How big is the hemp industry in the US?

How big is the hemp industry in the US?

The industrial hemp market is projected to grow at a CAGR of 34% from USD 4.6 billion in 2019 to USD 26.6 billion by 2025….Scope of the Report.

Report Metric Details
Base year considered 2018
Forecast period 2019–2025
Forecast units Billion (USD)

Who is the largest hemp producer in the US?

In 2019, the largest hemp producers in the country by acreage were:

  • Colorado: 52,275 acres.
  • Montana: 45,000 acres.
  • Kentucky: 26,500 acres.
  • California: 21,844 acres.
  • Oklahoma: 21,635 acres.

How much is the US hemp industry worth?

b. The global industrial hemp market size was estimated at USD 3.61 billion in 2020 and is expected to reach USD 4.13 billion in 2021….

Report Attribute Details
Market size value in 2021 USD 4.13 billion
Revenue forecast in 2028 USD 12.01 billion
Growth Rate CAGR of 16.2% from 2021 to 2028

Who is the largest producer of hemp?

Today, China is believed to be the world’s top hemp producer. The “industry has exploded and is set to grow even further,” noted a report about China released in February by the U.S. Department of Agriculture’s Foreign Agricultural Service.

What is industrial hemp and is it legal?

Industrial Hemp is a type of cannabis plant that was commonly grown as a commodity fiber crop. This mainly happened in the mid-18th century till the mid-1930s. The crop was considered illegal in the US for many decades before the passing of the 2018 Farm Bill that decriminalized its cultivation.

What can industrial hemp be used for?

One of the most intriguing uses for hemp is in cleaning up soil contamination. In the late 1990s industrial hemp was tested at the site of the Chernobyl nuclear disaster in Ukraineto help heal the soil.

What products can be made from hemp?

Hemp seed protein can be used to produce virtually any product made from soybean: tofu , veggie burgers, butter, cheese, salad oils, ice cream, milk, etc. Hemp seed can also be ground into a nutritious flour that can be used to produce baked goods such as pasta, cookies, and breads.

What are the best industrial uses for hemp?

Food&Beverages. Many parts of the hemp plant can serve as a nutritious food.

  • Clothing. Historically,the hemp plant has commonly been applied in the textile industry.
  • Paper.
  • Construction Material.
  • Biodegradable Plastics.
  • Automotive.
  • Fuel and Energy.
  • Soil and Water Purification.
  • Nutritional and Medicinal Supplies.