”

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.