Hemp Inc. (OTCMKTS: HEMP) is in a better position to capture direct-to-consumer hemp derivatives market share for products such as Hemp tea. In addition, the company has been working on CBD nutraceutical and cosmeceutical products via its King of Hemp line.
Demand from hemp beverages growing in North America
Hemp tea and other plant-based drinks are in high demand in North America, according to a Research Dive market report published in September 2021. One aspect contributing to the demand increase is the loosening of rules in the US and Canada regarding the production and usage of cannabis in the manufacture of items like hemp tea.
Research Dive established that the “rising prevalence of health-conscious people across the globe and their increasing inclination toward herbal tea are further expected to bolster the growth of the hemp tea market.”
Hemp tea has been shown to have various health advantages, including weight maintenance and the reduction of stress, depression, and anxiety.
Hemp team market to grow at CAGR of 22.9% through 2028
By 2028, the worldwide hemp tea market is expected to reach $245,541.33. In 2020, the same market was estimated to be worth $50,315.29. Additionally, the global hemp tea market would rise “exponentially at a CAGR of 22.9 percent throughout the projected period (2021-2028),” according to 129-page research.
According to the Research Diver report, the global hemp tea market was divided into three distribution channels direct-to-consumer/online, convenience shops, and others. The company has a strong presence in a range of markets and distribution channels thanks to its King of Hemp® products.
The King of Hemp® online store provides customers with convenient and safe online ordering 24 hours a day, seven days a week. Products from King of Hemp® can also be found in Arizona, California, Florida, and Nevada stores. In late 2020, the company began selling its King of Hemp® product line to retailers around the country.
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