As you know, the hemp industry is emerging as the fastest growing industry worldwide. The reason behind its unstoppable growth is the demand in every industry. Whether you say food or clothing, manufacturers are using hemp and CBD to produce several products.
The rapid pace of its growth is opening various doors to earn profits. Similarly, theirs is a large collection of opportunities in the hemp industry. From farmers to extractors, everyone can capitalize on the hemp industry and generate expected revenues.
But what’s your plan to enter the hemp industry? It’s an industry full of legal regulations, components, and competitors. Luckily, we have gathered various ways to enter the hemp industry and grab desired opportunities.
Even if you’re willing to enter the hemp industry as an entrepreneur, our detailed guide will help you. Before you start exploring opportunities in the hemp industry, understanding hemp markets is always a worthwhile option.
Top 5 Hemp Markets You Must Know:
Agriculture:
Agriculture is among the biggest markets for the hemp industry. In this, we include farming, animal feed, bedding, and garden mulch. Especially farming because demand for industrial hemp is increasing day by day.
CBD Processing:
Well, the hemp plant requires proper processing and extraction of CBD if you want to use it for production. CBD processing market includes hemp processors, CO2 extractors, containers, and everything required for CBD extraction.
Food and Oil:
We all know about the health benefits of hemp and CBD to the body. However, consumers don’t prefer consuming hemp and CBD directly. That’s why manufacturers use pressed CBD to produce cooking oil, gummies, seed, and various flavored CBD edibles to meet consumer needs.
Medicines and Cosmetics:
Hemp and CBD are famous for treating various ailments such as stress, depression, chronic pain, and even cancer. But the approach of CBD is not limited to medicines only. Cosmetics manufacturers produce CBD skin care products because it treats acne, inflammation, and eczema.
Construction:
Last but not ending, construction and building is also a huge market for the hemp industry. Hemp has fibrous properties that allow the production of insulations, plastics, and hempcrete. Thus, manufacturers use it to produce sustainable construction materials worldwide.
How to Enter the Hemp Industry?
After exploring the above section, you got an idea about your target markets in the hemp industry. We have created a list of careers in the hemp industry to help you make your decision.
Let’s explore them all!
Become a Farmer:
It may surprise you that experts have projected growth in the hemp industry of $2.6 billion by 2022 Looking at the demand for hemp, being a farmer will offer great exposure to your career in the hemp industry.
But it’s about growing industrial hemp rather than hemp for personal use. As a farmer, you need to grow legal hemp that features a THC compound below 0.3%. Even you also require a license from the DEA to grow industrial hemp on your farms.
Become a Hemp Processor:
As discussed above, CBD extraction and processing are what make hemp ready for further production. It means all the manufacturers are looking for CBD extracts to develop the desired products. Thus, you can earn expected revenues and profits by selling wholesale extracts to the manufacturers.
In CBD processing, you can choose from various opportunities in the hemp industry including toll processing, spot market sales, label processing, and retail production. But you require detailed expertise and equipment like supercritical CO2 extractors for CBD processing.
Become a Chemist:
Extracting CBD or any other compound from hemp requires detailed expertise in chemistry and chemical structure. That’s why every extraction company requires an experienced and skilled chemist for accuracy. It’s necessary for a chemist to know methods like extraction, winterization, solvent removal, distillation, and isolation.
Become an Investor:
Like every industry, the hemp industry requires funds for machinery, labor, shipment, and other resources. You can invest in the hemp industry for consideration of a particular share or dividend and the highest ROI.
It’s a growing industry and is expected to reach $22 billion by 2022. Thus, you can earn huge profits from your investment. As an investor, you can invest in farmers, textiles, building materials, medications, and even shares of CBD companies.
Become an entrepreneur:
In 2022, we are living within the young and furious entrepreneurs worldwide. Hemp extraction may have a dedicated process but you can add efficiency and productivity with your innovative ideas. No matter what you’re planning to innovate, you must consider three main factors of the hemp industry.
Laws Related to Hemp Industry:
As discussed above, DEA only allows cultivating legal hemp if the THC content is less than 0.3% THC content. Whether you want to innovate any farming method or extractor, it must comply with the standards of DEA and Farm Bill 2018.
Breach of any rule or guideline will result in getting fined or even shut down your business. That’s why we consider following laws carefully to prevent legal obligations.
Market Research:
From consumer preferences to technologies, there are a variety of things that change the market of the hemp industry. For instance, CBD is not a water-soluble substance and cannot be digested easily by the human body. You need to make it water-soluble or invest in Nano-CBD to achieve your goals.
Find Your Niche:
In the article, you may have noticed that hemp and CBD support various industries and types of businesses. So, it’s important to find and decide an appropriate niche according to your expertise.
You can choose from niches such as toll processing, labeling, retail product formulation, and machinery and equipment. Furthermore, choose your target consumers. For example, extraktLAB offers high-quality extraction machines to businesses for efficient operations.
Conclusion:
The hemp industry may be competitive and require high investment but it’s a treasure chest of opportunities to hunt. Whether you are a farmer or entrepreneur, you can make your presence in the hemp industry.
