The "Global Cannabis Market Segmented by Type" report by Research and Markets analyzes the various applications of cannabis, such as textiles, food, and building materials. The report predicts a compound annual growth rate (CAGR) of 21.6% for the industry in the next five years, indicating that this percentage is likely to increase as many other countries have already legalized industrial cannabis or will do so in the near future.
The report also cited examples of successful cannabis applications throughout the year. A recent report found that cannabis powder could be used as an alternative feed for livestock. "According to the scientific opinion of the European Food Safety Authority's (EFSA) Panel on Additives and Products or Substances used in Animal Feed, hemp seeds and hemp cake can be used as feed materials for all animal species, with the inclusion rate varying due to the species," states a research and market press release. "Hemp oil, as a rich source of essential fatty acids, can also be used as a supplement in animal feed, while hemp seeds and hemp cake can serve as a source of fat and protein in animal diets.
According to the report, industrial hemp fibers made from cellulose, hemicellulose, lignin, and pectin also offer many benefits for textile use. "The benefits of hemp fibers include lighter product weight, lower energy consumption, and a smaller environmental footprint. Hemp fibers can be spun and woven, thus widely used in the textile industry," the research and marketing department stated. "In addition, hemp fibers are much stronger than cotton and do not mold. Hemp fibers have special properties such as strength, durability, and resistance to bacteria and fungi.
In addition to the increasing legalization worldwide, the report also points out that the rising use of cannabis seeds and oil in food, as well as the increase in chronic disease rates, are the two main driving factors behind the rising costs of cannabis. However, despite this, the long-term stigmatization of cannabis and restrictions on industrial cannabis in some countries continue to hinder its growth.
Other reports based on marijuana have been recently released, predicting similar growth in the marijuana industry. A report from the United Nations Conference on Trade and Development (UNCTAD) entitled "Commodity Overview: Industrial Hemp Special Issue" stated that the global marijuana market is expected to reach $18.1 billion by 2027. According to Marco Fugazza, the UNCTAD economist and report author, marijuana offers tremendous potential for both mature and developing countries. "The growing marijuana market provides important economic opportunities that all countries can take advantage of," commented Fugazza. "As a renewable product, the opportunities are sustainable, which is crucial as countries seek to promote economic development while protecting the environment.
A report from the Trade and Development Meeting recommends that "governments must clarify the legal status of cannabis as a non-narcotic drug." Once this is done, countries can begin to explore the many benefits provided by the cannabis plant. According to the report, the industrial hemp market has enormous potential in agriculture, textiles, recycling, automobiles, furniture, food and beverage, paper, building materials, and personal care, due to its versatility and functional characteristics. Additionally, cannabis can be an effective part of crop rotation, helping to maximize land use and increase farmers' income.
The use of cannabis for animals and livestock is still a contentious issue. While cannabis can help alleviate stress in cows as animal feed, a recent study found tetrahydrocannabinol (THC) in the systems of cows that consumed cannabis feed. In September, Idaho ceased the sale of CBD pet supplements as the safety of cannabis and cannabis-derived products in animal feed has not yet been determined by federal or state laws, according to the US Department of Agriculture.
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