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Colombia Hemp Market to Grow at 20.1% during 2022-2027, Impelled by Rising Product Utilization in Formulation of Medicines

Published on Dec 02, 2021

According to the latest report by IMARC Group, titled "Colombia Hemp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Colombia hemp market is expected to exhibit a CAGR of 20.1% during 2022-2027. Hemp refers to plant fiber that contains a low level of tetrahydrocannabinol (THC). It is generally used in the form of CBD hemp or hemp seed oil that is obtained from the hemp plant. It is a rich source of numerous essential nutrients, such as vitamins, fatty acids, magnesium, potassium, and sodium. Therefore, it is widely utilized to treat high cholesterol levels and eczema while also being used by cancer patients to relieve pain. Apart from this, it is also employed in the formulation of gluten-free food items and personal care products.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Colombia Hemp Market Trends:

The market in Colombia is primarily driven by the rising awareness regarding the medicinal benefits of hemp among the masses. This is supported by the widespread adoption of various hemp-based products, including oil and gummies, in the treatment of numerous psychological disorders across the country. Along with this, the numerous favorable initiatives undertaken by the government, such as the legalization of hemp cultivation, are creating a positive outlook for the market. Moreover, the increasing utilization of hemp in the manufacturing of medicines across Colombia is also contributing to the market growth. The market is further driven by significant growth in the food and beverages sector and the rising investments by major players in the market to launch hemp-based food and beverages, such as cereals, chocolates, yogurt, and smoothies.

Market Summary:

  • On the basis of the type, the market has been categorized into hemp seed, hemp seed oil, CBD hemp oil and others.
  • Based on the source, the market has been bifurcated into conventional and organic.
  • On the basis of the consumer age group, the market has been segmented into 18-24, 25-34, 35-44, 45-54, 55-64, and above 65.
  • Based on the application, the market has been segregated into food (snacks and cereals, soups, sauces and seasonings, bakery, dairy and frozen desserts and others), beverages (hot beverages, sports and energy drinks, ready to drink and others), personal care product, textiles, pharmaceuticals, construction and materials, and others.
  • On the basis of the region, the market has been divided into Andean Region, Caribbean Region, Pacific Region, Orinoquía Region and Amazon Region.
  • The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these players include Avicanna Inc, Cannabco Pharmaceutical Corp Colombia S A S, CBDINC Group, CBD Seed Co (Hemp Depot), Clever Leaves, Colombian Hemp Company, Khiron Life Sciences Corp., One World Pharma Inc., Pharmacielo Ltd and Sky Hemp Organic.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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