U.S. Hemp Revenues 2nd To China’s: New Frontier Data Projects $5.7B In U.S. Hemp Sales by 2020

State of Hemp 2019

DISTRICT OF COLUMBIA: New Frontier Data, the authority in data analytics and business intelligence on the global cannabis industry, with sponsorship from Hoban Law Group, Shi Farms and Mary’s Nutritionals,  releases a new, first-of-its-kind report, The Global State of Hemp: 2019 Industry Outlook, stating the global hemp industry reached $3.7 billion USD in retail sales in 2018, with an annual growth rate of 15% driven by continued strength in Chinese textiles, European industrials, Canadian foods, and the U.S. hemp-derived CBD market.

China led all countries with nearly $1.2 billion USD in hemp sales in 2018, followed by the United States ($1.0 billion), Europe ($980 million) and South and Central America ($220 million). The U.S. market is positioned to grow under the 2018 Farm Bill, with an estimated $2.6 billion projected in sales by 2022, with $1.3 billion in sales estimated for hemp-derived CBD products by 2022.

“As regulatory barriers diminish in the months and years ahead, businesses will continue to expand the ways in which hemp is utilized, especially across medicinal and industrial applications,” said New Frontier Data Founder and CEO Giadha Aguirre de Carcer. “This report is the first in-depth, quantitative and fact-based analysis of the global hemp industry since the United States’ 2018 Farm Bill and Canada’s Cannabis Act passed; two groundbreaking changes in North America that dramatically re-shaped the entire hemp industry.”

By 2020, New Frontier Data estimates the global market will reach $5.7 billion USD across all markets, representing a three-year compound annual growth rate (CAGR) of 17.5%.

“The U.S. hemp industry is set to boom under the 2018 Farm Bill. American farmers have a new crop, and consumers are seeing an explosion of new and innovative products. Hemp: the ultimate triple bottom line crop for people, planet and profits,” said New Frontier Data Director of Hemp Analytics Sean Murphy.

New Frontier Data’s online intelligence portal, Equio, provides readers with reports on global markets and a series of country profiles which offer an introduction to various markets, trends and recent investment activities in the cannabis industry. Equio subscribers have access to this new report.

Purchase and download The Global State of Hemp: 2019 Industry Outlook HERE.

Read full article @ Globe Newswire

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