Africa’s Industrial Hemp Industry Projected To Be Worth Up To $2.4 Billion
Policies and regulations pertaining to industrial hemp cultivation and commerce are being modernized around the globe to permit entrepreneurs, investors, and entities to gain their share of the emerging global hemp market, including in Africa.
A recent market analysis by the Africa Hemp Fund projects that Africa’s industrial hemp industry possesses a market potential of $2.4 billion, and the entity’s market projection excludes cannabidiol (CBD), which itself is a massive market.
“Africa has long been known for its rich natural resources, and now the continent is poised to tap into a new industry with immense potential – industrial hemp.” states the Africa Hemp Fund, an organization dedicated to promoting sustainable development in Africa.
“The Africa Hemp Fund believes that the continent is well-positioned to become a major player in the global industrial hemp market. With its vast land and favorable climate, Africa has the potential to become a leading producer and exporter of industrial hemp. This could not only bring economic benefits to the region, but also create 180,000 job opportunities.” Africa Hemp Fund also stated.
Africa’s emerging industrial hemp industry fits within the larger global industrial hemp market, which is expected to grow at a significant rate in the coming years as more countries modernize their hemp laws and regulations.
According to market analysts at Spherical Insights LLP, the global industrial hemp market is projected to be worth an estimated $24.30 billion by 2033. Spherical Insights describes itself as “a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.”
“The Global Industrial Hemp Market Size is to Grow from USD 5.38 Billion in 2023 to USD 24.30 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.27% during the projected period.” the researchers stated in a press release.
The worldwide industrial hemp market is embarking on an industry journey that has never occurred before at this scale, so as time goes on projections for Africa’s industry and the global industry could ultimately prove to be too conservative.