For many years, industry experts have said that if the hemp industry is going to continuously expand at this rate, it could become a billion-dollar industry before 2020. But as it turns out, one market is already turning into a huge industry. A study done by some industry analysts reveals that the hemp-CBD market alone is expected to reach $22 billion by 2022.
The Increasing Demand for CBD and Hemp
Before, CBD products used to be available in certain shops with some doctors recommending it for treatment on certain illnesses. However, between the year 2017 and 2018, these products hit various food stores, cafes, beauty shops, doctors’ offices, and several other places. In fact, politicians like Senate majority leader McConnell believe that the CBD market could become 40 times bigger in the next four years.
In the previous year, there was an explosion on CBD products, particularly skin care products, topical, facemasks, and more. Hemp is now being used for almost everything you can think of! People want to purchase it to treat illnesses that could lead to debilitating pain such as arthritis. Women who suffer from PMS may also benefit from it, including those that have endometriosis.
Federal Restrictions on Hemp
But despite the rapid growth of the hemp industry, there’s an invisible cap surrounding it, all thanks to federal restrictions. Before, cannabis was federally classified as a Schedule 1 substance, making it a highly prohibited substance. But with the recent approval of the 2018 Farm Bill, it has now been removed from this list. This means that major retailers and companies can now get their hands on hemp, which is why a lot of entrepreneurs are betting on a billion dollar future for the industry.
One of the reasons why hemp appeals to most entrepreneurs is its potential to hit the food market. Hemp is said to be on its way to becoming a superfood, belonging to the same category as that of the chia and flax seeds. Entrepreneurs are seeing sustainable and long-term potential in such a market.
Some Restaurants Are Already Using Hemp
Hemp is predicted to become the next big thing in the food and industry and as a matter of fact, some restaurants are already using it as an ingredient on some foods on their menu. One of these is the Estela and Flora Bar in Manhattan. According to the head chef there, they are often on the lookout for new flavors and ingredients, which is why they decided to use hemp.
The chef loves the fact that the leaves have a unique flavor profile. They are sweet and less grassy while the raw seeds have a slightly sweet and nutty taste. He finds the texture to be interesting, especially if the seeds are roasted, which provides more flavors to the food. In fact, he’s already experimenting on using hemp seeds for desserts and adding CBD oil to some salads.