Ask Our Experts: Hemp’s Top-Selling Markets
Q: Will annual hemp fiber/seed sales ever surpass CBD sales?
By New Frontier Data
A: Hemp is an extremely versatile plant that can be used for a notably diverse range of applications beyond CBD extraction, such as textiles, plastics, and food products. Given that, it certainly seems possible for the combined sales of hemp fiber/seed products to exceed those of CBD. The larger question concerns how long it may take for the industry to reach that point.
Today, most of the demand in the market is centered on CBD. Consumers are hungry for CBD supplements, oils, and beverages, whereas demand for hemp food and fiber is decidedly less. For now, the nascent industry lacks the processing capacity and supply chain to meet the demand for CBD, much less any potential upswing in fiber/seed demand.
Nevertheless, a recent survey by New Frontier Data finds that 51% of U.S. and EU consumers combined report planning to purchase hemp-based products within the following year.
Segment types within the space include seeds, fiber, and shivs, with applications encompassing biofuel, fiber processing, and oil extraction, collectively capable of yielding products ranging from clothing and shoes to backpacks, protein bars, and building materials.
Admittedly, in a time of historic uncertainties little seems solidly predictable. Nevertheless, the combination of hemp’s traditional uses and untapped potential inspires investors’ confidence in the long-term sales outlook for industrial hemp.
