Industrial Hemp Production in the US - Industry Market Research Report

Industrial Hemp Production in the US - Industry Market Research Report

Industrial Hemp Production in the US

As a nearly brand-new industry, the Industrial Hemp Production industry is currently in a period of explosive growth. Industrial hemp, which has become synonymous with the name hemp, is a variety of cannabis with only trace amounts of tetrahydrocannabinol (THC). With few exceptions, until 2018, hemp production was illegal in the US. However, the 2018 Farm Bill legalized hemp growing on the grounds that the hemp grown have a THC content of less than 0.3% by weight. Upon legalization, the Industrial Hemp Production industry boomed as companies rapidly entered the industry to take advantage of the high demand for hemp-based products. As a result, over the five years to 2023, industry revenue is expected to grow at an annualized rate of 46.5% to $938.6 million.

Companies in this industry grow and harvest cannabis plants with a tetrahyrdocannabidinol (THC) content of less than 0.3% by weight.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares."