2023 Hemp Trends: Profits, Products & Innovations
The global hemp industry is undergoing a transformative expansion, propelled by pioneering trends that promise to steer the market into novel territories. Industry experts forecast robust growth for the coming decade, fueled by emergent developments. Among these are the innovative utilization of hemp fiber, the integration of functional mushrooms, the advent of CBD-infused beverages, and groundbreaking technological advancements. These factors herald an exciting future for hemp-based products, offering various opportunities for consumers and stakeholders.
Here, we present the top hemp trends in 2023.
Hemp-Based Product Market Growth
Recent legalization initiatives have ignited a surge in the development and shipment of hemp-based products. As a result, market projections indicate a robust growth trajectory, with the global hemp industry expected to escalate from $1.8 billion in 2023 to a staggering $16.2 billion by 2033.
Indiana is one primary example. This extraordinarily populated state now allows the sale of hemp seed flour and hemp seed oil as food products, paving the road for new hemp-based products.
In Canada and the United States, CBD and cannabis legalization have made hemp and cannabis some of the fastest-growing industries. Increasing awareness about the benefits of CBD, growing applications for hemp, and eco-friendly products popularity are a few trends driving this growth.
Hemp Fiber Market May Be a Top Opportunity for Growers
Most consumers today associate hemp with CBD and exotic cannabinoids like Delta-8 THC and HHC.
However, hemp’s traditional use is as a fiber plant. Its stalks produce two kinds of fibers: softer, long blast fibers and short core fibers similar to hardwood.
Hemp fiber is strong, durable, and adsorbent, contributing to heat-resistant products that are mildew- and allergy-proof. It can mix with other pulp fibers and even recycled wood to improve paper products used every day.
Many industries around the world readily use hemp fiber and are expected to expand their use in the coming years, including:
- Pulp and paper
- Composite materials, such as MDF, hemp building blocks, and hemp cement or hemp concrete
For growers, venturing into the hemp fiber market offers significant profit potential, given the strong demand for various applications.
Cannabidiol (CBD) Market Ups & Downs
The cannabidiol (CBD) market experienced significant growth in the U.S. since the 2018 Farm Bill passed, legalizing hemp-derived cannabinoids. The law caused a surge in demand for CBD-infused products, from personal care items to vitamins, supplements, household products, beverages, and more.
Over the past year, inflation has taken a toll on CBD sales. Almost all CBD product categories dipped in sales in 2023—except for beverages, which had a great year.
CBD beverages spiked by over 50%, with trends including:
CBD water, seltzers, and sparkling sodas:
Water processed and infused with CBD particles generally contains minimal CBD, making it a great low-stakes introduction for beginners to take advantage of CBD benefits without worrying about side effects.
CBD tea and coffee:
Millions of Americans consume coffee and tea regularly. CBD tea can enhance the experience for many tea lovers, especially those seeking relaxation. On the other hand, coffee drinkers often want a pick-me-up to start their day. CBD mixed with coffee can increase energy levels and improve concentration. Some users report the acidity is lower than regular coffee, which can sometimes cause stomach irritation.
Industrial Hemp Market Growth
Other areas of growth include textiles and pharmaceuticals.
Hemp textile applications, which make up more than 25% of the global revenue, benefit from hemp fabric's durability and UV resistance.
On the pharmaceutical front, hemp seeds and oils are increasingly used for their nutritional content and applications in personal care products like skin salves and sleep oils.
Additionally, hemp is becoming a key component in various sectors, from animal care to construction materials, due to its eco-friendly and renewable nature. Its fibers are used in insulation materials and bio-composites, highlighting their versatility and strength. Hence, the industrial hemp market's growth is driven by its diverse applications and rising awareness of its benefits.
The hemp industry’s growth has spurred incredible technological innovation. Farming practices are more sustainable, manufacturing is more efficient, and product standards are higher.
Less than ten years ago, most hemp products lacked potency and quality. Today, innovations in extraction and filtration technology (like sub-zero methods versus heat) protect fragile medicinal compounds, allowing CBD concentrations up to 40 times higher. As a result, consumer products like beverages and skincare continue optimizing.
Technological innovations have also spurred unprecedented industrial growth. Manufacturers can incorporate hemp into sustainable packaging, make textiles made from hemp fiber instead of cotton, or offer non-dairy milk substitutes made from hemp grain rather than almonds or soy.
Whole Hemp Mushroom Blends
One of the latest hemp product trends involves blending whole hemp compounds with adapotenic mushrooms.
Mushrooms and hemp both possess immune-boosting properties and neuroprotective qualities, offering improved focus and reduced stress. It was a natural step to combine CBD and other cannabinoids with functional mushrooms to create natural products that provide benefits like improved sleep and focus.
Today, products blending mushrooms with hemp derivatives like CBN, CBG, and CBD come in many forms, including teas, tinctures, and capsules. Most incorporate powerful functional mushrooms, including:
- Lion’s Mane, offering potential neuroprotective effects and improving mood and sleep disorders.
- Reishi, with antioxidant, antibacterial, and antiviral effects.
- Cordyceps, offering some of the strongest antioxidant mushroom powers.
- Chaga, which has strengthening effects on the immune system.
- Maitake, which may also strengthen the immune system and regulate blood pressure.
- Turkey tail, also offering an immune system boost.
Hemp is a versatile plant with many applications, from strengthening building materials to boosting wellness in popular beverages. It’s an exciting time for hemp-based products, and the future holds many possibilities for innovation and expansion.
At the forefront of success for many hemp brands is comprehensive full panel testing, ensuring product potency, safety, and compliance.
Our Tested Safe Certified program is designed for clients who submit samples for full panel testing. By participating in this program, clients receive our Tested Safe Certified Seal to display on their packaging, website, and marketing materials. This seal acts as a stamp of approval, much like the "Good Housekeeping" Seal, and can be passed on to white labelers or promoted to consumers to build trust and confidence.
Contact our team today to learn more about this program and how it can benefit your business.