How Much is the US Hemp Industry Worth?

The industrial hemp market is driven by the growing demand for industrial hemp from application industries, such as food, beverage, personal care and animal care, around the world. Industrial hemp is a variety of species of cannabis sativa plants that are specially cultivated for commercial purposes. Recently, the USDA announced a partnership with Cornell University to promote hemp education as the industry evolves. The questionnaire listed preparations such as smokable hemp, extracts such as CBD, cereals for human consumption, fiber and seeds as the areas the department is interested in learning about. The application of hemp fiber in various industries, such as animal bedding, furniture, agriculture and the automotive industry, has been on the rise.

This has been aided by ongoing research activities on hemp that have helped to lift bans on its use and cultivation in several developing countries. This has opened up several lucrative opportunities for the growth of the industrial hemp market due to its wide customer base of food, nutritional supplements, beverages and personal care items. Additionally, there are several major competitors in the market such as MH Medical Hemp, GenCanna, Colorado Hemp Works, Dun Agro Hemp Group, Hempo Oil Canada, Konoplex Group and HempFlex GroupB. The industrial hemp market is segmented into hemp seeds, hemp oil, hemp fiber and others. The report also provides national data for the industrial hemp industry for the world's major economies.

Hemp oil is widely used in the manufacture of food beverages because of its high nutritional content which includes fatty acids, proteins and several other ingredients. Products made from hemp are environmentally friendly and renewable. They are also associated with less harmful preparation methods. Border officials are looking to buy “cannabis analyzers” to detect cannabinoid profiles and distinguish marijuana from hemp. Countries such as China, India, Japan, Korea, Australia, New Zealand and Thailand are actively involved in the production and consumption of industrial hemp and its products. The use of industrial hemp in a variety of products including face creams, luminous oils, face masks, hand soaps, body gel, protective cream and lip balm is increasing which will drive growth in the industrial hemp market.

Cédric Yoho
Cédric Yoho

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